Willkie Represents Paramount Group and Colony Capital In Formation of Joint Venture for Acquisition of One Court Square

July 19, 2012

Willkie Represents Paramount Group and Colony Capital In Formation of Joint Venture for Acquisition of One Court Square.

Willkie represented prominent privately-held real estate investment firms Paramount Group, Inc. and affiliates of Colony Capital LLC in the formation of a joint venture for the acquisition of One Court Square --- a trophy 1.5 million-square-foot, 50-story office property located at the hub of Long Island City’s flourishing Business District.  The purchaser is a partnership led by David Werner.

Since One Court Square’s initial occupancy in 1990, Citibank has remained the sole corporate tenant and holds a net lease on the entire footprint.  The pristine glass-and-steel Queens structure and New York City skyline landmark was designed by the U.S. architectural firm, Skidmore, Owings and Merrill.

The Willkie team led by partner Thomas Henry, included partner Henry Cohn and associates Cindy Yellen, Allan Wiesel and Owen Reidy.