v3.24.3
Debt
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Debt
7.
Debt

 

 

On February 1, 2024, we, together with our joint venture partner, modified and extended the existing non-recourse mortgage loan at One Market Plaza, a 1.6 million square-foot two-building trophy asset in San Francisco, California. The existing $975,000,000 loan, which bore interest at a fixed rate of 4.03%, was scheduled to mature on February 6, 2024. In connection with the modification, the loan balance was reduced to $850,000,000, following a $125,000,000 paydown by the joint venture, of which our 49.0% share was $61,250,000. The modified loan bears interest at a fixed rate of 4.08%, matures in February 2027 and has an option to extend for an additional year, subject to certain conditions.

 

The following table summarizes our consolidated outstanding debt.

 

 

 

 

 

 

 

 

 

Interest Rate

 

 

 

 

 

Paramount

 

Maturity

 

Fixed/

 

as of

 

As of

 

(Amounts in thousands)

 

Ownership

 

Date

 

Variable Rate

 

September 30, 2024

 

September 30, 2024

 

 

December 31, 2023

 

Notes and mortgages payable:

 

 

 

 

 

 

 

 

 

 

1633 Broadway

 

90.0%

 

Dec-2029

 

Fixed

 

2.99%

 

$

1,250,000

 

 

$

1,250,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

One Market Plaza

 

49.0%

 

Feb-2027

 

Fixed

 

4.08%

 

 

850,000

 

 

 

975,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1301 Avenue of the Americas

 

100.0%

 

Aug-2026

 

SOFR + 277 bps (1)

 

6.27%

 

 

860,000

 

 

 

860,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31 West 52nd Street

 

100.0%

 

Jun-2026

 

Fixed

 

3.80%

 

 

500,000

 

 

 

500,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

300 Mission Street

 

31.1%

 

Oct-2026

 

Fixed

 

4.50%

 

 

232,050

 

 

 

232,050

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total notes and mortgages payable

 

4.21%

 

 

3,692,050

 

 

 

3,817,050

 

Less: unamortized deferred financing costs

 

 

 

 

(17,683

)

 

 

(13,566

)

Total notes and mortgages payable, net

 

 

 

$

3,674,367

 

 

$

3,803,484

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$750 Million Revolving
   Credit Facility

 

100.0%

 

Mar-2026

 

SOFR + 135 bps

n/a

 

$

-

 

 

$

-

 

 

(1)
Represents variable rate loans, where SOFR has been capped at 3.50% through August 2025. See Note 8, Derivative Instruments and Hedging Activities.