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Paramount to sell 10% stake in NYC office building

Office real estate investment trust Paramount Group Inc. agreed to sell a 10% interest in 1633 Broadway in Manhattan, N.Y.

The deal values the 2.5 million-square-foot office property at $2.4 billion, or about $960 per square foot.

Paramount will realize net proceeds of nearly $114 million upon completion, expected in the second quarter, subject to customary closing conditions. The net proceeds will be used for general corporate purposes.

The REIT refinanced the property with a $1.25 billion interest-only loan in November 2019.

Paramount said it does not expect to receive 2 cents per share of core funds from operations, which were included in its full-year 2020 core FFO guidance.

The company expects a reduction of 3 cents per share in its full-year 2020 core FFO as the impact of the current transaction and the sale of 1899 Pennsylvania Ave. in Washington, D.C., which is expected to close in the fourth quarter, were not included in its Feb. 12 guidance.