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NEW YORK CITY-Paramount Group Inc. said Friday that it had sold the landmarked Candler Tower, net leased to Live Nation for its New York offices, to Epic LLC, the London- and New York-based real estate investment company headed by Steven and Michael Elghanayan. A spokeswoman for Paramount says the seller is not disclosing the price; however, industry data lists a rumored sales price of $261 million, or $1,150 per square foot, for the 228,000-square-foot office tower at 220 W. 42nd St.

“Candler Tower is a prime office asset with a globally prized address,” Albert Behler, president and CEO of Paramount Group, says in a release. “The property has performed impressively since Paramount Group acquired it in 2006. In this sale, we leveraged Candler Tower’s desirability with a profitable sale that will enable Paramount Group to further grow its national portfolio of class A office properties in the country’s preeminent business centers.” Paramount was represented in-house for the sale by Dan Lauer, VP of acquisitions.

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