Paramount Group, Inc. (NYSE:PGRE) and others entered into an agreement to acquire Market Center from The Blackstone Group Inc. (NYSE:BX) for approximately $720 million on August 16, 2019. A 280,000 square feet and 473,000 square feet property in San Francisco is traded for $959 per square foot. A deposit of $25 million has been made by Paramount Group, Inc. In connection with the transaction, Paramount Group, Inc. expects to bring in a joint venture partner prior to closing. The Paramount Group, Inc. intends to use net proceeds of $154.5 million from the sale of Liberty Place to fund its share of the consideration. The transaction, which is subject to customary closing conditions, is expected to close by the end of the fourth quarter of 2019. Willkie Farr & Gallagher LLP acted as a legal advisor to Paramount Group, Inc.

Paramount Group, Inc. (NYSE:PGRE) and others completed the acquisition of Market Center from The Blackstone Group Inc. (NYSE:BX) on December 11, 2019. In connection with the acquisition, ING Capital secured a $402 million loan financing for the acquisition of the property for an initial term of five years, with two one-year extension options.