NEW YORK CITY—Paramount Group has agreed to acquire the remaining 35.8% interest that it did not previously own in 31 W. 52nd St. from its joint venture partner JP Morgan Asset Management.
The asset traded hands for approximately $230 million. The office REIT's acquisition is expected to be completed in the fourth quarter.
“The acquisition of the remaining ownership interest in this distinctive trophy asset offers Paramount an outstanding opportunity to execute on our embedded growth strategy,” says Albert Behler, chairman, CEO and president of Paramount. “We believe full ownership of the property is in the best long-term interests of our shareholders, as we continue to focus our efforts on driving NOI growth through strategic and creative leasing and other key initiatives.”
The 29-story, 786,647-square-foot Class A office building sits between Fifth Avenue and Ave. of the Americas. The Midtown property is currently leased to a number of high-profile tenants and features a large public plaza connecting 52nd Street and 53rd Street as well as a 120-space parking garage. Five subway lines are located within three blocks of the building.
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