Paramount Executes 100 KSF Manhattan Office Lease
- Dec 20, 2017
Paramount Group has executed a lease with a new tenant to occupy the 37th and 38th floors of its 1633 Broadway office tower in Manhattan. Software company MongoDB Inc. will occupy 106,230 square feet at the Class A asset. The company will be vacating its current location seven blocks south, on the fifth floor of Columbia Property Trust’s property at 229 W. 43rd St.
Known as Paramount Plaza, 1633 Broadway is a 48-story, 2.6 million-square-foot, LEED Gold certified office building, with some 40,000 square feet of first-floor retail space. Constructed in 1972 by Uris Buildings Corp., the property was initially known as the Uris Building. After Uris Buildings Corp. was acquired by National Kinney Corp. and then went bankrupt, the office tower was acquired by Paramount Group in 1974.
Located in Midtown Manhattan, next to the 50th Street subway station, the building offers easy access to the C, E, 1 and 2 subway lines. The Lincoln Tunnel is about a mile to the southwest. Numerous restaurants and shops can be found in the area, and the Gershwin Theatre is next to the western side of the building.
Following the signing of the lease, the building’s leased occupancy rate is now higher than 95 percent. The largest office tenants at the property include Allianz, Morgan Stanley, Warner Music Group, Showtime Networks and Bleacher Report.
“The successful execution of this deal with MongoDB is a testament to the appeal of 1633 Broadway and our ability to cater to smart, creative and growing tenants in the technology industry, who appreciate the unparalleled large floorplates and unique infrastructure offered in a first-class location,” said Albert Behler, chairman, president & CEO of Paramount Group, in a prepared statement.
Earlier this year, Paramount Group sold a 650,000-square-foot Class A office tower in Arlington, Va., for $460 million.
Image via Google Street View