Paramount Group, Inc. (NYSE: PGRE) (“Paramount” or the “Company”) announced today that it has sold a 45% interest in 900 Third Avenue, a 600,000 square foot Class A office building located on Third Avenue between 54th and 55th Streets in Midtown Manhattan, at a gross asset valuation of $210 million. Paramount will continue to own the remaining 55% interest and manage and lease the property.
“We are excited to announce the sale of this non-controlling interest in 900 Third. This transaction underscores the underappreciated value of our assets in the market," said Albert Behler, Chairman, Chief Executive Officer & President of Paramount. "Furthermore, this deal strengthens our balance sheet and offers enhanced flexibility in our capital allocation strategy.”
Designed by Cesar Pelli, Viñoly Design Architects and Emery Roth and Sons, 900 Third Avenue is an impressive, thirty-six-story Class A office tower with approximately 600,000 square feet that attracts leading tenants across a variety of industries. The property’s highly efficient floor plates, exceptional light and views and superior location distinguish it as a premier building on Third Avenue. Within steps of the property, tenants have access to eight subway lines, and Grand Central Terminal.
About Paramount Group, Inc.
Headquartered in New York City, Paramount Group, Inc. is a fully-integrated real estate investment trust that owns, operates, manages, acquires and redevelops high-quality, Class A office properties located in select central business district submarkets of New York City and San Francisco. Paramount is focused on maximizing the value of its portfolio by leveraging the sought-after locations of its assets and its proven property management capabilities to attract and retain high-quality tenants.
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