Oct
13
Paramount Closes $850M Financing of NYC High-Rise
ByThe group acquired the 45-story asset in 2008 for $1.5 billion.
1301 Avenue of the Americas, Manhattan, New York
New York—Paramount Group Inc. has wrapped up the financing of 1301 Avenue of the Americas, a 1.8 million-square-foot office tower in Manhattan, to the tune of $850 million. It’s all in the name of bolstering the balance sheet.
A 45-story building developed in 1964, 1301 Avenue of the Americas has been part of Paramount’s portfolio since the office REIT acquired it for $1.5 billion in 2008. The premier office destination, which has served as headquarters to many a major company over the years, also features 30,000 square feet of ground-level retail space, as well as a lower-level connection to Rockefeller Center…
