Law Firm to Take Four Floors at Paramount Group Office Tower
Pillsbury Winthrop will be taking occupancy of floors 26 through 29 at the property owned by the Paramount Group.
NEW YORK CITY—The international law firm Pillsbury Winthrop Shaw Pittman LLP has signed a lease deal for more than 88,000 square feet of space at the Paramount Group’s 31 W. 52nd St. office building here.
The law firm, which currently operates out of 1540 Broadway, has signed a 12-year lease for 88,503 square feet at 31 W. 52nd St. located between Fifth Avenue and Avenue of the Americas. Pillsbury Winthrop will be taking occupancy of floors 26 through 29 at the property owned by the Paramount Group.
The signing of this lease increases leased occupancy at the Midtown building to 93.1% compared to 81.5% at March 31, 2018. Taking into the account the Pillsbury lease and the recently announced 136,000-square-foot lease with McGraw-Hill Education at 1325 Avenue of the Americas, Paramount Group’s total portfolio leased occupancy, at share, will increase by approximately 210 basis points to 96.1% compared to 94.0% at March 31, 2018.
“Within the past week, we have signed two significant leases totaling approximately 225,000 square feet, leasing up the majority of the available space in our New York portfolio, which now sits at 95.7% leased,” says Peter Brindley, EVP, leasing of the Paramount Group. “We are proud of this achievement and adding a firm of Pillsbury’s prominence speaks to the highly attractive nature of 31 West 52nd Street and, more broadly, the desirability of the Sixth Avenue office corridor in Manhattan.”
Headquartered in New York City, Paramount Group, Inc. is a REIT that owns, operates, manages, acquires and redevelops Class A office properties in New York City, Washington, D.C. and San Francisco. Earlier this month, the Paramount Group reported in its first quarter financial results that the company leased 285,167 square feet, of which the company’s share was 216,848 square feet that was leased at a weighted average initial rent of $86.32-per-square-foot.
Of the 285,167 square feet leased in the first quarter, 161,215 square feet represented second-generation space (space that had been vacant for less than 12 months). The weighted average lease term for leases signed during the first quarter was 8.3 years and weighted average tenant improvements and leasing commissions on these leases were $7.88-per-square-foot per annum, or 9.1% of initial rent.