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Paramount Signs 142,000 Square Foot Lease at 1301 Avenue of the Americas
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
Paramount Group (NYSE: PGRE) has signed a significant 15-year lease for 142,000 square feet with esteemed law firm O'Melveny & Myers LLP at 1301 Avenue of the Americas in Midtown Manhattan. This transaction mitigates the risk of an impending lease expiration for Credit Agricole in February 2023. Over the last year, Paramount has successfully executed leases totaling over 450,000 square feet at this location, showcasing its strong appeal and strategic tenant acquisition.
Positive
Secured a 15-year lease with O'Melveny & Myers LLP for 142,000 square feet.
Successfully executed over 450,000 square feet of leases in the past 12 months.
De-risked major lease expiration of Credit Agricole set for February 2023.
Negative
None.
NEW YORK--(BUSINESS WIRE)--
Paramount Group, Inc. (NYSE: PGRE) (“Paramount” or the “Company”) announced today that it signed a 15-year, 142,000 square foot lease with O’Melveny & Myers LLP (“OMM”), an internationally acclaimed law firm, at 1301 Avenue of the Americas, a 1.7 million square-foot trophy office building, located between 52nd and 53rd Streets in Midtown Manhattan.
“We are proud to welcome OMM to 1301 Avenue of the Americas. This significant transaction exemplifies the appeal of 1301 Avenue of the Americas, which continues to attract today’s most discerning tenants,” said Peter Brindley, Executive Vice President, Head of Real Estate.
The 142,000 square foot lease encompassing floors 17 through 20 is currently leased to Credit Agricole and set to expire in February 2023. With the signing of this lease, the Company has de-risked its largest 2023 lease expiration; and over the past 12 months, has executed leases aggregating more than 450,000 square feet of space at 1301 Avenue of the Americas to a diverse roster of industry leading tenants.
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.
