Paramount shopping 49% stake in 900 Third Avenue

Deal could value 596K sf office tower at $500M: report

Paramount Group is looking to sell a 49 percent stake in its 596,000-square-foot Midtown office tower at 900 Third Avenue.

The 36-story property is 98 percent occupied, according to Real Estate Alert. The deal could value the building as high as $500 million, nearly $840 per square foot.

Tenants include the merchant bank Carl Marks & Co., investment firm Columbus Nova and Folger Hill Asset Management.

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Paramount bought the building from a JMB Realty partnership for $164.8 million – or $277 per square foot – in 1999, making it one of the real estate investment trust’s longest-held investments.

Paramount sold a 49 percent stake in 2003 to ING Office Fund, then bought it back in 2012 for $172.7 million. The deal valued the property at $352.5 million.

Eastdil Secured is marketing the building stake for sale. [RE Alert]Rich Bockmann