Paramount recaps at 1633 Broadway, ups stake to 75 percent

New York /
Aug.August 01, 2011 08:51 AM

New York-based investment firm Paramount Group has recapitalized a 49 percent interest in its 2.5 million-square-foot office tower at 1633 Broadway, between 50th and 51st streets, GlobeSt.com reported, after Morgan Stanley, Bank of America and Merrill Lynch affiliates exited the building partnership.

Paramount’s new partners in the 48-story, Class A property include affiliates of Beacon Capital Partners and Paramount Group’s Real Estate Fund IV. In addition, SL Green Realty also acquired a preferred equity interest. Paramount retained its 51 percent controlling interest.

“We took our interest in the property to 51 percent to about 75 percent,” Dan Lauer, vice president of acquisitions for Paramount, told GlobeSt.com. “SL Green is making a preferred equity investment and Beacon is acquiring the remaining limited interest in the property.”

Lauer declined to talk specifically about the value of the building, but a market report from Massey Knakal Realty Services, cited by GlobeSt.com, lists a partial interest of 1633 Broadway at $980 million, while Real Capital Analytics values the entire tower at $2 billion total. [GlobeSt]


Related Articles

arrow_forward_ios
The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)
SL Green puts Daily News building up for sale
SL Green puts Daily News building up for sale
SL Green snags private-equity firm at One Vanderbilt
SL Green snags private-equity firm at One Vanderbilt
SL Green snags private-equity firm at One Vanderbilt
SL Green’s locks in big bank lease at Hudson Yards redevelopment site
SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
GreenBarn Investment Group's David Welsh and David Schonbraun (SL Green, Senlac Ridge)
Ex-SL Green CIO David Schonbraun joins David Welsh’s Senlac Ridge
Ex-SL Green CIO David Schonbraun joins David Welsh’s Senlac Ridge
From left: Highgate Holdings’ Mahmood Khimji or Mehdi Khimji,  Rockpoint Group’s Keith Gelb, and Paramount Group’s Albert Behler with 700 Eighth Avenue (Getty, Highgate Holdings, Rockpoint Group, PGRE)
Paramount sues to evict retail tenants at Row NYC Hotel
Paramount sues to evict retail tenants at Row NYC Hotel
Brookfield's Bruce Flatt, 2 Manhattan West; SL Green's Marc Holliday, One Madison Avenue (Manhattan West, Getty, Brookfield, SL Green)
The 10 biggest Manhattan office leases of 2022
The 10 biggest Manhattan office leases of 2022
SL Green’s Brett Herschenfeld
Inside SL Green’s Times Square casino bid: podcast
Inside SL Green’s Times Square casino bid: podcast
SL Green's Marc Holliday, Frank Carone and Cushman & Wakefield's Brett White (SL Green, Getty, Cushman & Wakefield)
SL Green, Cushman suing tenants with Frank Carone ties
SL Green, Cushman suing tenants with Frank Carone ties
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...