Paramount Group has announced a minority stake sale in its 900 Third Avenue property at a $210 million gross asset valuation.
The deal will give the buyer, which was undisclosed, 45 percent of the equity in the Midtown, Manhattan Class A office building. Paramount will continue controlling the remaining 55 percent.
The 36-story tower, designed by Emery Roth and Sons, Cesar Pelli, and Viñoly Design Architects, spans roughly 600,000 square feet. The floor spaces range from 4,000 to 18,000 square feet. Plus, the lobby was recently renovated and the building has 12 passenger and a single freight elevator. Some tenants at 900 Third include Bank of America, Littler, Carl Marks Advisors, and Stellex Capital Management.
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