September 10, 2014
Real Estate Department assists Paramount Group in its acquisition of 50 Beale Street from a joint venture of Rockefeller Development Corp. and Mitsubishi Estate of New York Inc.
Longtime client Paramount Group, Inc. recently closed on the acquisition of 50 Beale Street, a Class A office building located in San Francisco, from a joint venture of Rockefeller Group Development Corp. and Mitsubishi Estate of New York. The acquisition was structured as the acquisition of the common stock in a privately held REIT that indirectly owned the property. In connection with the acquisition, Willkie also represented Paramount in negotiation of its joint venture agreement with a prominent Israeli insurance company.
One of the largest privately owned real estate acquisition, redevelopment and management firms in New York City, Paramount Group currently owns over 12 million square-feet of commercial office space in New York City, Washington D.C., and San Francisco.
The acquisition was handled by partner David Drewes and associates Carly Saviano, Elizabeth Case and Melissa Fischetti. The joint venture and co-investment negotiations were handled by partner Thomas Henry, and associates Cindy Yellen, Carly Saviano and Timothy DeKeyser. Partner Henry Cohn provided tax advice.
