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.
MongoDB is moving from its current office at 229 W. 43rd St., between Seventh and Eighth avenues. Tenants in its new Broadway location include Allianz, Morgan Stanley, Warner Music Group, Showtime Networks and Bleacher Report. Paramount says 40% of the leases are with TAMI tenants and MongoDB's joining the roster brings the building's leased occupancy to over 95%.
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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.
