Paramount Group, German investors buy the Americas Tower.Paramount Group, Inc., a privately held investment and property management firm headquartered in 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 , has acquired The Americas Tower in partnership with two Munich-based institutions, Siemens Kapitalanlagegesellschaft mbH and Kan Am, a German-American manager of real estate funds, it was announced by Albert Behler, president and 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. of Paramount Group. The transaction for the one-million-SF, 47-story building at 1177 Avenue of the Americas (between 45th and 46th Streets) closed on Oct. 10 from KG 1177 LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a subsidiary of a Japanese parent company. The purchase price was $409 million; Paramount holds the majority interest in the property. "We have been targeting this asset as a potential acquisition for the last several years," said Behler. "As a Class A building well-positioned in the marketplace, it is consistent with our portfolio and we were able to buy a state-of-the-art building for a price that is below replacement cost." This is the second New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. building purchased by Paramount this year bringing its total New York City portfolio to nine commercial buildings with over eight million SF. In May, Paramount purchased 745 Fifth Ave. Paramount has been active in U.S. real estate since 1968. It began its New York focus in 1994 and has since acquired the largest New York City portfolio held by non-US investment capital. "The building is 100% leased with a prestigious and stable tenant roster, the largest tenant being Pricewaterhouse Coopers," he added. "With its proximity to both Grand Central and Penn Station, it offers a convenient commute TO COMMUTE. To substitute one punishment in the place of another. For example, if a man be sentenced to be hung, the executive may, in some states, commute his punishment to that of imprisonment. across Manhatan and from Long Island, Westchester and Putnam Counties Putnam County is the name of 9 counties in the United States of America, many of which are named for Israel Putnam, who was a hero in the French and Indian War and a general in the American Revolutionary War:
It was designed by Manhattan architects, Swanke Hayden Connell, and built in 1992. |
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