Paramount Completes Sale of 10% Interest in 1633 Broadway

Paramount Group, Inc. (NYSE: PGRE) (Paramount or the Company) announced today that it has completed the sale of a 10% interest in 1633 Broadway, a 2.5 million square foot trophy office building located on Broadway between 50th and 51st Streets in Manhattan.

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Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Thursday, May 28, 2020
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Commercial Building & Real Estate, Construction & Property, REIT, Midtown Manhattan, Broadway, Paramount Plaza, 51st Street, Geography of New York City, New York City
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United States, NEW YORK
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PARAMOUNT GROUP, INC.
Summary
Key Points: 
  • Paramount Group, Inc. (NYSE: PGRE) (Paramount or the Company) announced today that it has completed the sale of a 10% interest in 1633 Broadway, a 2.5 million square foot trophy office building located on Broadway between 50th and 51st Streets in Manhattan.
  • The transaction valued the property at $2.4 billion, or approximately $960 per square foot.
  • 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.


Paramount Group, Inc. (NYSE: PGRE) (“Paramount” or the “Company”) announced today that it has completed the sale of a 10% interest in 1633 Broadway, a 2.5 million square foot trophy office building located on Broadway between 50th and 51st Streets in Manhattan. The transaction valued the property at $2.4 billion, or approximately $960 per square foot.

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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