Transactions - SEPTEMBER 9, 2015

To read this full article you need to be subscribed to Newsline.

Sign in Start Your Free Trial Now View Purchase Options

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.


Glossary, videos, podcasts, research in the Resource Center

Forgot your username or password?

Close your account?

Your account will be closed and all data will be permanently deleted and cannot be recovered. Are you sure?