Rithm Capital has landed $282.5 million to refinance its equity in 1325 Avenue of the Americas, located in Midtown Manhattan.
The reporting comes from credit agency KBRA. It's unclear how much interest Rithm owns in the 34-story office property — but the move comes just months after the global asset manager announced that it paid roughly $1.6 billion to acquire the entire office portfolio of Paramount Group, which included 1325 Avenue.
The new loan term is expected to be five years, featuring a fixed rate with interest-only payments.
KBRA reported that 1325 Avenue was 89.7 percent leased to 33 tenants, as of January. The largest occupiers at the building include McGraw Hill, LLC, Major League Baseball Players Association, HLT NY Hilton LLC, Nikkei America and Olshan Frome Wolosky LLP. The five combine to pay 45.6 percent of the base rent and occupy 43.3 percent of the total square footage at the building.
The roughly 825,000 square foot property features a new upgraded lobby that has 27-inch ceiling heights and a fireplace. The building allows for eight corner offices per floor. The site is located just steps away from the Rockefeller Center and eight subway lines.
In total, the Paramount portfolio included 13 owned and four managed Class A office properties, spanning a total of 13.1 million square feet. As of June 2025, the properties were 85.4 percent leased.
Overall, office leasing in Manhattan remains strong, with JLL reporting that activity was nine million square feet in the first quarter. That's slightly below the 9.1 million square feet posted in the same period last year. Also, vacancy dropped by 220 basis points to 13.5 percent.
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