Paramount Acquires 30-Story Office

NEW YORK CITY-Paramount Group Inc. has acquired a 30-story, 729,011-rentable-sf Manhattan office property at 31 W. 52nd St., between Fifth and Sixth avenues for an undisclosed amount; although published reports say the deal is worth more than $500 million. The building is owned by 40 W. 53rd Associates Ltd. Partnership. Deutsche Bank AG is the general partner of the partnership.

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.