Search
 
Update

Paramount Sells 10% Stake in 1633 Broadway

The sale valued the property at $2.4 billion, or $960 per square foot.

NEW YORK CITY—Paramount Group has completed the sale of a 10% interest in 1633 Broadway, a 2.5 million square foot trophy office building located on Broadway between 50th and 51st streets in Manhattan. The transaction valued the property at $2.4 billion, or approximately $960 per square foot.

Last month the REIT announced  it was seeking to enter into a joint venture agreement to sell the stake. In November 2019, Paramount completed a $1.25 billion interest-only refinancing of the property at a fixed rate of 2.99%, realizing $179 million of net proceeds. 

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Erika Morphy

Recommended Stories

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.