NEW YORK--(BUSINESS WIRE)--Paramount Group, Inc. (NYSE:PGRE) (“Paramount” or the “Company”) today announced that it has signed a four-floor 88,503 square foot lease with Pillsbury Winthrop Shaw Pittman LLP (“Pillsbury”) at 31 West 52nd Street, a 29-story Class A trophy office tower located between 5th Avenue and Avenue of the Americas in Midtown Manhattan. Pillsbury will occupy floors 26 through 29, for an initial lease term of 12 years.
Pillsbury is an international law firm with offices around the world, and a particular focus on the technology, energy & natural resources, financial services, real estate & construction, and travel, leisure & hospitality sectors.
The signing of this lease increases leased occupancy at 31 West 52nd Street to 93.1% compared to 81.5% at March 31, 2018. Giving effect to the Pillsbury lease and the recently announced 136,000 square foot lease with McGraw-Hill Education at 1325 Avenue of the Americas, total portfolio leased occupancy, at share, will increase by approximately 210 bps to 96.1% compared to 94.0% at March 31, 2018.
“Within the past week, we have signed two significant leases totaling approximately 225,000 square feet, leasing up the majority of the available space in our New York portfolio, which now sits at 95.7% leased,” said Peter Brindley, Executive Vice President, Leasing. “We are proud of this achievement and adding a firm of Pillsbury’s prominence speaks to the highly attractive nature of 31 West 52nd Street and, more broadly, the desirability of Sixth Avenue office corridor in Manhattan.”
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.
This press release contains forward-looking statements within the meaning of the Federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects” and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and could materially affect actual results, performance or achievements. These factors include, without limitation, the ability to enter into new leases or renew leases on favorable terms, dependence on tenants’ financial condition, the uncertainties of real estate development, acquisition and disposition activity, the ability to effectively integrate acquisitions, the costs and availability of financing, the ability of our joint venture partners to satisfy their obligations, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, regulatory changes, including changes to tax laws and regulations, and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.