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New York & Tri-State  + Midtown New York  + Finance  | 

Paramount Closes $860M Refi on 1301 Ave. of the Americas

Paramount Group has completed an $860-million refinancing of 1301 Avenue of the Americas, its 1.7-million-square-foot trophy office building in Midtown Manhattan. The property is currently 71.5% leased.

The new five-year interest-only loan has an initial weighted average interest rate of 2.96% and includes a $500-million tranche that bears interest at a fixed rate of 3.11% and a $360-million tranche that bears interest at a variable rate of LIBOR plus 2.65%. Proceeds from the refi were used to repay the existing $850-million loan, scheduled to mature in November.

“With the refinancing of this high-quality Class A asset in today’s attractive credit markets, we have strengthened our balance sheet and improved financial flexibility,” said Wilbur Paes, Paramount’s COO, CFO and treasurer. “This transaction is a strong endorsement of the strength of the New York City office market and a testament to the confidence the capital markets have in our platform.”


Inside The Story

Paramount Group

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 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).

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