Paramount Group, Inc. (NYSE: PGRE) (Paramount or the Company) today announced that it has signed a 265,000 square foot lease expansion with First Republic Bank (First Republic) at One Front Street, a 38-story trophy office tower located on the corner of Front and Market Streets in San Francisco. The lease expansion will increase First Republics footprint at One Front Street to approximately 515,000 square feet, or 80.0% of the buildings total square footage. Subsequent to the execution of this lease, One Front Street, which was 92.0% leased at March 31, 2019, is now 100.0% leased.
We are thrilled that First Republic has elected to expand its footprint at One Front Street. As a growing financial services provider, First Republics choice to further expand in One Front Street reflects the desirability of the buildings location, efficient floorplates and exceptional views of both the Golden Gate and Bay Bridges, said Albert Behler, Chairman, Chief Executive Officer and President of the Company. Since acquiring One Front Street just over two years ago, we have effectively eliminated all of the expirations that were foreseeable at closing.
First Republic is very pleased to partner with Paramount to secure high-quality office space at One Front Street, which will support our continued growth and delivery of exceptional client service, said Jim Herbert, Chairman, Chief Executive Officer and Founder of First Republic Bank.
About Paramount Group, Inc.
Headquartered in New York City, Paramount Group, Inc. is a fully-integrated real estate investment trust that owns, operates, manages, acquires and redevelops high-quality, Class A office properties located in select central business district submarkets of New York City, San Francisco and Washington, D.C. Paramount is focused on maximizing the value of its portfolio by leveraging the sought-after locations of its assets and its proven property management capabilities to attract and retain high-quality tenants.
Executive Vice President, Chief Financial Officer
Director, Business Development & Investor Relations