Paramount JV Closes on $160M Acquisition

NEW YORK CITY-Paramount Group Inc., in a joint venture with Sherwood Equities Inc., has closed on the acquisition of the fully leased Manhattan office property located at 440 Ninth Ave. The 18-story, 398,000-sf building is located between 34th and 35th streets and was purchased from SL Green Realty Corp. , which invested heavily in the asset since acquiring it in 1998, as GlobeSt.com reported.

The property went to the locally based duo for $160 million or approximately $472 per sf. The three largest tenants at 440 Ninth Ave. are B & H Photo, Duane Reade and eEmerge.

“This was an exceptional investment opportunity in our view because not only is this building fully leased to creditworthy, long-term tenants, but it recently underwent tens of millions of dollars in capital improvements, thereby minimizing the need for additional alterations to bring it in line with our own exceptionally high quality standards,” says Albert Behler, president & CEO of Paramount Group. “This property is a great addition to our portfolio and complements our extraordinary collection of assets in New York City, the Washington, DC area and San Francisco.”