1633 Broadway
NEW YORK CITY—New Mountain Capital is setting up its new headquarters on the top two floors, spanning 108,374 square feet in the office tower at 1633 Broadway. The alternate investment firm signed a lease with the building owner Paramount Group for an initial term of 16 and a half years.
Paramount did not disclose the lease amount. However, CoStar states that average asking rents for a Class A property in the Columbus Circle submarket where this property is located are approximately $78 per square foot.
With this deal, the 48-story, 2.5 million square-foot office tower is now 100% leased. Built in 1971, 1633 Broadway is located between 50th and 51st streets in Midtown Manhattan. The real estate investment trust Paramount bought the building for $2.16 billion from one of its joint venture partners Beacon Capital in November 2014 according to Real Capital Analytics.
The property's latest tenant New Mountain manages private equity, public equity and credit capital with aggregate AUM of $20 billion. Allianz is also a tenant, and Paramount houses its headquarters in the building.
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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.
