search

The Real Deal Logo

Trending

Housing deal finally passes; here are the detailsHousing deal finally passes; here are the detailsGlossier founder is buyer of $22M Brooklyn townhouseGlossier founder is buyer of $22M Brooklyn townhouseHow low? LNR buys San Francisco office building for 11% of 2018 priceHow low? LNR buys San Francisco office building for 11% of 2018 priceBrookfield’s deal to sell 777 Tower in Downtown LA collapsesBrookfield’s deal to sell 777 Tower in Downtown LA collapses
New York

Morgan Stanley quadruples space at Paramount Plaza

Financial firm signs 15-year lease, will occupy 261K sf at 1633 Broadway

Albert Behler 1633 Broadway
From left: Albert Behler and Paramount Plaza at 1633 Broadway in Midtown

Morgan Stanley is significantly expanding its space at Paramount Group’s 1633 Broadway in Midtown, leasing five full floors for a total of 261,000 square feet.

The firm signed a 15-year lease at an asking rent in the low-to-mid-$70s per square foot. The financial services giant is expanding from its current 60,000-square-foot space at the building, with plans to move in on May 7, 2016.

Sign Up for the undefined Newsletter

Robert Alexander of CBRE represented Morgan Stanley in the transaction. Paramount’s Peter Brindley represented his firm in-house, the New York Observer reported. Morgan Stanley will occupy floors 26, 27, 29, 30 and 33.

Other tenants at the 48-story, 2.6-million-square-foot building include Warner Music Group, Allianz Capital Partners of America and law firm Kazowitz, Benson, Torres & Friedman.

FAO Schwarz considered moving its flagship location to the building earlier this year, but those talks ultimately fell through. [NYO] – Ariel Stulberg

Tags
Morgan StanleyParamount Group