On Wednesday, Paramount Group, Inc. announced the sale of a 45% stake in their Class A office building located at 900 Third Ave. in Midtown Manhattan for a gross asset valuation of $210 million. The buyer’s identity has not been disclosed.
According to the New York Business Journal, the non-controlling interest was purchased for approximately $95 million by the undisclosed buyer. Paramount will retain ownership of the remaining 55% and continue to manage and lease the property.
Albert Behler, chairman, CEO & president of Paramount stated that this transaction highlights how undervalued their assets are in today’s market and also strengthens their balance sheet while providing more flexibility with capital allocation strategies.
The tower stands at 36-stories tall between East 54th and East 55th streets and is home to various tenants from different industries such as Handelsbanken, Carls Marks Advisors Stellex Capital Management ,and Tannenbaum Helpern Syracuse & Hirschtritt LLP.
