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.

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