Paramount Completes $900 Million Refinancing of 1301 Avenue of the Americas

NEW YORK--(BUSINESS WIRE)--Paramount Group, Inc. (NYSE: PGRE) (“Paramount” or the “Company”) announced today 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 52^nd and 53^rd Streets in the heart of Midtown Manhattan. The refinancing was supported by recent leasing momentum, which brought leased occupancy to over 97%, a reflection of the building’s leading market position.

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 of 2026 and fund for future leasing costs, positioning the Company for continued success.

“This transaction reflects our proactive and disciplined approach to capital management,” said Ermelinda Berberi, Executive Vice President, Chief Financial Officer and Treasurer of Paramount. “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.”

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 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.