New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Paramount Puts East Side Tower on the Block
Paramount Group hired Cushman & Wakefield’s Adam Spies and Doug Harmon to market its 900 Third Ave. office property for sale, Crain’s New York Business reported. The locally-based REIT hopes to garner more than $400 million for the 600,000-square-foot East Side tower.
Two years ago, Paramount offered to sell a 49% minority stake in 900 Third at a total valuation of $500 million for the property, Crain’s reported. The transaction was never completed.
Crain’s reported that Paramount, founded in 1978 and incorporated as a REIT in 2014, appears to be shifting its focus away from the East Coast. It sold two office properties in Manhattan and Washington, DC earlier this year, while acquiring two in San Francisco.
That being said, Paramount’s-owned Manhattan office portfolio would still total eight million square feet, following a sale of 900 Third. Its largest property is the 2.5-million-square-foot 1633 Broadway, where it’s headquartered.
Connect National Investment & Finance is coming to New York on Oct. 23. For more information, or to register, click here.
Connect Opportunity Zones will be presented for the first time on Oct. 23 in New York. For more information, or to register, click here.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
