Paramount agrees to sell interest in $2.4b Midtown Manhattan skyscraper
Paramount Group has entered into an agreement to sell a 10 percent interest in 1633 Broadway, a 2.5 million-square-foot trophy office building located on Broadway between 50th and 51st streets in Manhattan. The transaction values the property at $2.4 billion, or approximately $960 per square foot.
In November 2019, Paramount completed a $1.25 billion interest-only refinancing of the property.
“With this pending sale of a joint venture interest in 1633 Broadway, we have successfully proven the value of this enormous trophy asset at levels well-above what is implied by our stock price,” said Albert Behler, chairman, CEO and president of Paramount. “We have always said that we would not hesitate to harvest value when deemed appropriate. To execute on this transaction in the current environment speaks to the quality and desirability of our assets, as well as our team’s unparalleled ability to execute.”