Regions Northeast | New York
Nov 28, 2007
By: Tom Dworetzky, News Editor
The rumors about a Paramount Group Inc.deal for the Deutsche Bank Building in Manhattan, noted in by CPN last week, are true. The privately owned international real estate investment and management company has released official word that it agreed to acquire the 30-story, 730,000-square-foot trophy office property, which is owned by 40 West 53rd Associates Ltd. Partnership. Deutsche Bank AG is the general partner of the partnership. The tower is located at 31 West 52nd Street, between Fifth and Sixth Avenues.
The property was co-developed in 1987 by Hines and CBS. In addition to the office space in the building, Paramount is acquiring a contract to purchase the 19,400-square-foot condominium unit that presently houses the Museum of Arts and Design. The Museum is expected to relocate to Two Columbus Circle in 2008. The property’s retail space on West 53rd Street is occupied by the MOMA Retail store.
Calls were not returned by deadline, but according to the official statement, Albert Behler, President & CEO of Paramount Group noted that the building's "views of the park, Rockefeller Center and numerous other Manhattan landmarks are among the best in the city."
Paramount Group represented itself in the transaction. Deutsche Bank Securities Inc. acted as financial advisor to Deutsche Bank AG. The sale is expected to close in December 2007.
By: Tom Dworetzky, News Editor
The rumors about a Paramount Group Inc.deal for the Deutsche Bank Building in Manhattan, noted in by CPN last week, are true. The privately owned international real estate investment and management company has released official word that it agreed to acquire the 30-story, 730,000-square-foot trophy office property, which is owned by 40 West 53rd Associates Ltd. Partnership. Deutsche Bank AG is the general partner of the partnership. The tower is located at 31 West 52nd Street, between Fifth and Sixth Avenues.
The property was co-developed in 1987 by Hines and CBS. In addition to the office space in the building, Paramount is acquiring a contract to purchase the 19,400-square-foot condominium unit that presently houses the Museum of Arts and Design. The Museum is expected to relocate to Two Columbus Circle in 2008. The property’s retail space on West 53rd Street is occupied by the MOMA Retail store.
Calls were not returned by deadline, but according to the official statement, Albert Behler, President & CEO of Paramount Group noted that the building's "views of the park, Rockefeller Center and numerous other Manhattan landmarks are among the best in the city."
Paramount Group represented itself in the transaction. Deutsche Bank Securities Inc. acted as financial advisor to Deutsche Bank AG. The sale is expected to close in December 2007.
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