Paramount Group, Inc. (PGRE)

Paramount Group, Inc. was a real estate investment trust headquartered in New York City that owned, operated, managed, acquired and redeveloped Class A office buildings. Its portfolio was concentrated in central business district submarkets of New York City and San Francisco, with a smaller number of assets held through joint ventures and funds. The company traced its roots to a long-established private real estate platform and was led for many years by chairman and chief executive Albert Behler.

Paramount went public in November 2014 in an initial public offering on the New York Stock Exchange under the ticker PGRE, raising several hundred million dollars at the time of its listing. Its holdings included well-known Manhattan towers such as 1301 Avenue of the Americas, 1633 Broadway, 31 West 52nd Street and 900 Third Avenue, as well as 300 Mission Street and the Salesforce-anchored Transbay campus interests in San Francisco. Tenants included large financial, legal, media and technology firms.

The company's results were affected by the post-pandemic shift toward hybrid work, higher interest rates and weaker demand for some office space. Like other office owners it sold or recapitalized selected assets, managed its debt maturities and focused on leasing, and its shares traded at a substantial discount to the value of its properties. New York leasing improved during 2024 and 2025 even as the sector stayed under pressure.

In September 2025 Paramount announced a definitive agreement to be acquired by Rithm Capital Corp., a diversified asset manager and real estate investor listed on the NYSE as RITM. Rithm agreed to pay $6.60 per share in cash, a premium to the prevailing market price, in a transaction valued at roughly $1.6 billion for the equity. Rithm intended to combine the portfolio with its commercial real estate and asset management operations, including its Sculptor alternative asset management unit.

Paramount stockholders approved the merger, and the transaction closed on December 19, 2025. Each outstanding share of common stock was converted into the right to receive $6.60 in cash, and Paramount became part of Rithm's platform. Rithm said it would own a group of properties outright and manage several others on behalf of institutional partners, and that Albert Behler would step down from his role after closing.

Following completion of the merger, a Form 25 was filed to remove the shares from listing on the New York Stock Exchange, and trading in the common stock ended. The company's reporting obligations under the Securities Exchange Act were expected to be terminated. Holders of Paramount shares no longer have a security in the company, and the Paramount name was set to be integrated into Rithm's operations.