The Real Deal New York

Paramount gets $90M loan for Noho’s 670 Broadway

Albert Behler’s firm plans to lease up mostly vacant office property
By Mark Maurer | Twitter_logo_blue copy October 29, 2015 04:25PM

The Paramount Group secured a $90 million loan Wednesday in an effort to close its $112 million purchase of a five-story Noho Office Building Along Broadway.

Bank of America provided financing for the acquisition and a repositioning of the 77,500-square-foot Class A building at 670-674 Broadway, near Bond Street. Paramount’s real estate equity fund signed a contract in July to buy the property from Jay Deutsch’s F.D.R. Industries, which owned it since 1971.

Sources said the purchase is a “lease-up play,” since the building is nearly vacant.

Advertising-technology firm Simulmedia has an office on the second floor, and photojournalism space Leica Gallery, co-directed by Deutsch, occupies the ground floor.

JLL’s Dustin Stolly, Aaron Appel and Aaron Niedermayer brokered the financing. Stolly said the buyer-to-be received more than a dozen proposals from lenders.

The Midtown-based office landlord, led by Albert Behler, raised $2.29 billion in the largest-ever public offering for a U.S. real estate investment trust. Paramount also owns trophy office buildings such as 1633 Broadway and 1301 Sixth Avenue.