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Paramount Signs Leases Aggregating 279,000 Square Feet at 1301 Avenue of the Americas
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Paramount Group (NYSE: PGRE) has signed leases totaling 279,000 square feet at 1301 Avenue of the Americas. This includes a new 167,000 square foot lease with Credit Agricole CIB and a 112,000 square foot renewal and expansion lease with SVB Leerink. The signing of these leases backfills approximately 190,000 square feet of existing vacancy, increasing occupancy at the property, which was 71.5% leased as of June 30, 2021. Paramount continues to seek tenants for the remaining 269,500 square feet available in the building.
Established a significant new lease with Credit Agricole CIB, a notable tenant.
Renewed and expanded SVB Leerink's lease, enhancing tenant commitment.
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– Backfills Approximately 190,000 square feet of Existing Vacancy –
NEW YORK--(BUSINESS WIRE)--
Paramount Group, Inc. (NYSE: PGRE) (“Paramount” or the “Company”) announced today that it signed leases aggregating 279,000 square feet at 1301 Avenue of the Americas, a 1.7 million square-foot trophy office building, located between 52nd and 53rd Streets in Midtown Manhattan.
The leases include (i) a new 167,000 square foot lease with Credit Agricole CIB, a leading global corporate and investment bank, and (ii) a 112,000 square feet renewal and expansion lease with SVB Leerink, a leading investment bank specializing in healthcare and life sciences. The signing of these leases backfills approximately 190,000 square feet of existing vacancy on floors six, eight, and nine at 1301 Avenue of the Americas, which was 71.5% leased as of June 30, 2021.
“These two significant commitments by discerning and high-quality tenants, demonstrate the importance of 1301 Avenue of the Americas central location and superior property attributes,” said Peter Brindley, Executive Vice President, Head of Real Estate. “With these lease signings, Credit Agricole CIB continues to utilize the building as the headquarters for its Americas operations, and SVB Leerink more than doubles its footprint in the building. We remain focused on leasing the remaining availability at the building, aggregating approximately 269,500 square feet of contiguous space on floors two through five.”
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.
