The 1.8-million-square-foot Class A office building is between 52nd and 53rd Streets on Avenue of the Americas in Manhattan.
Willkie represented longtime client Paramount Group, Inc. in its $850 million financing of 1301 Avenue of the Americas, a 1.8-million-square-foot Class A, trophy office building located between 52nd and 53rd Streets in Midtown Manhattan.
AXA Equitable Life Insurance Company, Metropolitan Life Insurance Company and New York Life Real Estate funded the five-year, interest-only loan. The net proceeds from the financing were used to repay Paramount’s 2017 debt maturities at its 900 Third Avenue and Waterview properties. The company plans to use the remaining proceeds to fund a portion of the previously announced acquisition of One Front Street in San Francisco, California, which is expected to close by the end of the fourth quarter of 2016.
Headquartered in New York City, Paramount Group, Inc. is a fully integrated real estate investment trust that owns, operates, manages, acquires and redevelops high-quality, Class A office properties located in select central business district submarkets of New York City, Washington, D.C. and San Francisco.
The transaction was handled by partner Thomas Henry, associates Jennifer Coffey, Elizabeth Case, and law clerk Elana King.