The Midtown property, located between 45th and 46th streets, contains 152,000 sf of retail space and 906,287 sf of office space. Paramount Group Inc., in partnership with Principal Real Estate Investors, paid about $426 million for the building two years ago. Doug Harmon of Eastdil Secured acted as the exclusive advisor the seller, Paramount Group.
The office tower is currently 97.5% leased. However, because of a scheduled near-term tenant vacancy, Equity will have a large block of space available in a market with rapidly tightening fundamentals.
"Office space is what we do, that's why we had a partner in Vornado to take the retail space," Shobi Khan, Equities Properties' senior vice president, investments, tells GlobeSt.com. "There is a 250,000-sf vacancy coming in the near future. That's a large block in area with an insatiable demand for real estate."
Recommended For You
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
