Paramount Group Inc. announced the successful completion of a $900 million refinancing of 1301 Avenue of the Americas, a 1.8 million square-foot Class A office building, located between 52nd and 53rd Streets in Midtown Manhattan. The refinancing was supported by recent leasing momentum, which brought leased occupancy to over 97.
The new five-year, interest-only loan carries a fixed rate of 6.39% and matures in August 2030. Net proceeds from the refinancing will be used primarily to repay the existing $860 million loan that was scheduled to mature in August 2026 and fund for future leasing costs.
“This transaction reflects our proactive and disciplined approach to capital management,” said Ermelinda Berberi, Paramount executive vice president, chief financial officer and treasurer. “It reflects our confidence in the long-term value of this premier Midtown asset and showcases our ability to execute in today’s selective credit environment.”
