$595M Sale of Premier Manhattan Office Building Wraps Up

The 729,000-square-foot office tower at 31 West 52nd Street in New York City has officially come under new ownership with the closing of a $595 million transaction between Paramount Group Inc. and a partnership spearheaded by Deutsche Bank. Paramount Group Inc. came into possession of the Class A property, home to Deutsche Bank AG’s U.S. headquarters until 2003, through the acquisition of the partnership. The tower at 31 West 52nd has soared 30 stories above Manhattan since it opened its in 1987. Real estate firm Hines and CBS originally developed the building, which was designed by the architectural firm of Dinkeloo & Associates. Today the property, which also features a 120-space parking facility and ground-level retail space, is 95 percent occupied by a roster of tenants that includes Citigroup, Toronto-Dominion Bank and law firm Clifford Chance U.S. L.L.P., which consolidated three New York City offices into a 380,000 square foot space in the building under a long-term lease agreement in 2003. The Museum of Arts and Design also calls the building home, occupying a 19,400 square-foot condominium space. Paramount is currently in the process of acquiring a contract to buy the museum’s space as well.