NEW YORK CITY- Paramount Group, Inc. has announced it is seekingto enter into a joint venture agreement to sell a 10 percentinterest in 1633 Broadway, a 2.5 million-square-foot trophy officebuilding on Broadway between 50th and 51st streets in Manhattan.The transaction, which is subject to customary closing conditions,is expected to close in the second quarter of 2020.
The transaction values the property at $2.4 billion, orapproximately $960 per square foot. In November 2019, Paramountcompleted a $1.25 billion interest-only refinancing of the propertyat a fixed rate of 2.99 percent, realizing $179 million of netproceeds. Upon completion of this new sale, Paramount anticipatesnet proceeds of approximately $114 million, which willget funneled for general corporate purposes.
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