Paramount Closes on $1.5B Tower Buy

NEW YORK CITY-Locally based Paramount Group Inc., a privately owned international real estate investment and management company, has closed on the acquisition of interests in 1301 Avenue of the Americas . GlobeSt.com first reported the deal in early June, noting that it would trade for $1.45 billion, which sources considered a “ballpark figure,” but Paramount sources tell GlobeSt.com that they cannot confirm or disclose the sales price at this time.

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.