Built in 1987, the property was co-developed by Hines and CBS. In addition to the office space in the building, Paramount is acquiring a contract to purchase the 19,400-sf 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 is more than 95% leased to tenants including Clifford Chance, Financial Security Assurance, Toronto-Dominion Bank and Citigroup. The property's retail space on West 53rd Street is occupied by the MOMA Retail store.
"This trophy-grade property is a spectacular fit with our existing New York portfolio of renowned office properties," says Albert Behler, president & CEO of Paramount Group in a prepared statement. "The building benefits from an optimal location in the sought-after Plaza District submarket, steps away from several major subway lines and within walking distance of Central Park, Rockefeller Center and numerous luxury hotels and retail stores, restaurants and museums. The attendant 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.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
