There’s just something about the Paramount Group’s coral granite 31 West 52nd Street that rubs corporate America the right way. Yet another new tenant has signed a sizable lease for space in the nondescript 30-story building.
Centerview Partners, a private-equity group that upheld its industry’s reputation for secrecy by declining to talk to The Observer, signed a direct, 10-year lease for all 27,300 square feet of the tower’s 22nd floor, according to sources.
Paramount sweetened the deal with all sorts of delights, including months of free rent and a handsome build-out, according to people familiar with the transaction. Paramount would have to give Centerview something in return for the substantial taking rents, which sources tell The Observer are $80 a square foot for the first half of the lease and $86 for the second.
And so ends yet another banner week for Paramount Group CEO Albert Behler, who, sadly, was traveling and unable to comment. Last week, The Observer first reported that Mr. Behler’s tenant, power law firm Clifford Chance, had subleased 25,000 square feet to a Georgia-based law firm called Kilpatrick Stockton LLP.
Sources tell us Cushman & Wakefield’s Amy Fox and Stuart Romanoff represented Centerview in this most recent transaction; Cushman & Wakefield’s Lou D’Avanzo, Mitch Arkin and Mark Lauzon represented Paramount Group, the owner of 12 million square feet of commercial real estate in New York, D.C. and San Francisco.