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by CareyBot

Paramount Group Inc. has acquired the partnership that owns 31 West 52nd St., a 729,011-rentable square-foot office property located between Fifth and Sixth Avenues in Manhattan, N.Y. The 30-story building, which previously served as the U.S. headquarters for Deutsche Bank AG, was sold by Deutsche Bank and others to Paramount for $595 million. Hines and CBS co-developed the property in 1981, which features several high-end tenant improvements such as 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. T...