Paramount Group is looking to sell a 49 percent stake in its 596,000-square-foot Midtown office tower at 900 Third Avenue.
The 36-story property is 98 percent occupied, according to Real Estate Alert. The deal could value the building as high as $500 million, nearly $840 per square foot.
Tenants include the merchant bank Carl Marks & Co., investment firm Columbus Nova and Folger Hill Asset Management.
Paramount bought the building from a JMB Realty partnership for $164.8 million – or $277 per square foot – in 1999, making it one of the real estate investment trust’s longest-held investments.
Paramount sold a 49 percent stake in 2003 to ING Office Fund, then bought it back in 2012 for $172.7 million. The deal valued the property at $352.5 million.
Eastdil Secured is marketing the building stake for sale. [RE Alert] – Rich Bockmann