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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Harbor Group International controls $19 billion1 in real estate investments and is constantly exploring real estate investment opportunities in the worldwide market.