The property went to the locally based duo for $160 million or approximately $472 per sf. The three largest tenants at 440 Ninth Ave. are B & H Photo, Duane Reade and eEmerge.
"This was an exceptional investment opportunity in our view because not only is this building fully leased to creditworthy, long-term tenants, but it recently underwent tens of millions of dollars in capital improvements, thereby minimizing the need for additional alterations to bring it in line with our own exceptionally high quality standards," says Albert Behler, president & CEO of Paramount Group. "This property is a great addition to our portfolio and complements our extraordinary collection of assets in New York City, the Washington, DC area and San Francisco."
Jeffrey Katz, CEO of Sherwood Equities, says in a prepared statement that "we are thrilled to again be working with our friends at Paramount Group, whom we view as among the best in the business. It's very exciting to acquire such an attractive asset strategically located in the Hudson Yards area, which is certain to benefit from the strong growth that Midtown's new central business district will experience in the next five to 10 years."
Paramount Group and Sherwood Equities represented themselves. Cushman & Wakefield represented the seller.
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