New York & Tri-State + Office | February 13, 2019

Paramount Rejects Monarch Alternative’s "Opportunistic" Unsolicited Bid

Investment Firm’s Move-Over Brings 1633 B’way to 100% Occupancy

New Mountain Capital, an investment firm with $20 billion-plus in assets under management, is taking a small step for a tenant, a giant leap for an office owner. Its relocation to two floors of Paramount Group’s 1633 Broadway from a block away at 787 Seventh Ave. will bring the 2.5-million-square-foot Paramount property to full occupancy.

The initial term of 16.5 years covers 1633 Broadway’s top two floors, totaling 108,374 square feet. It’s not known how much space New Mountain occupies at 787 Seventh.

“With the signing of this lease, we are proud to announce that we have now leased 100% of the office space at 1633 Broadway to an exceptional and highly diverse group of tenants,” said Paramount EVP Peter Brindley.

Savills Studley’s Ken Ruderman and Nate Brzozowski represented New Mountain. The property’s agency leasing team is CBRE’s Stephen Siegel, Howard Fiddle, Paul Amrich, Patricia Hayden Meagher and Robert Hill.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).