Paramount Group

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.

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

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

• Class A office REIT
• Commercial real estate leasing
• Office property management
• Trophy office portfolio
• Manhattan office space

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales

Distribution channels1 record

Core 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

Named customers2 records

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators6 records

Recent moves7 records

Expansion highlights4 records

Direct 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

• Facebookfacebook.com/paramountgroup.pgre
• LinkedInlinkedin.com/company/paramount-real-estate-group
• Instagraminstagram.com/paramountgroup.pgre?igshid=YmMyMTA2M2Y=

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Paramount Group