Paramount Group buys stake in 1633 Broadway at $2B valuation

Paramount Group purchased the remaining 49 percent stake of the 2.4 million-square-foot, 48-story 1633 Broadway from Morgan Stanley and Merrill Lynch, sources told the New York Observer. The deal values the building, at the corner of Broadway and 50th Street, at $2 billion, and the Observer called it the most significant commercial building deal since Googe’s purchase of 111 Eighth Avenue last winter. The office tower at 1633 Broadway has several high-profile tenants, including Allianz Global Investors, which signed a 20-year deal for 213,000 square feet in August in one of the largest deals in 2010. [NYO]