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October 23, 2019  

Paramount Offering Stake in NY Skyscraper

Paramount Group is selectively shopping a stake of up to 50% in Paramount Plaza, a Manhattan skyscraper valued at as much as $2.35 billion.The New York REIT has quietly held conversations with institutional investors over the past month, working via Eastdil Secured. At the estimated $940/sf valuation, the capitalization rate would be close to 5%.Paramount is pitching the stake in conjunction with a refinancing of the 2.5 million-square-foot...

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