**Paramount Group Completes $900M Refinancing of 1301 Avenue of the Americas**
Paramount Group, Inc. has successfully completed a $900 million refinancing of 1301 Avenue of the Americas, a premier 1.8-million-square-foot Class A office tower located between 52nd and 53rd Streets in Midtown Manhattan.
The refinancing deal was supported by strong leasing activity that brought the building’s leased occupancy to over 97%. Among the leasing highlights is a recent 121,000-square-foot commitment by the law firm Benesch, Friedlander, Coplan & Aronoff LLP.
The new loan is a five-year, interest-only facility at a fixed interest rate of 6.39%. It matures in August 2030. Net proceeds from the refinancing will primarily be used to repay the existing $860 million loan that was due to mature in August 2026, as well as to fund future leasing-related expenditures.
“This transaction reflects our proactive and disciplined approach to capital management,” said Ermelinda Berberi, Executive Vice President, Chief Financial Officer, and Treasurer of Paramount Group. “It reflects our confidence in the long-term value of this premier Midtown asset and showcases our ability to execute in today’s selective credit environment.”
The refinancing underscores Paramount Group’s strategic focus on maintaining strong financing structures for its core assets in New York City’s competitive office market.
