Paramount Group, Inc. announced that it has agreed to acquire the remaining 35.8 percent ownership interest that it did not previously own in 31 West 52nd Street from its joint venture partner for approximately $230 million in cash, subject to final adjustments as of closing date. The acquisition is expected to be completed in the fourth quarter of 2015.
“The acquisition of the remaining ownership interest in this distinctive trophy asset offers Paramount an outstanding opportunity to execute on our embedded growth strategy,” said Albert Behler, Chairman, Chief Executive Officer and President of Paramount.
“We believe full ownership of the property is in the best long-term interests of our shareholders, as we continue to focus our efforts on driving NOI growth through strategic and creative leasing and other key initiatives.”
31 West 52nd Street is a 29-story, 786,647 square foot Class A office building located between Fifth Avenue and Avenue of the Americas in the heart of Midtown Manhattan.
The property features a large public plaza connecting 52nd Street and 53rd Street and a 120-space parking garage, ensuring convenient accessibility. Five subway lines are located within three blocks of the building and numerous luxury hotels, museums and retail stores are also located nearby.