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.
High-Level Lending Parameters
Loan Amounts: Generally $5-500 million
Loan-to-Value: Max 80%
Lending Terms: 1-10 years
Interest Rate: Fixed/floating
Markets: New York, San Francisco, Washington, D.C.
Asset Classes: Office
- Office: Paramount announced the $860 million refinancing of a Class A office building in Midtown Manhattan. The 1.7 million square-foot property is 71.5% leased, and the funds from the refinancing will be used to pay an existing $850 million loan scheduled for maturation in November 2021.
- Office: Paramount invested over $250 million to reposition 60 Wall Street, a Class A office building in downtown Manhattan. The funds will be used for a full renovation of the tower after current tenant Deutsche Bank moves out. Paramount is partnering with architecture firm Kohn Pedersen Fox (KPF) on the project, which is set to begin construction in 2022.
- Office: Paramount signed a 54,095 square foot lease with Bracewell LLP at 31 West 52nd Street, a CLass A office building in Midtown Manhattan. The company will occupy the 18th and 19th floors for a total of 16.1 years.