Paramount Group increases its stake in the 2.5 million-square-foot Class A office tower to 75 percent.
On July 28, Willkie client Paramount Group, Inc., New York’s largest privately held international real estate investment and management firm, announced that it has successfully recapitalized a 49 percent interest in its 1633 Broadway office tower. The company has increased its equity in the property to 75 percent. The 2.5 million- square-foot Class A office tower, which serves as Paramount Group’s headquarters, is one of the most significant office towers in the Times Square area. Paramount Group has 13 million square-feet of Class "A" commercial office buildings in Midtown and Downtown New York, Washington D.C. and San Francisco. The deal was handled by Partners Eugene Pinover, Thomas Henry and Henry Cohn, and associates Matthew Kaplan, Elliot Rishty and Anna Stern.