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Paramount Group Sells Non-Controlling Interest in 900 Third Ave.
Paramount Group, Inc. said Wednesday it had sold a 45% interest in 900 Third Ave., a 600,000-square- foot, Class A office building in Midtown Manhattan, at a gross asset valuation of $210 million. The buyer was not identified.
The New York Business Journal reported that the buyer paid nearly $95 million for its non-controlling interest in the 36-story tower. Paramount will continue to own the remaining 55% interest and manage and lease the property.
“This transaction underscores the underappreciated value of our assets in the market,” said Albert Behler, chairman, CEO & president of Paramount. “Furthermore, this deal strengthens our balance sheet and offers enhanced flexibility in our capital allocation strategy.”
Located between 54th and 55th streets, 900 Third Ave. attracts tenants across a variety of industries. The current roster includes Handelsbanken, Carls Marks Advisors, Stellex Capital Management and Tannenbaum Helpern Syracuse & Hirschtritt LLP.
- ◦Sale/Acquisition
