Paramount Group Sells N.Y.’s 180 Maiden Lane for $355 Million

The Paramount Group Inc. has announced the $355 million sale of 180 Maiden Lane, a 1.1 million sq. ft. downtown Manhattan office building. The sale price is equal to $325 per sq. ft.. The buyer is Almah LLC, a real estate investment partnership financed by The Moinian Group. The tower is chiefly leased to Goldman Sachs and the law firm Stroock, Stroock & Lavan.

"The faith that property owners, including Paramount Group, continue to have in Downtown Manhattan is tremendous," said Albert Behler, president and CEO of Paramount Group. The German-owned firm is the largest international owner of office properties in New York City.

"We acquired 180 Maiden Lane in early 2001, and even following 9/11, we were able to achieve a sale price significantly above our original purchase price, which we hope to at least partially re-invest in downtown Manhattan," said Behler.

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