BVK and Paramount JV acquire M&M’s World Flagship Store in NYC for $191m

Bayerische Versorgungskammer (BVK) and Paramount Group have formed a joint venture and acquired a retail condominium at 1600 Broadway in New York City for $191.5 million from Sherwood Equities.

The 26,000-square-foot retail property, which is located in the heart of Times Square, is 100-percent leased to Mars, Inc. and serves as the flagship location for M&M’s World. In connection with the acquisition, the joint venture obtained a 10-year, $98.0 million interest-only loan that has a fixed rate of 3.45 percent. Paramount owns a 9.2 percent stake in the property and will serve as the manager of the asset.

The acquisition marks the second time Paramount has partnered with BVK. BVK also owns a 31.1-percent stake in 300 Mission Street, a 24-story, LEED Platinum, class-A office tower on the corner of Beale and Mission streets in San Francisco.

“We are proud to once again partner with BVK in the execution of this transaction,” said Albert Behler, chairman, CE