Paramount Group Inc., a privately owned international real estate investment and management company, this week announced its agreement to acquire a 30-story, 729,011-rentable-square-foot Manhattan office property.

Located at 31 West 52nd St., between Fifth and Sixth avenues, the building is owned by 40 West 53rd Associates Limited Partnership. Deutsche Bank AG is the general partner of the partnership.

Built in 1987, the property includes executive boardrooms, meeting rooms, a gym, a modern kitchen and a cafeteria. In addition to the office space in the building, Paramount is acquiring a contract to purchase the 19,400-square-foot condominium unit that presently houses the Museum of Arts and Design. The Museum is expected to relocate to Two Columbus Circle in 2008.

At the time of sale, the property was more than 95 percent leased to leading corporate names such as Clifford Chance, Financial Security Assurance, Toronto-Dominion Bank and Citigroup. The property’s retail space on West 53rd Street is occupied by the MOMA Retail store.

The sale is expected to close in December 2007.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×