Built in 1987, the property was co-developed by Hines and CBS.In addition to the office space in the building, Paramount isacquiring a contract to purchase the 19,400-sf condominium unitthat presently houses the Museum of Arts and Design. The Museum isexpected to relocate to Two Columbus Circle in 2008.
The property is more than 95% leased to tenants includingClifford Chance, Financial Security Assurance, Toronto-DominionBank and Citigroup. The property's retail space on West 53rd Streetis occupied by the MOMA Retail store.
"This trophy-grade property is a spectacular fit with ourexisting New York portfolio of renowned office properties," saysAlbert Behler, president & CEO of Paramount Group in a preparedstatement. "The building benefits from an optimal location in thesought-after Plaza District submarket, steps away from severalmajor 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 amongthe best in the city."
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