Paramount Group Inc. , a New York-based privately-held real estateand management firm, has recapitalized a 49 percent interest in its 900 Third Avenue office tower.
InvestaFund of Australia, as part of its strategic exit from the U.S. real estate market, has sold its 49 percent interest to Paramount Group Real Estate Fund IV. Previously, Investa had said it has sold the stake in the tower—its last U.S. asset—for $172.7 million. But it had not named the buyer.
Affiliates of Paramount Group maintain their existing ownership of the remaining 51 percent interest in the 36-story, 604,000-sq.-ft. class-A office tower.
“We are very excited about consolidating our ownership of 900 Third Avenue, which has been a well-performing asset in our portfolio since 1999,” Paramount President and CEO Albert Behler said in a statement. “We have enjoyed a long and successful partnership with Investa and their advisors at Clarion Partners, and we wish both every success in the future.”
Paramount Group was represented in-house by Dan Lauer, vice president of acquisitions.