Preferred-equity deal values FiDi office tower at $215M

Paramount Group and Savanna took a minority stake in Harbor Group International’s 55 Broadway, in a deal that values the Financial District office building at $215 million, or roughly $600 per square foot, sources told The Real Deal.

The investors’ stake is preferred equity as opposed to common equity. Their equity is now senior to Harbor’s equity in the 346,000-square-foot, 31-story building in terms of payout, sources said.

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About HGI

Harbor Group International (HGI) is a leading global real estate investment and management firm. With more than $7.3 billion in real estate investment properties, the firm invests in and manages diversified property portfolios including office, retail, and multifamily properties. With over 30 years of experience in the industry and over 825 employees worldwide, HGI continues to look for real estate investment opportunities.

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Harbor Group International controls more than $7.3 billion in real estate investment properties and is constantly exploring real estate investment opportunities in the worldwide market.