NEW YORK CITY-Paramount Group Inc. has acquired a 30-story, 729,011-rentable-sf Manhattan office property at 31 W. 52nd St., between Fifth and Sixth avenues for an undisclosed amount; although published reports say the deal is worth more than $500 million. The building is owned by 40 W. 53rd Associates Ltd. Partnership. Deutsche Bank AG is the general partner of the partnership.

Built in 1987, the property was co-developed by Hines and CBS. In addition to the office space in the building, Paramount is acquiring a contract to purchase the 19,400-sf condominium unit that presently houses the Museum of Arts and Design. The Museum is expected to relocate to Two Columbus Circle in 2008.

The property is more than 95% leased to tenants including Clifford Chance, Financial Security Assurance, Toronto-Dominion Bank and Citigroup. The property’s retail space on West 53rd Street is occupied by the MOMA Retail store.

“This trophy-grade property is a spectacular fit with our existing New York portfolio of renowned office properties,” says Albert Behler, president & CEO of Paramount Group in a prepared statement. “The building benefits from an optimal location in the sought-after Plaza District submarket, steps away from several major subway lines and within walking distance of Central Park, Rockefeller Center and numerous luxury hotels and retail stores, restaurants and museums. The attendant views of the park, Rockefeller Center and numerous other Manhattan landmarks are among the best in the city.”

Paramount Group represented itself in the transaction. Deutsche Bank Securities Inc. acted as financial advisor to Deutsche Bank AG. The sale is expected to close in December.

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