The 45-story, 1.8-million-sf class A office tower is located on Sixth Avenue between 52nd and 53rd streets in Midtown Manhattan. Designed by Skidmore, Owings & Merrill, and built in 1963 as the headquarters for JC Penney, the property underwent a complete renovation and modernization that included the installation of reflecting pools and seating on the outdoor plaza in 1989.
According to Albert Behler, president & CEO of Paramount Group, in a prepared company press release, the property is considered one of the most sought-after Manhattan office addresses due to the building's amenities, and immediate access to eight subway lines "via a concourse level connection to Rockefeller Center." Behler also emphasized that the property's "high-quality interior and tenant build-outs, which include cafeterias, media rooms, executive dining rooms, a mock courtroom and multiple trading floors, reflect the premium quality of its current occupants, including Lehman Brothers, Calyon and Dewey & LeBoeuf LLP, and make it an extraordinarily desirable location for new tenants."
Paramount Group represented itself in the transaction. The property is one of Macklowe Properties' trophy assets that was turned over to Deutsche Bank. The seller was represented by Eastdil Secured LLC, who was unable to be reached by deadline. Deutsche Bank did not respond to GlobeSt.com queries by deadline.
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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.
