JCPenney was the initial anchor tenant, occupying over 800,000 square feet (74,000 m2) of space across 33 floors after moving from 330–348 West 34th Street.

[7] The companies brought on a consortium of pension funds as equity partners and received a $600 million loan from the Japanese Sanwa Bank.

The new owners embarked on a renovation plan designed by Skidmore, Owings & Merrill that involved asbestos removal, a new color scheme for the facade, the expansion and redesign of the lobby and the creation of a new plaza with new paving, seating, plants and sculpture.

In October 2016, Paramount Group received $850 million to refinance the building from AXA Equitable Holdings, MetLife and New York Life Insurance Company.

[11] The Calyon Building offices were featured in the 2007 film Michael Clayton starring George Clooney.