**Paramount Group Completes $900M Refinance 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 building located in Midtown Manhattan between 52nd and 53rd Streets.
The refinancing comes on the heels of significant leasing momentum that pushed the building’s occupancy to over 97%. A major contributor to this uptick was a 121,000-square-foot lease commitment by law firm Benesch, Friedlander, Coplan & Aronoff LLP in May.
The five-year, interest-only loan was secured from an undisclosed lender and carries a fixed interest rate of 6.39%. The loan will mature in August 2030. Paramount plans to use the net proceeds primarily to refinance the existing $860 million loan scheduled to mature in August 2026, as well as to fund future leasing costs.
“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 demonstrates our confidence in the long-term value of this premier Midtown asset and showcases our ability to execute in today’s selective credit environment.”
1301 Avenue of the Americas continues to solidify its position as one of Midtown Manhattan’s most sought-after office properties.
