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Paramount Signs 68,000 Square Foot Lease with SVB Securities at 1301 Avenue of the Americas
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Rhea-AI Summary
Paramount Group (NYSE: PGRE) announced that SVB Securities has expanded its lease at 1301 Avenue of the Americas, signing a new lease for 68,183 square feet on the 5th floor. This brings SVB Securities' total commitment at the site to 139,176 square feet. The building, a 1.7 million square-foot office space located in Midtown Manhattan, reduces overall availability from the former Barclays block. Additionally, this transaction supports Paramount's goal of attracting high-quality tenants and enhancing the value of its portfolio.
Positive
SVB Securities expands lease by 68,183 square feet, increasing total to 139,176 square feet.
Transaction enhances Paramount's property occupancy and tenant quality.
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None.
NEW YORK--(BUSINESS WIRE)--
Paramount Group, Inc. (NYSE: PGRE) (“Paramount” or the “Company”) announced today that SVB Securities, a subsidiary of SVB and a leading investment bank specializing in healthcare and technology, has expanded at 1301 Avenue of the Americas signing a 68,183 square foot lease for the entire 5th floor. This lease increases SVB Securities’ commitment at 1301 Avenue of the Americas to 139,176 square feet. 1301 Avenue of the Americas is a 1.7 million square-foot trophy office building, located between 52nd and 53rd Streets in Midtown Manhattan.
“We are delighted that SVB Securities has once again chosen 1301 Avenue of the Americas to satisfy their occupancy needs as the company continues to execute on its growth strategy” said Peter Brindley, Executive Vice President, Head of Real Estate. “This transaction further reduces the former Barclays block availability and preserves our ability to offer a branded building within a building opportunity for a tenant that leases the three remaining contiguous base floors totaling 200,000 square feet.”
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.
