Paramount Group is the buyer set to acquire a 49 percent stake in 900 Third Avenue from Investa Office Fund, sources told The Commercial Observer. That stake was IOF’s final US property. The sale is set to close in late March 2012 and was announced in mid-February with a sale agreement of $172.7 million, though IOF didn’t disclose the buyer at that time.
“The sale of IOF’s interest in the New York asset will complete the fund’s exit from the US market in line with our stated strategy, at an overall premium of 9.4 percent to June book value,” IOF Fund Manager Toby Phelps said in a prepared statement.
Irving Place Capital, an investment fund, has leased the seventh floor of 745 Fifth Avenue sources say. The firm will be moving to the space, which is 23,000 square feet, from 277 Park Avenue, where it was subleasing from the bank JP Morgan Chase.
The Lease Beat
Credit Agricole has renewed approximately 350,000 square feet at 1301 Avenue of the Americas in one of the largest leases to get done in the second half of 2011.
Ted Koltis had only been on the job for two months at the Paramount Group when he helped debut a novel real estate tool that, chances are, competitors will be duplicating in the very near future: a free iPad app with detailed specs for 12 million square feet of the company’s office portfolio. Where before Read More
The Germany-based Paramount Group is marketing a partial stake in its ownership of the 2.4 million-square-foot 1633 Broadway building in Times Square. The group, which recently added a 49 percent stake to its majority investment last month, is now seeking to flip a similar interest in a deal that might also include equity and part Read More
In the most significant office building deal to close since Google last winter grabbed 111 Eighth for $1.9 billion, Albert Behler’s Paramount Group has bought up the remaining 49 percent stake at 1633 Broadway in a deal that valued the building at $2 billion. A joint venture of Merrill Lynch and Morgan Stanley sold their interest Read More
Shiseido, Japan’s largest cosmetics company, began selling skin lotion in 1897. The lotion, Eudermine, is still sold today, though the company has expanded into just about every other beautifying sector imaginable. Shiseido’s American subsidiary, meanwhile, is renewing its Third Avenue headquarters, just down the street from where beauty competitor Avon recently secured a Read More
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 Read More
From GlobeSt: "Paramount Group, Inc. and a corporate pension trust advised by JP Morgan Asset Management have entered a joint venture to recapitalize 31 W. 52nd St. Paramount acquired the 776,849-square-foot 31 W. 52nd St. last December for $595 million." Read More
Ronald Winston, son of the founder of the eponymous Harry Winston jewelers, has sold the firm’s flagship building at 718 Fifth Avenue for $62 million, according to city records.
Paramount Group, which made the purchase, is apparently on a shopping spree that would make even Harry proud. Albert Behler’s Paramount is apparently Read More