Paramount Inks 142 KSF Manhattan Lease

1301 Avenue of the Americas

Paramount Group Inc. has signed a 15-year lease with O’Melveny & Myers LLP at 1301 Avenue of the Americas, a trophy office building in New York City’s Midtown Manhattan.

Located between 52nd and 53rd streets, the entire building comprises 1.7 million square feet. The newly signed lease is 142,000 square feet.

Floors 17 through 20 will be occupied by OMM. The space is currently taken by Credit Agricole whose lease ends in February 2023. The signing covers Paramount’s largest expiring lease of 2023.

According to CommercialEdge data, the 45-story high-rise was built in 1965. It features 15,000 square feet of retail space. Current tenants at 1301 Avenue of the Americas include SVB Securities, Swiss Re Group, Rafferty Holdings, Crédit Agricole, Susman Godfrey and Delcath.

SVB Securities recently expanded its lease in the office building, signing a total of 139,176 square feet.

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In the last year, Paramount has leased out more than 450,000 square feet at 1301 Avenue of the Americas.

Office sales in Manhattan, on a year-to-date basis through June, added up to a total of $2.85 billion, the largest volume across the nation. Last year at the same point, sales reached $2.12 billion. While deal volume increased, the average price per square foot decreased: In mid-2021, the figure was $1,249 versus $880 by the end of June this year.