Paramount Group and Colony Capital close $125 million for One Court Sq.; represented in-house by Lauer

Paramount Group, Inc., in a joint venture with investment vehicles managed by affiliates of Colony Capital, LLC, has closed on a $125 million preferred equity investment in connection with the acquisition of One Court Sq., a 1.5 million s/f office property in Long Island City. The purchaser is a partnership led by David Werner. "We are very excited about sourcing this structured investment through our Paramount Group Real Estate Special Situations Fund and continuing our relationship with Colony, a well-respected investor in this space," said Albert Behler, president and CEO of Paramount Group. "This investment affords Paramount Group the opportunity to participate in the continued revitalization of Long Island City, an emerging NYC office submarket." One Court Sq. was designed by Skidmore, Owings, and Merrill, and has been maintained at a marquee standard since delivery. The property has been occupied by Citibank since it was built, and is currently net leased by them until 2020. The 50-story tower has visibility in all directions, and features direct subway connectivity to midtown Manhattan at 53rd and Lexington, adjacent to Citibank's major occupancy at Citigroup Center. Paramount Group was represented in-house by Dan Lauer, vice president of acquisitions. With 13 million s/f of class A commercial office buildings in Midtown & Downtown New York, Washington D.C. & San Francisco, over 40 years of proven expertise across a variety of real estate disciplines, markets and phases of the market cycle, along with its affiliation to a multi-billion-dollar conglomerate of international companies, Paramount is a trusted, respected and internationally recognized partner. The company employs a hands-on, high energy management philosophy, implemented by a goal-oriented and highly experienced Executive team which provides the Trophy buildings and Six Funds with a competitive advantage in sourcing transactions and executing its investment strategy. As a founding member of The Greenprint Foundation and proactive in global environmental endeavors committed to reducing the carbon footprint of the built environment, the firm is well known for its eco-friendly practices and is USBC-recognized for landlord leadership in sustainability.