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Paramount Closes on $1B-Plus Tower Sale

NEW YORK CITY-Paramount Group more than doubled 1177 Avenue of the Americas' value in only five years of ownership and plans to reinvest profits.

By Natalie Dolce | Updated on December 20, 2007

NEW YORK CITY-In a more than $1-billion-dollar transaction, Paramount Group Inc. has closed on the sale of 1177 Avenue of the Americas, a 47-story granite office tower located between 45th and 46th streets. The purchaser is Silverstein Properties and its joint-venture partner, CalSTRS. Silverstein says that this purchase marks the third investment of Metro Fund LLC, the joint-venture between CalSTRS, a pension fund, and Silverstein Properties.

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.

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