The challenge
Cushman & Wakefield Sonnenblick Goldman, which had previously provided advisory services in acquisition financing to the Paramount Group, Inc., was subsequently engaged to arrange the recapitalization of the firm’s 776,849-square-foot "trophy" office and retail property, located in the prestigious Plaza District of Midtown Manhattan, in a much more challenging capital markets environment.

Our solution
To leverage our relationships with core investors, identify joint venture partners compatible with the client's recapitalization objectives, and successfully bring those parties together to close the transaction.

The results
Cushman & Wakefield Sonnenblick Goldman arranged a joint venture with a corporate pension trust advised by JP Morgan Asset Management to recapitalize the asset. The joint venture permitted Paramount to continue to oversee the leasing and management of the asset while enabling it to repatriate capital to be utilized for new acquisitions. The CWSG team has enjoyed a long-term relationship with Paramount, serving as advisor on three transactions to the firm in the past few years.