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Paramount Group Inc PGRE is witnessing healthy demand for space at its high-quality properties. Recently, the company signed leases for 279,000 square feet of space at the trophy office building, 1301 Avenue of the Americas in Midtown Manhattan.
The leases include a new 167,000-square-foot lease with the global corporate and investment bank Credit Agricole CIB, and a renewal and expansion lease of 112,000 square feet with SVB Leerink. SVB Leerink is an investment bank, which specializes in healthcare and life sciences. The leasing activity reflects the solid demand for Paramount’s high quality assets and the company's ability to bank on the improving office real estate market in the New York City.
The 1301 Avenue of the Americas spans 1.7 million square feet, and is located between the 52nd and 53rd Streets in Midtown Manhattan. As of Jun 30, 2021, it was 71.5% leased. The signing of these leases will help the company backfill roughly 190,000 square feet of the existing vacancy in the sixth, eighth, and ninth floors of the building. Management is now focused to lease the remaining 269,500 square feet of space.
The property’s advantageous central location is likely to have lured high-quality tenants. While Credit Agricole will continue to use the building as the headquarters for its Americas operations, SVB Leerink more than doubles its foothold in the property.
Previously, in April, the company signed a 54,095-square-foot lease with Bracewell LLP, a 29-story Class A trophy office tower at 31 West 52nd Street in Midtown Manhattan.
Shares of this Zacks Rank #3 (Hold) company have gained 4.5% over the past month, outperforming the industry's growth of 4.4%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs
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