Paramount Group buys NYC high-rise

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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. The property was more than 95 percent leased at the time of sale to leading corporate names such as Clifford Chance, Financial Security Assurance, Toronto-Dominion Bank and Citigroup. The property's ...