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. 

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

Nominate a Net Lease Expert

Nominate a Net Lease Expert

Ingrid Tunberg |

Do you know a professional and/or company that has helped shape the net lease sector? Submit a candidate for GlobeSt.'s Influencers in Net Lease recognition before May 29!

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.