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ING Buys 49% Interest in 900 Third Ave. for $107.7M

NEW YORK CITY-ING Office Fund of Australia expands into the US market with its $107.7 million purchase of a 49% interest in 900 Third Ave. from the Paramount Group.

By Barbara Jarvie | Updated on August 18, 2003

NEW YORK CITY-Australia’s ING Office Fund makes its first foray into the US market by acquiring a 49% interest–50% voting interest–in 900 Third Ave. Completed in 1984, the property has a total net rentable area of 585 million sf.

In April, GlobeSt.com reported that Paramount Group was breaking from its typical long-term-hold strategy to flip the 592,000-sf asset. Paramount bought the building in 1999 for $163 million.

ING Office says its share of the acquisition–$107.7 million–will be funded through a combination of existing property level debt and new equity. Equity funding for the acquisition will be through an underwritten bookbuild being conducted by UBS and Merrill Lynch of 50 million units to raise about $56 million in Australian dollars.

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