Eastdil Secured and Goldman, Sachs & Co. marketed the property on behalf of Paramount. CalSTRS was advised by CB Richard Ellis Investors.
Last year Metro Fund bought 575 Lexington Ave.--a 35-story office tower currently undergoing lobby renovations--and 99 Church St., which is being developed into a luxury hotel and condominium designed by Robert A.M. Stern to be completed in 2011.
Tenants at 1177 Avenue of the Americas include Pricewaterhouse Coopers LLC, and law firms Dickstein Shapiro Movin & Oshinksy and Kramer Levin Naftalis & Frankel. Construction on the granite building--also known as the Americas Tower--started in 1989 and was completed in 1992.
"We leveraged our property management and leasing expertise, along with 1177's reputation as a preferred address for leading financial and legal firms, to increase occupancy to 97% and more than double the property's value in only five years of ownership," says Paramount Group's president, Albert Behler, in a prepared statement. "We intend to re-invest these profits in accordance with our strategy to own premier CBD-located properties in key corporate cities around the US."
Vic Bucchere, managing director and national head of acquisitions of CB Richard Ellis Investors notes that the purchase is a valuable investment in both the short- and long-term.
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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.
