Paramount Group Successfully Completes The Recapitalization Of 1633 Broadway And Increases Its Stake In The Property To 75%

New York, NY – August 3, 2011 – (RealEstateRama) — Paramount Group, Inc., New York’s largest privately held international real estate investment and management firm, has recapitalized a 49 percent interest in its 1633 Broadway office tower. Affiliates of Morgan Stanley and Bank of America have exited the partnership and have been replaced by affiliates of Beacon Capital Partners, LLC and Paramount Group Real Estate Fund IV. SL Green Realty Corp. (NYSE:SLG) acquired a preferred equity interest as well. Paramount Group Real Estate Fund I retains its 51 percent controlling interest in the 2.5 million- square-foot Class A office tower where Paramount Group is headquartered. The prestigious tenant roster includes, Allianz, Time Warner, Deloitte LLP, Morgan Stanley, Dickstein Shapiro and Kasowitz, Benson, Torres & Freedman LLP