Investment Bank Takes 140K SF at Paramount’s 1301 Sixth Avenue
By Larry Getlen August 11, 2025 3:21 pm
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Investment bank Piper Sandler signed a lease for 140,000 square feet at Paramount Group’s 1301 Sixth Avenue.
Paramount was repped by JLL’s Frank Doyle and Andrew Coe, while Piper Sandler was repped by JLL’s David Kleiner, Lisa Kiell and Barbara Winter.
Asking rent was above $90 per square foot, according to the New York Post, which first reported the lease.
Paramount also signed law firm Adler & Stachenfeld to a 40,000-square-foot lease at the same property.
Doyle and Coe repped Paramount, while CBRE‘s Andrew Sussman, David Hollander and Brad Auerbach represented the law firm. The asking rent was reportedly above $90 per square foot in that deal, as well.
Also known as 1301 Avenue of the Americas and the Crédit Agricole CIB Building after the investment bank that has 167,000 square feet in the building, 1301 Sixth Avenue is a 45-story, 1.77 million-square-foot office tower with around 30,000 square feet of street retail. It was built in 1963 as the headquarters of JCPenney, and was initially known as the JCPenney Building, according to The New York Times.
Paramount Group acquired the building in August 2008 from 1301 Sixth MPH Partner, an LLC associated with Deutsche Bank Securities for $1.46 billion, according to public records.
This has been a busy year for the Paramount Group building. In May, Benesch, Friedlander, Coplan & Aronoff signed a 121,000-square-foot lease for 16.5 years at the property, which is between 52nd and 53rd streets in Midtown. And, just last week, Paramount announced a $900 million refinancing on the property, most of which will be used to pay off $860 million of existing debt, according to GlobeSt. With this announcement, the company also noted that the building is now 97 percent leased.
Paramount Group, JLL, CBRE, Piper Sandler and Adler & Stachenfeld did not immediately respond to requests for comment.
This article has been updated to include the tenant reps for both tenants.
Larry Getlen can be reached at lgetlen@commercialobserver.com.
