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Rithm Capital Closes on $1.6B Acquisition of Paramount Group
Rithm Capital Corp. has officially completed its previously announced $1.6-billion acquisition of Paramount Group, Inc., a vertically integrated real estate investment trust (REIT) known for its portfolio of Class A office properties located in New York City and San Francisco.
The acquisition includes 13 owned and four managed office properties, totaling more than 13.1 million square feet of premium office space. As part of the integration process, Paramount Group will be rebranded under the Rithm Capital platform.
With the closing of the transaction, Paramount’s longstanding chairman, CEO, and president, Albert Behler, is stepping down from the company.
“Acquiring this world-class office portfolio is a significant step forward in the development of our commercial real estate and asset management strategy,” said Michael Nierenberg, CEO of Rithm Capital. “By leveraging our ecosystem and the office management expertise of our commercial real estate team, we expect this portfolio to feature some of the most attractive assets within New York City and San Francisco.”
The acquisition reflects Rithm’s continuing focus on expanding its presence in the high-quality office sector and establishing a strong foothold in two of the country’s most competitive real estate markets.
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