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NEW YORK CITY-In its first acquisition, Paramount Group Real Estate Fund III has acquired KanAm grundinvest Fonds' minority interest in 1177 Ave. of the Americas. The fund is operated by Paramount Group, which in partnership with other investors, acquired the 47-story building for approximately $405 million in late 2002 from Japanese contractor Kumagai Gumi.
The 92%-leased, one-million-sf office is located one block from Rockefeller Center and close to Times Square. Its tenant roster includes PricewaterhouseCoopers, Dickstein, Shapiro, Movin & Oshinksy LLP and Kramer Levin.
Paramount is a privately owned international real estate investment and management company. The site, completed in 1992, was designed by architects Swanke Hayden Connell. Financial terms of the purchase, which is expected to close by year's end, were not disclosed.
Paramount president and CEO Albert P. Behler, the fund seeks out "high quality, income generating assets located in the central business districts of major markets throughout the US." Paramount Group presently owns approximately 10 million sf of class A office buildings. Its New York City portfolio includes 1540 and 1633 Broadway, 900 Third Ave., 712 and 745 Fifth Ave., 1325 Ave. of the Americas and 150 East 52nd St.
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