SVB Signs for Entire 5th Floor at Paramount’s 1301 Ave. of the Americas
New York ‘s Paramount Group, Inc. has signed SVB Securities, a subsidiary of SVB and a leading investment bank specializing in healthcare and technology, to expanded space at 1301 Ave. of the Americas, signing a 68,183-square-foot lease for the entire fifth floor. The lease increases SVB Securities’ commitment at the Midtown Manhattan office tower to 139,176 square feet.
“We are delighted that SVB Securities has once again chosen 1301 Ave. of the Americas to satisfy their occupancy needs as the company continues to execute on its growth strategy,” said Peter Brindley, EVP, head of real estate. “This transaction further reduces the former Barclays block availability and preserves our ability to offer a branded building within a building opportunity for a tenant that leases the three remaining contiguous base floors totaling 200,000 square feet.”
Paramount is in the midst of a takeover battle after private equity player Monarch Alternative Capital made an unsolicited bid for all of Paramount’s shares at $12 a piece in February. Paramount’s board has rejected the offer as insufficient, saying it believes Paramount’s strategy for dealing with a slowly recovering office market will be a better deal for Paramount shareholders.
A highly successful financial journalist, corporate financial writer and magazine entrepreneur with strong expertise in writing on fixed income and pass-through securities (ABS), finance and banking, the economy, economic developments, financial markets, investing and personal finance, the business of behavioral healthcare and more.