Rithm Capital Corp. said Friday it had completed its previously announced $1.6-billion acquisition of Paramount Group, Inc., a vertically integrated REIT that owns, operates and manages Class A office properties in New York City and San Francisco. The Paramount portfolio includes 13 owned and four managed office assets totaling more than 13.1 million square feet.
Paramount will be rebranded as it integrates into the Rithm platform and positions for new opportunities across the portfolio. In conjunction with the closing of the transaction, Albert Behler, chairman, CEO and president of Paramount, is departing 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. “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.”
