Paramount Group Inks HQ Relocation Deal in Manhattan
The tenant signed a long-term agreement at the 29-story office building.
Mudrick Capital Management has signed a 26,600-square-foot, 12-year lease at 31 W. 52nd St., a 29-story office tower in Manhattan’s Plaza District.
Transwestern brokered the deal on behalf of the tenant while owner Paramount Group had in-house and JLL representation.
Mudrick will relocate its corporate headquarters at the building’s 16th floor, while also doubling its footprint from 527 Madison Ave. The move is slated for early 2026. The company is working with architecture and design firm Fogarty Finger on upgrading and designing the buildout of its new office space, which will feature private offices, conference rooms, as well as meeting and collaboration spaces.
Other tenants at the 1987-built high-rise include Stone Harbor Investment Partners, Bracewell, Centerview Partners, Pillsbury Winthrop Shaw Pittman and Providence Equity Partners, CommercialEdge shows.
READ ALSO: Where Office Space Wins
The high-rise is 15 miles from John F. Kennedy International Airport and 3 miles from Lower Manhattan, with Grand Central Station nearby.
The 770,000-square-foot asset has been under the Paramount Group ownership since 2007. A year later, JP Morgan Asset Management acquired a 31.2 percent ownership stake in the property. In 2015, Paramount then acquired the remaining 31.2 percent interest for $364 million, according to CommercialEdge information.
The building features floorplates ranging between 16,000 and 39,800 square feet, floor-to-ceiling windows, 14 passenger elevators, 120 parking spots and 32,737 square feet of ground-floor retail space.
Amenities include a recently renovated lobby, a business lounge, an on-site cafe, a game room, an auditorium, a wellness studio and access to Paramount Club, a large-scale conference and amenity center available to Paramount Group’s tenants, located at 1301 Avenue of the Americas.
Transwestern Senior Vice Presidents Thomas Hines and Chase Gordon, together with Partner Patrick Heeg, brokered the transaction on behalf of the tenant. Paramount Group was represented by its Executive Vice President Peter Brindley, Senior Vice President Doug Neye and Vice President Sean Kirk, with the assistance of JLL’s Vice Chairmen Frank Doyle and David Kleiner and Managing Director Andrew Coe.
Recent signs of Manhattan’s recovery
Manhattan’s office vacancy rate stood at 16.5 percent as of March, a recent CommercialEdge report shows. The rate was the lowest in the Northeast region and marked a 100-basis-point year-over-year drop, while Manhattan’s listing rate clocked in at $69.03 per square foot—more than double the national average of $33.42 per square foot.
Among notable recent corporate relocations is Deloitte’s deal at 70 Hudson Yards. The accounting giant will move its North American headquarters at the 1.1 million-square-foot tower, where it will occupy 800,000 square feet. The project will soon break ground as the largest ground-up office development in the nation since the COVID-19 pandemic.
You must be logged in to post a comment.