Princeton Real Estate Moving to Direct Deal 745 Fifth Avenue
By Mark Hallum October 11, 2023 4:16 pm
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Princeton Real Estate Partners will move to a direct deal at the Paramount Group’s 745 Fifth Avenue, Commercial Observer has learned.
The real estate investment firm will continue to occupy the entire, 6,200-square-foot 31st floor of the building at the corner of East 58th Street and Fifth Avenue after subleasing the space, according to a source with knowledge of the deal.
It’s unclear who Princeton was subleasing the space from or how long it’s been in the building.
The source did not disclose length of the lease or the asking rent, but Midtown had average asking rents of $82.68 per square foot in the third quarter of 2023, according to a recent report from CBRE.
Paramount handled the deal in-house while Noah & Company represented the tenant.
A spokesperson for Paramount did not immediately respond to a request for comment, and a representative from Noah declined to comment.
Princeton focuses on debt and equity investment in real estate properties across the country and has completed more than $16 billion of transactions, according to its website.
Its 35-story home, constructed in 1930 and designed by Buchman and Kahn, sits across from the Plaza Hotel. Other tenants in the building include Parisian investment firm Eurazeo, which signed a 14,079-square-foot expansion in August 2021, CO reported at the time.
Art gallery Yares Art also signed a 5,800-square-foot on the fourth floor of the building, which it still lists as its address, in July 2016.
Mark Hallum can be reached at mhallum@commercialobserver.com.
