The 592,000-sf building, constructed 21 years ago, boasts a white-glove tenant roster, including securities firm Spear, Leeds, Kellogg; design firm Kroll Assocs. and investment-fund specialist Tannenbaum Helpern Syracuse & Hirschtritt. Its occupancy rate has been quoted in the "low 90s."

Reports have placed the asking price at $260 million, but sources familiar with the deal think that might be high. "I would be very surprised if that were the price," says one local expert, who believes that what pencils down to $440 per foot is out of reach for that location.

He adds that the relatively quick flip is atypical for Paramount, which tends toward longer-term holds. "It could be an indication that there are some problems there." But according to another player familiar with the asset, Paramount purchased the building in 1999 for $163 million or $316 per foot. "A tremendous amount depends on the leasing risk," he explains. "If it's well-leased and there's not a lot of turnover," the price might be justifiable. "It also depends on other parameters, such as the going-in cap rate and the five-year, cash-on-cash return."

He also passes off any speculation that the quick flip indicates signs of internal woes at Paramount. "I've heard nothing of the sort," he states. "They're strong."

Neither Paramount nor Lazard could be reached by deadline.