Paramount Lands 74 KSF Lease in Manhattan

Citizens Bank is the newest tenant at the Midtown office building.

Paramount Group has secured a 74,000-square-foot lease at 1301 Avenue of the Americas in Midtown Manhattan. Citizens Bank will occupy space in the Class A office building.

The property is between 52nd and 53rd Street and totals 1.7 million square feet. According to CommercialEdge data, it was completed in 1965 and renovated in 1989.

Paramount Group acquired the 45-story 1301 Avenue of the Americas in 2008 for nearly $1.5 billion, the same source shows. The owner refinanced the asset with a $500 million loan from Wells Fargo in 2021.

Office floorplates range from 30,000 to 68,000 square feet. It features an additional 30,000 square feet of retail space. Amenities in the LEED Gold Certified building include 24/7 security, a newly renovated lobby, in-building access to the Rockefeller Center and subway lines.

The owner plans to add a members only corporate club for its New York tenants, which will be located at 1301 Avenue of the Americas. Paramount Club is set to open in May.

Multiple subway and bus lines are within a couple of blocks of the asset offering easy transportation access throughout Manhattan and the larger New York City area.

Other tenants include Norton Rose Fulbright, Atlantic Investment Management, Swiss Re Group, Delcath, Susman Godfrey, Smith Gambrell & Russell and Oaktree Capital Management. SVB Securities expanded its lease in the building in 2022 to occupy the entire fifth floor. In 2023, O’Melveny & Myers LLP moved in as well, taking up floors 17 through 20.

You May Also Like