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Paramount closes debt fund, inks new lease deal

ParamountGroup Inc. said that it completed the final closing of a debt fund,bringing its total capital commitments to $775.2 million.

Fund VIII was closed on April 28, according to the company'searnings release.

In addition, the group disclosed that it netted $300,000from the termination of a leasing agreement with a tenant at in New YorkCity.

The Feb. 11 agreement comprised a $10.9 million terminationfee that was partially offset by a $10.1 million noncash write-off and a$500,000 write-off for tenant receivables. The lease was supposed to expire inAugust 2024.

The 52,500-square-foot space was leased to another tenantunder an 11-year term at an initial $80.00 per-square-foot rent on March 3.