Paramount Announces Sale of 45% Interest in 900 Third Avenue
Paramount Group (NYSE: PGRE) has announced the sale of a 45% interest in 900 Third Avenue, a Class A office building in Midtown Manhattan, at a gross asset valuation of $210 million. The company will retain the remaining 55% ownership and continue to manage and lease the property.
The 36-story building, designed by Cesar Pelli, Viñoly Design Architects and Emery Roth and Sons, spans approximately 600,000 square feet. Located between 54th and 55th Streets, the property features efficient floor plates, exceptional light and views, and proximity to eight subway lines and Grand Central Terminal.
Paramount Group (NYSE: PGRE) ha annunciato la vendita di una partecipazione del 45% in 900 Third Avenue, un edificio per uffici di Classe A a Midtown Manhattan, con una valutazione lorda degli attivi di $210 milioni. L'azienda manterrà il restante 55% della proprietà e continuerà a gestire e affittare l'immobile.
L'edificio di 36 piani, progettato da Cesar Pelli, Viñoly Design Architects e Emery Roth and Sons, si estende su una superficie di circa 600.000 piedi quadrati. Situato tra la 54ª e la 55ª Strada, la proprietà presenta piani di livello efficienti, una luce e una vista eccezionali, e la vicinanza a otto linee della metropolitana e alla Grand Central Terminal.
Paramount Group (NYSE: PGRE) ha anunciado la venta de una participación del 45% en 900 Third Avenue, un edificio de oficinas Clase A en Midtown Manhattan, con una valoración bruta de activos de $210 millones. La empresa retendrá el 55% restante de la propiedad y continuará gestionando y arrendando el inmueble.
El edificio de 36 pisos, diseñado por Cesar Pelli, Viñoly Design Architects y Emery Roth and Sons, abarca aproximadamente 600,000 pies cuadrados. Ubicado entre las calles 54 y 55, la propiedad cuenta con plantas eficientes, luz y vistas excepcionales, y está cerca de ocho líneas de metro y de la Grand Central Terminal.
파라마운트 그룹 (NYSE: PGRE)는 맨해튼 미드타운에 위치한 A급 오피스 빌딩인 900 제3 애비뉴의 45% 지분 매각을 발표했습니다. 총 자산 평가는 2억 1천만 달러입니다. 이 회사는 나머지 55%의 소유권을 유지하고 이 자산을 계속 관리 및 임대할 것입니다.
36층 건물은 세사르 펠리, 비뇰리 디자인 건축가 및 에머리 로스 앤드 선즈가 설계했으며, 면적은 약 600,000 제곱피트입니다. 54번가와 55번가 사이에 위치하며, 효율적인 층 평면, 뛰어난 조명과 경관, 여덟 개의 지하철 노선 및 그랜드 센트럴 터미널과의 근접성을 제공합니다.
Paramount Group (NYSE: PGRE) a annoncé la vente d'une participation de 45% dans 900 Third Avenue, un immeuble de bureaux de catégorie A situé à Midtown Manhattan, évalué à 210 millions de dollars. La société conservera le reste de 55% de la propriété et continuera à gérer et à louer le bien.
L'immeuble de 36 étages, conçu par Cesar Pelli, Viñoly Design Architects et Emery Roth and Sons, s'étend sur environ 600 000 pieds carrés. Situé entre la 54e et la 55e rue, le bien dispose de plans de sol efficaces, d'une lumière et de vues exceptionnelles, ainsi que de la proximité de huit lignes de métro et de la gare Grand Central.
Paramount Group (NYSE: PGRE) hat den Verkauf von 45% der Anteile an 900 Third Avenue, einem Bürogebäude der Klasse A in Midtown Manhattan, mit einer Brutto-Bewertung der Vermögenswerte von 210 Millionen Dollar bekannt gegeben. Das Unternehmen wird die verbleibenden 55% der Eigentumsanteile behalten und weiterhin die Immobilie verwalten und vermieten.
Das 36-stöckige Gebäude, das von Cesar Pelli, Viñoly Design Architects und Emery Roth and Sons entworfen wurde, erstreckt sich über etwa 600.000 Quadratfuß. Das Grundstück, das sich zwischen der 54. und 55. Straße befindet, bietet effiziente Etagenpläne, außergewöhnliches Licht und Ausblicke sowie die Nähe zu acht U-Bahn-Linien und zum Grand Central Terminal.
- Sale of 45% interest values the property at $210 million
- Retains majority ownership (55%) and management control
- Strengthens balance sheet and improves capital allocation flexibility
- Partial divestment of prime Manhattan office asset amid challenging office market conditions
Insights
This strategic disposition of a 45% interest in 900 Third Avenue at a
The transaction's valuation metrics warrant attention in the context of Manhattan's office market dynamics. At roughly
From a balance sheet perspective, this partial stake sale achieves multiple objectives: 1) It provides immediate liquidity without sacrificing long-term upside potential, 2) Maintains operational control through the 55% majority stake and management rights and 3) Creates financial flexibility for strategic initiatives or debt reduction. The enhanced balance sheet optionality comes at a important time when office REITs face refinancing challenges and pressure to optimize their portfolios.
The deal's structure also suggests potential for future value creation through active asset management and leasing, particularly given the property's efficient floor plates and quality design by renowned architects. While the office sector faces headwinds from hybrid work trends, well-located Class A assets with strong ownership and management typically demonstrate better resilience in maintaining occupancy and rental rates.
“We are excited to announce the sale of this non-controlling interest in 900 Third. This transaction underscores the underappreciated value of our assets in the market," said Albert Behler, Chairman, Chief Executive Officer & President of Paramount. "Furthermore, this deal strengthens our balance sheet and offers enhanced flexibility in our capital allocation strategy.”
Designed by Cesar Pelli, Viñoly Design Architects and Emery Roth and Sons, 900 Third Avenue is an impressive, thirty-six-story Class A office tower with approximately 600,000 square feet that attracts leading tenants across a variety of industries. The property’s highly efficient floor plates, exceptional light and views and superior location distinguish it as a premier building on Third Avenue. Within steps of the property, tenants have access to eight subway lines, and Grand Central Terminal.
About Paramount Group, Inc.
Headquartered in
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Wilbur Paes
Chief Operating Officer,
Chief Financial Officer & Treasurer
212-237-3122
ir@paramount-group.com
Tom Hennessy
Vice President, Business Development &
Investor Relations
212-237-3138
ir@paramount-group.com
Media:
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pr@paramount-group.com
Source: Paramount Group, Inc.
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