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Paramount to acquire JV partner’s interest for $230m

by Andrea Waitrovich

Paramount Group has agreed to acquire the remaining 35.8 percent ownership interest that it did not previously own in a Manhattan office building from its joint venture partner for approximately $230 million in cash. The seller was not identified. The acquisition is expected to be completed in fourth quarter 2015. The property is a 29-story, 786,647-square-foot class A office building located at 31 W. 52nd St. between Fifth Avenue and Avenue of the Americas in the heart of midtown Manhattan. The property is currently leased to a number of high-profile tenants and features a large public plaza connecting 52nd and 53rd streets as well as a 120-space parking garage. Separately, Paramount is in a pending deal to acquire the office building at 670 Broadway in Manhattan from Jay Deutsch for $122 million.  

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