Albert Behler’s Paramount Group quietly inked another big lease last quarter.
Investment bank Piper Sandler leased 140,000 square feet at Paramount’s 1301 Sixth Avenue in Midtown Manhattan, the New York Post reported. The landlord disclosed the lease during its second-quarter earnings call.
The starting rent on the deal was above $90 per square foot, according to Paramount executives. It’s unclear if the lease will impact Piper Sandler’s space at 1251 Sixth Avenue, where the bank expanded its footprint in 2020, according to CoStar.
JLL’s Frank Doyle and Andrew Coe represented the landlord, while JLL’s David Kleiner, Lisa Kiell and Barbara Winter represented the tenant, according to the Commercial Observer.
After the quarter ended, law firm Adler & Stachenfeld took 40,000 square feet at the same property; the starting rent was in the same range as Piper Sandler’s lease.
In the first half of the year, Paramount executed 690,000 square feet of office leases across its New York and San Francisco portfolios. A slight majority unfolded in the Big Apple; the New York properties are 88.1 percent leased, the best mark in three years, though the data appears to exclude 1.6 million square feet vacant at the renovating 60 Wall Street.
Last week, Cushman & Wakefield signed a 130,000-square-foot lease at Paramount’s 31 West 52nd Street, where it will relocate its New York office in late 2026. It will also take over leasing duties at the 29-story Midtown tower.
It’s not all sunshine and roses for Paramount, though. The company is under investigation by the Securities and Exchange Commission, a fact disclosed months after it told shareholders it made millions of dollars in previously undisclosed payments to its CEO’s companies.
The SEC is investigating the firm’s disclosures related to executive compensation, perks, corporate asset use, related party transactions and conflicts of interest. Paramount said it’s cooperating with the investigation.
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