Paramount Gobbles Deutsche Bank Tower for $500 M.-Plus
The Paramount Group paid more than $500 million for Deutsche Bank’s tower of approximately 700,000 square feet at 31 West 52nd Street, according to a source, bringing the German bank’s tower into the hands of a German landlord.
Paramount, led by CEO Albert Behler and backed by investors in Germany, bought 60 Wall Street earlier this year for $1.2 billion, downtown’s largest ever building deal. The Deutsche Bank tower buy could make the firm particularly hungry to shed its 1177 Avenue of the Americas, the one million-square-foot midtown tower currently on the selling block. Real estate insiders say the price is likely to reach at least $1 billion.
The terms of the Deutsche Bank tower acquisition were signed earlier this month, a bank spokesman confirmed, though the final price could tell much about the market. Few building sales of at least $500 million have closed this last half of 2007, and if the final agreement for the tower was $550 million, for example, the per-square-foot price would be in the neighborhood of $790 a square foot, well under the $1,500 a square foot that some had thought it could go for.
Paramount Group declined to comment, as did a representative from brokerage Jones Lang LaSalle, which represented Paramount on the sale.
- More:
- Real Estate |
- Commercial Breaks |
- Deutsche Bank Tower



Our New Lieutenant Governor, Our Old Senate
The Malaise-Proofing of Michael Bloomberg
Jay-Z Close to Book Deal With Spiegel & Grau
Wells Tower Leaves ICM For Andrew Wylie
CNN's John Zarrella on Landing the Bubbles Scoop and His Love of Freaky Florida Stories
It's Miller Time! The Affable King of Comps Aims at Rentals
Anything Goes at Shakespeare in the Park!
C'mon, Get App-y: For Some iPhone Users, Profusion of Programs Is Just ... Irritating
Thank you for the information
www.observer.com is very informative. The article is very professionally written. I enjoy reading www.observer.com every day. I was looking for the for the following services bad credit loans canada payday loans canadian payday loans cash advance loans faxless payday loans loans online payday loan online payday loans online payday loans canada payday payday advance payday loan payday loans pay day loans payday loans canada payday loans in canada payday loans online
payday loans
and discovered that payday loans can help in times when your credit sucks, but you urgently need cash.