Paramount Group
Paramount Group (now Elecor Properties) is a Class A office REIT that owns, operates, and manages trophy office properties totaling 13.1 million square feet in New York City and San Francisco, serving large enterprise tenants and now operating under Rithm Capital ownership.
- Company typePublic
- Founded1970
- HeadquartersNew York, United States
- Headcount251–500
- GTM typeB2B
- OfferingServices
What Paramount Group does
Paramount Group, Inc. was a publicly traded real estate investment trust (NYSE: PGRE) that owned, operated, and managed Class A office properties in New York City and San Francisco. The company's portfolio consisted of 17 assets (13 owned and 4 managed) totaling more than 13.1 million square feet, anchored by trophy addresses including 1301 Avenue of the Americas, 745 Fifth Avenue, and the jointly-held One Market Plaza in San Francisco. Tenant mix skewed toward large enterprise users in legal, financial services, and technology, with notable leases including Davis Polk & Wardwell LLP's 44,000-square-foot commitment at Spear Tower.
Revenue was generated through long-term direct leases of premium office space to corporate tenants, with pricing negotiated bilaterally rather than disclosed publicly. As of June 2025, the portfolio was 85.4% leased, and the company executed a record 1.74 million square feet of leasing activity during 2025.
In December 2025, Rithm Capital Corp. completed the acquisition of Paramount Group for approximately $1.6 billion, taking the company private and replacing long-tenured CEO Albert Behler. In April 2026, Rithm rebranded the platform as Elecor Properties, repositioning the business from a traditional office portfolio into a modern workplace experience operating company. Under the new structure, Rithm and joint venture partners plan approximately $250 million in capital improvements across the trophy portfolio, targeting enhanced amenities such as conferencing, fitness, and hospitality-driven offerings. The company continues to operate under a SEC investigation into past related-party transactions involving the former CEO.
Paramount Group firmographics
Firmographics- Name
- Paramount Group
- Legal name
- Paramount Group, Inc.
- Website
- https://pgre.com
- Company type
- Public
- Founded year
- 1970
- Operating status
- Acquired
- Headcount range
- 251–500 employees
- Short description
- Paramount Group (now Elecor Properties) is a Class A office REIT that owns, operates, and manages trophy office properties totaling 13.1 million square feet in New York City and San Francisco, serving large enterprise tenants and now operating under Rithm Capital ownership.
- Ownership category
- akta.pro rank
Paramount Group industry classification
Industry- Product category
- Commercial Real Estate – Class A Office REIT
- NAICS
- Funds, Trusts, and Other Financial Vehicles (525), Real Estate Property Managers (53131)
- SIC
- Real Estate Investment Trusts (6798), Real Estate Dealers (For Their Own Account) (6532)
- akta.pro primary industry
- Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA)
- akta.pro secondary industry
- Real Estate Funds — Core (Stabilized, Income) (FSANAEAF)
Keywords
Where Paramount Group is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Paramount Group business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Infrastructure, Personnel, Marketing or Sales
Distribution channels1 record
Paramount Group product offering
Product offeringCore offering
Paramount Group is a fully-integrated real estate investment trust that owns, operates, and manages Class A office properties in New York City and San Francisco. Its portfolio comprises 13 owned and 4 managed trophy office buildings totaling more than 13.1 million square feet, leased to corporate tenants through direct, long-term lease agreements and supported by on-site property management and tenant amenities.
Product overview
Paramount Group (now rebranded as Elecor Properties) is a fully-integrated real estate investment trust offering a unified platform for Class A office properties. The company operates through its core portfolio of trophy office buildings in New York City and San Francisco, totaling over 13.1 million square feet across 17 assets. Following acquisition by Rithm Capital in December 2025, the platform has transitioned from a traditional office REIT to a modern workplace experience platform, with plans for $250 million in capital improvements to add enhanced amenities including conferencing facilities, fitness centers, and hospitality-driven offerings. The company serves tenants seeking premium office space in prime urban locations.
Differentiator
Problem solved
Functional benefit
Products and services
- Class A Office Property Portfolio (New York City and San Francisco) Direct leasing of trophy Class A office space in Manhattan and San Francisco to enterprise corporate tenants, including buildings such as 1301 Avenue of the Americas, 745 Fifth Avenue, 712 Fifth Avenue, 1633 Broadway, the Credit Agricole Building, and One Market Plaza. The portfolio is operated under direct landlord-to-tenant lease agreements covering over 13.1 million square feet.
- Paramount Club Tenant-facing club and amenity offering serving occupants of Paramount Group's Class A office properties, designed to enhance workplace experience beyond traditional square footage.
- Elecor Properties Modern Workplace Experience Platform The rebranded operating platform (Elecor Properties) positioned as a premier real assets platform for the future of the workplace, focused on talent attraction, collaboration, and measurable productivity beyond traditional square footage, supported by enhanced conferencing, fitness, and hospitality amenities across the trophy office portfolio.
Quantifiable outcome
- Record leasing activity of 1.74 million square feet in 2025
Companies that use Paramount Group
Customer profileNamed customers2 records
Segments2 records
Ideal customer profiles1 record
Paramount Group technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Paramount Group partnerships and signals
Strategic signalScale indicators6 records
Recent moves7 records
Expansion highlights4 records
Paramount Group competitors and assessment
Company assessmentDirect peers
- SL Green Realty Corp. SL Green is the largest office landlord in Manhattan, focused almost exclusively on Class A and Class B office properties in NYC. It is the closest direct peer to Paramount Group's NYC trophy portfolio in geography, tenant profile, and asset strategy.
- Vornado Realty Trust: Vornado owns a Manhattan-centric portfolio of Class A office and retail trophy assets, including properties in the Penn Station and Fifth Avenue districts that overlap directly with Paramount's NYC addresses such as 745 Fifth Avenue and 1301 Avenue of the Americas.
- BXP (Boston Properties): BXP is a publicly traded office REIT focused on Class A properties in major U.S. gateway markets including NYC and the Bay Area/San Francisco. It competes directly with Paramount for premium tenants and capital, and has a comparable trophy-asset investment strategy.
- Empire State Realty Trust: ESRT owns and operates a Manhattan office and observatory portfolio including the Empire State Building. It directly competes with Paramount for NYC Class A tenants and pursues a similar repositioning strategy toward modern workplace experience.
- Kilroy Realty Corporation: Kilroy is a West Coast-focused office REIT with substantial Class A holdings in San Francisco and the Bay Area — directly overlapping with Paramount's One Market Plaza and broader SF portfolio. Comparable trophy-asset, urban-tenant strategy.
- Douglas Emmett, Inc. Douglas Emmett owns and operates Class A office and multifamily properties in coastal Los Angeles and Honolulu, with a comparable trophy-office operating model and similar institutional tenant base to Paramount.
- Hudson Pacific Properties: Hudson Pacific owns and operates Class A office and studio properties primarily in Los Angeles, San Francisco, and other West Coast markets. Its SF holdings and vertical focus on premier urban office overlap with Paramount's West Coast trophy strategy.
- Tishman Speyer: Tishman Speyer is a major privately held owner, developer, and operator of trophy Class A office properties globally with deep NYC and SF portfolios (e.g., Rockefeller Center). Directly comparable in asset quality, tenant profile, and value-add repositioning strategy.
Broad incumbents
- Brookfield Property Partners: Brookfield's real estate arm owns and operates massive global portfolios of premier office, retail, and multifamily assets including significant NYC trophy holdings. Comparable at the asset-class and capital-markets level, though at substantially greater scale and diversification than Paramount.
Emerging players
- Cousins Properties Incorporated: Cousins is a Sun Belt-focused office REIT that has outperformed gateway-market office REITs by avoiding NYC/SF concentration. It illustrates the geographic-diversification trade-off Paramount's portfolio does not have, but competes for institutional capital in the office REIT space.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights5 records
Customer concentration
Paramount Group social profiles
Digital presenceParamount Group financial estimates
Financial estimateRevenue estimate
Valuation estimate
Paramount Group leadership team
Management profileNumber of profiles
Profiles2 records
Paramount Group funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Paramount Group M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Paramount Group
What does Paramount Group do?
Paramount Group is a fully-integrated real estate investment trust that owns, operates, and manages Class A office properties in New York City and San Francisco. Its portfolio comprises 13 owned and 4 managed trophy office buildings totaling more than 13.1 million square feet, leased to corporate tenants through direct, long-term lease agreements and supported by on-site property management and tenant amenities.
Is Paramount Group a public or private company?
Paramount Group is a public company. It is classified as corporate owned and is currently acquired.
When was Paramount Group founded?
Paramount Group was founded in 1970. It employs 251 to 500 people.
Where is Paramount Group based?
Paramount Group is headquartered in New York, United States, in the North America region.
Who are Paramount Group's main competitors?
Direct peers on record are SL Green Realty Corp., Vornado Realty Trust, BXP (Boston Properties), Empire State Realty Trust, Kilroy Realty Corporation, Douglas Emmett, Inc., Hudson Pacific Properties and Tishman Speyer. Brookfield Property Partners is listed as a broad incumbent. Cousins Properties Incorporated is listed as an emerging player.
Does Paramount Group have an API?
No public API is recorded for Paramount Group.
What industry is Paramount Group in?
Paramount Group's product category is Commercial Real Estate – Class A Office REIT. Its primary akta.pro industry code is FSAAAKAA, Core Real Estate (Stabilized/Core-Plus), with a secondary code of FSANAEAF, Real Estate Funds — Core (Stabilized, Income). Its NAICS code is 525 and its SIC code is 6798.