Paramount Group has signed leases totaling 279,000 square feet at 1301 Avenue of the Americas, which is located between 52nd and 53rd Streets in Midtown Manhattan. The leases backfill approximately 190,000 square feet of existing vacancy on floors six, eight, and nine at the 1.7 million square foot trophy office, which was 71.5% leased as of June 30, 2021.
The leases include 167,000 square feet with Credit Agricole CIB and a 112,000 square feet renewal and expansion lease with SVB Leerink.
"With these lease signings, Credit Agricole CIB continues to utilize the building as the headquarters for its Americas operations, and SVB Leerink more than doubles its footprint in the building," says Peter Brindley, EVP and head of Real Estate. "We remain focused on leasing the remaining availability at the building, aggregating approximately 269,500 square feet of contiguous space on floors two through five."
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Last month Paramount Group secured an $860 million refi for the property with a five-year interest-only loan that has an initial weighted average interest rate of 2.96%. The refi replaced a $850 million loan scheduled to mature in November 2021.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
