Paramount Group (PGRE) saw its stock price surge 5.01% during intraday trading on Thursday, driven by two significant announcements: a major lease agreement and better-than-expected first-quarter earnings results.
The company revealed it had signed a 121,000 square foot, 16.5-year lease with Benesch, Friedlander, Coplan & Aronoff LLP at its iconic 1301 Avenue of the Americas property in Midtown Manhattan. This substantial commitment brings the 1.8 million square-foot Class A office building to 90% occupancy, showcasing the resilience of New York's prime office market. The deal includes approximately 30,000 square feet of short-term space, further optimizing the property's utilization.
Adding to the positive sentiment, Paramount Group reported first-quarter earnings that surpassed analyst expectations. Despite posting an adjusted loss of 5 cents per share, this figure beat the forecasted 2-cent loss. The company's revenue for the quarter came in at $187.02 million, exceeding the analyst estimate of $180.70 million. This strong performance, coupled with Paramount's track record of outperforming expectations in recent quarters, has bolstered investor confidence in the commercial real estate company's ability to navigate current market challenges.
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