NEW YORK CITY—Paramount Group has signed a 106,230 square-foot, 12-year lease with MongoDB, at 1633 Broadway. The technology company will occupy the 37th and 38th floors of the 48-story glass tower. The building which was originally constructed in 1971, is located between 50th and 51st streets in Midtown Manhattan.
GlobeSt.com reported that asking rents in the building were in the mid-to-high $80s per-square-foot range in 2016. The CBRE Q3 2017 Midtown office market report noted that overall, Midtown's average asking rent ranged roughly from $80 to $81 per square foot.
Paramount purchased the building from Beacon Capital Partners for $2.16 billion in Nov. 2014, and received an approximately $1 billion refinancing loan in Dec. 2015, according to Real Capital Analytics.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
