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Paramount Signs 119,000 Square Foot Lease at 31 West 52nd Street in New York
Rhea-AI Impact
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Rhea-AI Summary
Paramount Group, Inc. (NYSE: PGRE) has signed a significant 16.5-year lease for 119,000 square feet with Wilson Sonsini Goodrich & Rosati, a prominent law firm, at 31 West 52nd Street in Midtown Manhattan. This lease helps Paramount mitigate its largest lease expiration in 2024, which is currently held by Clifford Chance LLP and set to expire in June 2024. The deal indicates a deepened relationship with Wilson Sonsini and reinforces Paramount's commitment to providing premier office space, as emphasized by Peter Brindley, EVP of Real Estate, highlighting the importance of an amenity-rich work environment for tenants.
Positive
Secured a 16.5-year lease with Wilson Sonsini for 119,000 square feet.
Reduced largest lease expiration in 2024 by approximately 30%.
Negative
None.
– Reduces largest 2024 lease expiration by approximately 30%–
NEW YORK--(BUSINESS WIRE)--
Paramount Group, Inc. (NYSE: PGRE) (“Paramount” or the “Company”) announced today that it signed a 16.5-year, 119,000 square foot lease with Wilson Sonsini Goodrich & Rosati (“Wilson Sonsini”), an internationally acclaimed law firm, at 31 West 52nd Street, a 768,000 square-foot trophy office building, located in Midtown Manhattan.
Wilson Sonsini will occupy floors 5 through 8 currently leased to Clifford Chance LLP that is scheduled to expire in June 2024 and floor 9, which is currently vacant. With the signing of this lease, Paramount has further expanded its relationship with Wilson Sonsini and has meaningfully de-risked its largest 2024 lease expiration.
“We are delighted to welcome Wilson Sonsini to 31 West 52nd Street as they significantly expand their presence in New York. Wilson Sonsini recognizes the importance of providing their employees an exceptional, amenity rich work environment and we are proud to deliver a real estate solution addressing all of their objectives,” said Peter Brindley, Executive Vice President, Head of Real Estate.
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.
