Paramount Group has sold a 45 percent interest in 900 Third Avenue, a 600,000-square-foot class A office building located on Third Avenue between 54th and 55th Streets in Midtown Manhattan, at a gross asset valuation of $210 million. Paramount will continue to own the remaining 55 percent interest, and manage and lease the property.
“We are excited to announce the sale of this non-controlling interest in 900 Third. This transaction underscores the underappreciated value of our assets in the market," said Albert Behler, chairman, CEO and president of Paramount. “Furthermore, this deal strengthens our balance sheet and offers enhanced flexibility in our capital allocation strategy.”
Designed by Cesar Pelli, Viñoly Design Architects and Emery Roth and Sons, 900 Third Avenue is 36-story, class A office tower with approximately 600,000 square feet that attracts leading tenants across a variety of industries. The property’s efficient floor plates, exceptional light
