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Bayerische Versorgungskammer and Paramount Group, Inc. (NYSE: PGRE) have formed a joint venture, acquiring a retail condominium at 1600 Broadway for $191.5 million from Sherwood Equities. The property, measuring 26,000 square feet, is fully leased to Mars, Inc. and serves as the flagship for M&M's World. The joint venture secured a $98.0 million interest-only loan at a fixed rate of 3.45%. Paramount holds a 9.2% stake and will manage the asset. This acquisition strengthens Paramount's portfolio in Times Square.
Positive
Acquisition of a prime retail property enhances portfolio and market presence.
100% lease to M&M's World indicates stable income generation.
Secured a low fixed-rate loan, providing favorable financing conditions.
Negative
None.
NEW YORK--(BUSINESS WIRE)--
Bayerische Versorgungskammer (“BVK”) and Paramount Group, Inc. (NYSE: PGRE) (“Paramount” or the “Company”) announced today that they have formed a joint venture and acquired a retail condominium at 1600 Broadway for $191.5 million from Sherwood Equities. The 26,000 square foot retail property, which is located in the heart of Times Square, is 100% leased to Mars, Inc. and serves as the flagship location for M&M’s World. In connection with the acquisition, the joint venture obtained a 10-year, $98.0 million interest-only loan that has a fixed rate of 3.45%. Paramount owns a 9.2% stake in the property and will serve as the manager of the asset.
This acquisition marks the second time Paramount has partnered with BVK. BVK also owns a 31.1% stake in 300 Mission Street, a 24-story, LEED Platinum, Class A office tower located on the corner of Beale and Mission Streets in San Francisco.
“We are proud to once again partner with BVK in the execution of this transaction,” said Albert Behler, Chairman, CEO and President of Paramount. “M&M’s World has long-served as an icon for global tourism, and its recent 15-year renewal and significant commitment to improve the space is a testament to the long-term value of this iconic Times Square retail location.”
About Paramount Group, Inc.
Headquartered in New York City, Paramount Group, Inc. is a fully-integrated real estate investment trust that owns, operates, manages, acquires and redevelops high-quality, Class A office properties located in select central business district submarkets of New York City and San Francisco. Paramount is focused on maximizing the value of its portfolio by leveraging the sought-after locations of its assets and its proven property management capabilities to attract and retain high-quality tenants.
About the Bayerische Versorgungskammer
The Bayerische Versorgungskammer is the competence and service center for occupational and communal pension schemes and Germany´s largest pension group under public law. As a public authority of the Bavarian Ministry of the Interior, it is the joint executive body of twelve liberal professions´ and communal pension schemes. The Bayerische Versorgungskammer covers about 2.4 million insured persons in total, with contributions of € 5.2 billion and about € 3.8 billion pension payments annually. It currently has € 97.2 billion assets under management (market value) and more than 1,420 employees.
About Sherwood Equities
Sherwood Equities is a privately-held real estate firm that has owned, developed, and managed over five million square feet in the New York Metropolitan area. In 1987 Sherwood purchased 1600 Broadway and in 2004 developed a 25-story mixed-use tower of which M&M’s World is the anchor tenant.
