New York, NY – August 3, 2011 – (RealEstateRama) — Paramount Group, Inc., New York’s largest privately held international real estate investment and management firm, has recapitalized a 49 percent interest in its 1633 Broadway office tower. Affiliates of Morgan Stanley and Bank of America have exited the partnership and have been replaced by affiliates of Beacon Capital Partners, LLC and Paramount Group Real Estate Fund IV. SL Green Realty Corp. (NYSE:SLG) acquired a preferred equity interest as well. Paramount Group Real Estate Fund I retains its 51 percent controlling interest in the 2.5 million- square-foot Class A office tower where Paramount Group is headquartered. The prestigious tenant roster includes, Allianz, Time Warner, Deloitte LLP, Morgan Stanley, Dickstein Shapiro and Kasowitz, Benson, Torres & Freedman LLP.
“We are very excited about the future of 1633 Broadway and our new partners, who are sophisticated, highly respected real estate investors,” said Albert Behler, President & CEO of Paramount Group. “We enjoyed a long and successful partnership with the real estate teams at Morgan Stanley and Bank of America and we wish them both every success in their future.”
1633 Broadway has had an enduring history as one of the most significant office properties in Midtown West. With a vibrant Times Square area location, extraordinary accessibility via multiple subway lines, highly efficient floor plates, panoramic views, onsite parking, several restaurants and theatres and a soon-to-be-redeveloped lobby and plaza with new retail installations , 1633 Broadway remains a sought after office address for a variety of blue chip tenants.
Paramount Group was represented by Steve Kohn at Cushman & Wakefield and in-house by Dan Lauer, Vice President, Acquisitions.
About Paramount Group, Inc.
With 13 million square feet of Class “A” commercial office buildings in Midtown & Downtown New York, Washington D.C. & San Francisco, over 40 years of proven expertise across a variety of real estate disciplines, markets and phases of the market cycle, along with its affiliation to a multi-billion-dollar conglomerate of international companies, Paramount is a trusted, respected and internationally recognized partner. The company employs a hands-on, high energy management philosophy, implemented by a goal-oriented and highly experienced Executive team which provides the Trophy buildings and Six Funds with a competitive advantage in sourcing transactions and executing its investment strategy. As a founding member of The Greenprint Foundation and proactive in global environmental endeavors committed to reducing the carbon footprint of the built environment, the firm is well known for its eco-friendly practices and is USBC-recognized for landlord leadership in sustainability. For additional information, please visit www.paramount-group.com.
About Cushman & Wakefield Sonnenblick Goldman
Cushman & Wakefield Sonnenblick Goldman is the industry’s leading independent real estate investment banking firm. The firm was founded as Sonnenblick Goldman in 1893 and it merged with Cushman & Wakefield in 2007. Cushman & Wakefield Sonnenblick Goldman provides a full range of real estate financial services, including debt and equity placements, joint ventures, hospitality investment sales and workout advisory services, and it collaborates world-wide with other divisions of Cushman & Wakefield. Further information can be found at the firm’s website at www.cushwake.com/sonngold.
Contact:
Dwayne Doherty (212.841.7748)
