Paramount Signs 54,095 Square Foot Lease with Bracewell LLP

Rhea-AI Summary

Paramount Group, Inc. (NYSE: PGRE) announced a significant 54,095 square foot lease with Bracewell LLP at 31 West 52nd Street, Midtown Manhattan. This move occupies the entire 18th and 19th floors for an initial term of 16.1 years, effectively filling over 40% of the 131,000 square feet vacancy expiring on April 30, 2021. Bracewell is a prominent law firm servicing various industries globally. The lease underscores the desirability of the property and Paramount’s strategic capabilities in attracting quality tenants.

Positive

• Successful lease agreement with Bracewell LLP fills over 40% of upcoming vacancy.
• Lease term of 16.1 years demonstrates long-term tenant commitment.
• Strengthens Paramount's position in a prime location in Midtown Manhattan.

Negative

• None.

Paramount Group, Inc. (NYSE: PGRE) (“Paramount” or the “Company”) announced today that subsequent to the end of the first quarter, it signed a 54,095 square foot lease with Bracewell LLP (“Bracewell”) at 31 West 52^nd Street, a 29-story Class A trophy office tower located between 5^th and 6^th Avenue in Midtown Manhattan. Bracewell will occupy the entire 18^th and 19^th floors for an initial lease term of 16.1 years. The signing of this lease backfills over 40% of the upcoming vacancy, aggregating 131,000 square feet that is scheduled to expire on April 30, 2021.

Bracewell is a leading law and government relations firm primarily serving the energy, infrastructure, finance, and technology industries throughout the world.

“We are delighted to welcome Bracewell to 31 W 52nd Street. A leader in their field, Bracewell fits the high quality tenant profile that is a signature of Paramount’s portfolio” said Peter Brindley, Executive Vice President, Head of Real Estate. “The execution of this lease demonstrates the desirability of the location, the appeal of the asset, and the ability of our team to transact with a quality tenant even in the current environment. We look forward to a long term and successful relationship with Bracewell.”

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210428006045/en/

FAQ

What recent lease agreement did Paramount Group (PGRE) sign?

Paramount Group signed a 54,095 square foot lease with Bracewell LLP at 31 West 52nd Street, filling over 40% of an upcoming vacancy.

How long is the lease term for Bracewell LLP at PGRE's property?

The lease term for Bracewell LLP is 16.1 years.

What impact does the Bracewell lease have on Paramount Group's vacancy rate?

The lease backfills over 40% of the 131,000 square feet vacancy scheduled to expire on April 30, 2021.

What type of firm is Bracewell LLP?

Bracewell LLP is a leading law and government relations firm primarily serving the energy, infrastructure, finance, and technology industries.

Where is 31 West 52nd Street located?

31 West 52nd Street is situated in Midtown Manhattan, between 5th and 6th Avenue.