Zweig-Dimenna Downsizes at Paramount Group’s 900 Third Avenue
By Rey Mashayekhi August 9, 2017 6:28 pmreprints
Hedge fund Zweig-Dimenna Associates has shrunk its office footprint at Paramount Group’s 900 Third Avenue by roughly a third after inking a 30,838-square-foot lease renewal at the Midtown East office tower.
While Zweig-Dimenna agreed last month to extend its lease on the entire 31st and 32nd floors at the 36-story, 600,000-square-foot office tower at the corner of East 54th Street, the tenant is due to vacate 16,483 square feet of space comprising the entire 30th floor at the end of September, according to CoStar Group data. Asking rent and length of lease were not immediately available.
The hedge fund has occupied its existing 47,321 square feet of space at 900 Third Avenue since 2007, per CoStar. Representatives for Zweig-Dimenna did not return requests for comment, while a spokesman for Paramount Group declined to comment on the matter.
The Albert Behler-led real estate investment trust reportedly tapped Eastdil Secured earlier this year to shop a 49 percent stake in 900 Third Avenue, according to Real Estate Alert, which reported the news in March. Bids from prospective buyers were expected to value the property—which Paramount acquired from Chicago-based JMB Realty Corp. for nearly $165 million in 1999—as high as $500 million, according to REA.
Major tenants at the office building include Japanese cosmetics company Shiseido Group’s Americas subsidiary, law firm Littler Mendelson and merchant banking firm Carl Marks & Co.
Despite Zweig-Dimenna’s downsizing, Paramount continues to lease out office space elsewhere in its Midtown portfolio—having recently inked travel agency Travel Leaders Group to a 106,000-square-foot deal at 1633 Broadway near Times Square.