Paramount to Sell 10% Interest in 1633 Broadway
Paramount Group, Inc. (PGRE)
Last paramount group, inc. earnings: 4/29 04:15 pm
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US:NYSE Investor Relations:
ir.paramount-group.com
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Source: Business Wire
NEW YORK--(BUSINESS WIRE)--Paramount Group, Inc. (NYSE: PGRE) (“Paramount” or the “Company”) announced today that it has entered into an agreement to sell a 10% interest in 1633 Broadway, a 2.5 million square foot trophy office building located on Broadway between 50th and 51st Streets in Manhattan. The transaction values the property at $2.4 billion, or approximately $960 per square foot. In November 2019, Paramount completed a $1.25 billion interest-only refinancing of the property at a fixed rate of 2.99%, realizing $179.0 million of net proceeds. Upon completion of the sale, Paramount will realize net proceeds of approximately $114.0 million, which will be used for general corporate purposes. The transaction, which is subject to customary closing conditions, is expected to close in the second quarter of 2020.“With this pending sale of a joint venture interest in 1633 Broadway, we have successfully proven the value of this enormous trophy asset at levels well-above what is impl
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