NEW YORK--(BUSINESS WIRE)--Paramount Group, Inc. (NYSE:PGRE) (“Paramount” or the “Company”) today announced that it has signed a 136,176 square foot lease with McGraw-Hill Global Education Holdings, LLC (“McGraw-Hill Education”) at 1325 Avenue of the Americas, a 34-story Class A office tower located between 53rd and 54th Streets in Midtown Manhattan. McGraw-Hill Education will occupy floors 5 through 9, as well as a portion of the 12th floor, for an initial lease term of approximately 16.3 years.
McGraw-Hill Education is a learning science company that provides personalized learning solutions and experiences that help students, educators and professionals improve results. The company has offices across North America, India, China, Europe, the Middle East and South America and makes its learning solutions available in more than 60 languages.
The signing of this lease increases leased occupancy at 1325 Avenue of the Americas to 95.4% compared to 80.9% at March 31, 2018 and total portfolio leased occupancy, at share, by approximately 120 bps to 95.2% compared to 94.0% at March 31, 2018.
“The successful execution of the McGraw-Hill Education lease is a testament to the appeal of 1325 Avenue of the Americas, and our ability to cater to the highest-quality tenants who desire the unparalleled infrastructure our assets offer while being ideally located in one of the most dynamic office corridors in Manhattan,” stated Peter Brindley, Executive Vice President, Leasing.
About Paramount Group, Inc.
Headquartered in New York City, Paramount Group, Inc. is a fully-integrated real estate investment trust that owns, operates, manages, acquires and redevelops high-quality, Class A office properties located in select central business district submarkets of New York City, Washington, D.C. and San Francisco. Paramount is focused on maximizing the value of its portfolio by leveraging the sought-after locations of its assets and its proven property management capabilities to attract and retain high-quality tenants.