NEW YORK CITY-The 47-story 1177 Avenue of the Americas building has finally been sold to a Paramount Group, a German investment group, for $405 million, reports say. The deal was first reported in July, at which time the price tag was said to be closer to $500 million.

Problem-plagued Japanese contractor Kumagai Gumi, which also owns the New York Crowne Plaza hotel, has reportedly sold the office tower, located between 45th and 46th streets, to pare down debt. The firm is said to be planning to dispose of more real estate assets in the US and Europe.

Paramount, which is expected to announce the deal later today, is said to have partnered in the purchase with German firm Siemens Kapitalanlagegesellschaft and a third American investor in purchasing the 1 million-sf building known as Americas Tower. Paramount is in acquisition mode of late. The firm purchased 745 Fifth Ave. earlier this year for a reported $270 million. Its New York City office portfolio comprises roughly seven million sf.

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