Bertelsmann Building at 1540 Broadway sold for $820M.In one of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of City's most significant office tower sales of 2006, Manhattan-based Paramount Group, Inc., in a joint venture with Principal Real Estate Investors, has closed on the sale of 1540 Broadway, the renowned Times Square skyscraper commonly known as the Bertelsmann Building. Paramount acquired the property two years ago. Equity Office and Vornado Realty Trust Vornado Realty Trust (NYSE: VNO) is a New York based real estate investment trust. It is the inheritor of real estate formerly controlled by companies including Two Guys and Alexander's. purchased the building in two separate transactions for a total of $820 million. The 44-story, 1.1-million-s/f office and retail property occupies the entire easterly blockfront between 45th and 46th Streets. The office portion of the building is nearly 97% occupied. "Though we tend to be long-term investors, we saw an opportunity to leverage the demand for Times Square office properties and offered 1540 for purchase," said Paramount Group President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Albert Behler. "The sale happened very quickly. Paramount intends to re-invest its profits in the Paramount Group Real Estate Fund by acquiring additional Class A, CBD-located office properties throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. ." Paramount Group launched its real estate investment funds Noun 1. investment funds - money that is invested with an expectation of profit investment assets - anything of material value or usefulness that is owned by a person or company in late 2003--attracting domestic and overseas investors--for the purpose of expanding its portfolio of prime office properties in major U.S. cities. To date, the funds have acquired assets in Washington, D.C., San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. and Manhattan. The property was marketed by Eastdil Secured on behalf of Paramount Group and Principal Real Estate Investors. |
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