1177 Sixth Goes to Silverstein for Over $1 B.

Larry Silverstein is going big in midtown, as the Paramount Group has agreed to sell its tower at 1177 Avenue of the Americas to Silverstein Properties and the California-based CalSTRS pension fund for more than $1 billion, a source confirmed today.

Adding the 1 million-square-foot tower near Rockefeller Center to his portfolio, the acquisition is the latest of string of buys with CalSTRS, which is in a joint venture with Silverstein, funded by $2 billion of California teachers’ pension fund money.

The fund has allowed Mr. Silverstein, 76, to think about something other than his three towers-to-be at the World Trade Center site, as the purchase marks his third acquisition with CalSTRS since 2006. Last fall, the partnership bought both 99 Church Street for about $170 million, a site it intends to develop, and 575 Lexington Avenue, for which it paid $400 million.

The move also speaks to the active nature – at least recently – of Paramount CEO Albert Behler, as earlier this month, the firm agreed to buy Deutsche Bank’s building at 31 W. 52nd Street for more than $500 million. That purchase was finalized just days after Paramount, in a joint venture with Sherwood Equities, agreed to buy S.L. Green’s Class B office building at 440 Ninth Avenue for $160 million.

Silverstein Properties declined to comment. Representatives from Paramount and Eastdil Secured, which marketed the building, did not respond to requests for comment.

1177 Sixth Goes to Silverstein for Over $1 B.