Laser Focus World is an industry bedrock—first published in 1965 and still going strong. We publish original articles about cutting-edge advances in lasers, optics, photonics, sensors, and quantum technologies, as well as test and measurement, and the shift currently underway to usher in the photonic integrated circuits, optical interconnects, and copackaged electronics and photonics to deliver the speed and efficiency essential for data centers of the future.

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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

Paramount Completes $860 Million Refinancing of 1301 Avenue of the Americas

Paramount Group, Inc. (NYSE: PGRE) (“Paramount” or the “Company”) announced today that it has completed an $860 million refinancing of 1301 Avenue of the Americas, a 1.7 million square-foot trophy office building, located between 52nd and 53rd Streets in Midtown Manhattan, that is currently 71.5% leased.

The new five-year interest-only loan has an initial weighted average interest rate of 2.96% and is comprised of a $500 million tranche that bears interest at a fixed rate of 3.11% and a $360 million tranche that bears interest at a variable rate of LIBOR plus 2.65%. The proceeds from the refinancing were used to repay the existing $850 million loan that was scheduled to mature in November 2021.

“With the refinancing of this high-quality Class A asset in today’s attractive credit markets, we have strengthened our balance sheet and improved financial flexibility,” said Wilbur Paes, Chief Operating Officer, Chief Financial Officer, and Treasurer of Paramount. “This transaction is a strong endorsement of the strength of the New York City office market and a testament to the confidence the capital markets have in our platform.”

About Paramount Group, Inc.

Headquartered in New York City, Paramount Group, Inc. is a fully-integrated real estate investment trust that owns, operates, manages, acquires and redevelops high-quality, Class A office properties located in select central business district submarkets of New York City and San Francisco. Paramount is focused on maximizing the value of its portfolio by leveraging the sought-after locations of its assets and its proven property management capabilities to attract and retain high-quality tenants.

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