May 30, 2006
Firm represents Paramount Group, Inc. and its affiliated real estate fund in agreement to sell 1540 Broadway to affiliates of Equity Office Properties and Vornado Realty Trust.
The firm’s Real Estate Department represented Paramount Group, Inc. and its affiliated real estate fund in a definitive agreement to sell 1540 Broadway for approximately $820 million. The 44-story, 1.1 million square foot Times Square office tower serves as the U.S. headquarters for German media conglomerate Bertelsmann, and also houses Virgin Megastore, one of the largest music stores in the world. The purchasing group for the office and retail units are affiliates of Equity Office Properties and Vornado Realty Trust. The deal, which was announced on May 25, was handled by partner Eugene Pinover and associates Thomas Henry and Jeremy Feit.