In a statement, Steve Kohn, president of Cushman & Wakefield Sonnenblick Goldman says, the JV typifies a trend in the current market: well-leased buildings with good debt in place are the only viable option for investors and banks. Value-add plays are out of the picture for the moment, he adds. C&WSG arranged the joint venture.

Tenants at the 30-story 31 W. 52nd--which formerly served as Deutsche Bank's US headquarters--include law firm Clifford Chance as well as several financial services companies with trading operations on the premises. "We were thrilled to acquire 31 W. 52nd St. in December, and our enthusiasm for the property has increased in the ensuing months by also acquiring the retail condominium of the property," Albert Behler, president and CEO of Paramount, says in a release. As reported by GlobeSt.com in early January, the 19,400-square-foot retail condo housed the Museum of Arts and Design, which relocated to 2 Columbus Circle in September.

In announcing the acquisition last January, Behler said in a prepared statement that 31 W. 52nd "benefits from an optimal location in the sought-after Plaza District submarket--steps away from several major subway lines--and within walking distance of Central Park, Rockefeller Center and numerous luxury hotels and retail stores, restaurants and museums." Commenting on the JV, Alex Hernandez, senior director of C&WSG, says in a release, "The quality of the tenancy and the building itself, together with the property's superior location among the most coveted office addresses in the world, were of great appeal to the investors." Built in 1987, this trophy property was co-developed by Hines and CBS.