NEW YORK CITY—Paramount Group, Inc. has leased 136,176 square feet of office space at 1325 Avenue of the Americas to McGraw-Hill Education. Constructed in 1989, the building is located between 53rd and 54th streets in Midtown. The educational publisher will occupy the fifth through the ninth floors, and part of the 12th floor under a lease of approximately 16.3 years. The company's current New York office is in Midtown South at 2 Pennsylvania Plaza. The building has an alternate address of 390 Seventh Ave. and is located between W. 32nd and W. 33rd streets.
McGraw-Hill Education provides learning tools, content and services for students, educators and professionals. The company's revenue for the year ended Dec. 31, 2017 was $1.719 billion. That was down from $1.740 billion for the year ended Dec. 31, 2016, and down from $1.828 billion for the year ended Dec. 31, 2015, according to its 2017 annual report. The report also listed office property in New York of 168,903 square feet with a lease expiring in 2020.
For Paramount, the McGraw-Hill deal increased leased occupancy at the 34-story, 814,892 square-foot skyscraper to 95.4%.
“The successful execution of the McGraw-Hill Education lease is a testament to the appeal of 1325 Avenue of the Americas, and our ability to cater to the highest quality tenants who desire the unparalleled infrastructure our assets offer while being ideally located in one of the most dynamic office corridors in Manhattan,” says Peter Brindley, EVP of leasing at Paramount.
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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.
