Paramount Group (PGRE) Stock Price, News & Analysis

Written before these shares stopped trading.

Paramount Group, Inc. (historically traded on the New York Stock Exchange under the symbol PGRE) was a fully integrated real estate investment trust (REIT) focused on high-quality office properties. Headquartered in New York City, the company owned, operated, managed, acquired and redeveloped Class A office properties located in select central business district submarkets of New York City and San Francisco, as described in multiple company news releases and transaction announcements.

According to Paramount’s public disclosures, the REIT concentrated on high-quality, Class A office assets in sought-after locations and emphasized its property management capabilities to attract and retain tenants. In transaction communications, Paramount is described as a vertically integrated REIT that owns, operates, manages and redevelops its office portfolio, reflecting a model in which the company directly oversaw both ownership and day-to-day operations of its buildings.

In a merger announcement dated September 17, 2025, Rithm Capital Corp. characterized Paramount as a REIT that owns, operates, manages and redevelops Class A office properties in New York City and San Francisco, with a portfolio that included 13 owned and 4 managed office assets totaling more than 13.1 million square feet, a majority of which was leased as of June 30, 2025. Paramount’s own earnings and operations releases highlight leasing activity measured in hundreds of thousands of square feet per quarter, references to Same Store Net Operating Income (NOI) and Same Store Cash NOI, and detailed leasing metrics such as weighted average initial rent, lease terms, and tenant improvements and leasing commissions.

Operational updates in Paramount’s quarterly results describe the company’s focus on leasing performance, occupancy trends and capital markets activity. For example, the company reported leasing over 688,000 square feet through June 30, 2025 and over 1,236,000 square feet through September 30, 2025, with a portion of that activity classified as second generation space (space that had been vacant for less than twelve months or leased ahead of scheduled expiration). Paramount tracked and disclosed mark-to-market rent changes on both a GAAP and cash basis for this second generation space, along with weighted average lease terms and the level of tenant improvements and leasing commissions relative to initial rent.

Paramount’s financial communications also referenced Funds From Operations (FFO) and Core FFO attributable to common stockholders, presented in line with the definition adopted by Nareit. The company explained that FFO adjusts GAAP net income to exclude depreciation and amortization from real estate assets, impairment losses on certain real estate assets, and gains or losses from the sale or change in control of certain real estate assets, including its share of such adjustments from unconsolidated joint ventures. Core FFO further adjusts FFO for items the company considered non-core, such as transaction-related costs, realized and unrealized gains or losses on real estate-related fund investments, unrealized gains or losses on interest rate swaps, severance costs, and gains or losses on early extinguishment of debt.

In addition to its operating and leasing activities, Paramount engaged in capital markets transactions involving its properties. For instance, the company announced the completion of a $900 million refinancing of 1301 Avenue of the Americas, a Class A office building in Midtown Manhattan, with proceeds used primarily to repay an existing loan and fund future leasing costs. The company also disclosed the sale of a 25% equity interest in One Front Street, a Class A office building in San Francisco, at a stated gross asset valuation, with a portion of the consideration provided as seller financing.

Paramount highlighted its approach to sustainability and transparency through participation in GRESB. In an October 22, 2025 release, the company reported earning a GRESB 5 Star rating, the highest possible recognition, for the seventh consecutive year. It noted that it scored in the top 20% of more than 2,350 global real estate participants and outperformed a majority of companies within the GRESB Office / Americas subset. Paramount also reported achieving an “A” Public Disclosure rating from GRESB, reflecting GRESB’s assessment of data transparency and stakeholder engagement practices.

From a corporate and strategic perspective, Paramount’s board of directors announced in May 2025 that it had initiated a review of strategic alternatives to maximize shareholder value. This process ultimately led to the execution of an Agreement and Plan of Merger with Rithm Capital Corp. on September 17, 2025. Under that agreement, Rithm agreed to acquire all outstanding shares of Paramount common stock for $6.60 per fully diluted share in cash, implying total cash consideration to Paramount shareholders of approximately $1.6 billion, subject to customary closing conditions including shareholder approval.

Subsequent SEC filings document the completion of this transaction and the resulting change in Paramount’s status as a public company. An 8-K filed on December 19, 2025 states that Paramount completed the transactions contemplated by the Merger Agreement, including the merger of a Rithm subsidiary with and into Paramount Group, Inc., with the Rithm subsidiary surviving and the separate corporate existence of Paramount Group, Inc. ceasing. The filing explains that each share of Paramount common stock outstanding immediately prior to the merger was converted into the right to receive $6.60 in cash, without interest.

In connection with the closing, the same 8-K notes that Paramount requested that the New York Stock Exchange suspend trading of its common stock on December 19, 2025 and delist the shares, and that the NYSE filed a Form 25 to report the delisting and effect deregistration under Section 12(b) of the Exchange Act. A separate Form 25-NSE filed on December 19, 2025 identifies Paramount Group, Inc. as the issuer and confirms removal of its common stock from listing on the NYSE. Thereafter, a Form 15-12G filed on December 29, 2025 certified the termination of registration of Paramount’s common stock under Section 12(g) of the Exchange Act and the suspension of its duty to file periodic reports, noting that, as of December 19, 2025, Paramount had merged with a Rithm subsidiary and that the surviving entities were indirectly controlled by Rithm.

As a result of these transactions and regulatory filings, PGRE now represents a former publicly traded REIT whose assets and operations have been integrated into Rithm Capital’s platform. The ticker PGRE has been delisted from the NYSE, and Paramount Group, Inc. has ceased to exist as an independent public company. Historical information about Paramount’s business, portfolio and financial reporting remains relevant for understanding the background of the assets now held within Rithm’s broader real estate and asset management operations.

Business model and operations (historical)

Based on Paramount’s own descriptions in its news releases and SEC filings, the company’s business model as a REIT centered on:

• Ownership and operation of Class A office properties in central business district submarkets of New York City and San Francisco.
• Property management and leasing, including negotiating long-term leases, measuring leasing volumes in square feet, and tracking occupancy and mark-to-market rent changes.
• Capital allocation through property-level financings, refinancings and partial interest sales, such as the refinancing of 1301 Avenue of the Americas and the partial sale of One Front Street.
• Performance measurement using REIT-specific metrics such as FFO, Core FFO, Same Store NOI and Same Store Cash NOI, as discussed in its quarterly earnings releases.
• ESG and disclosure practices recognized by repeated GRESB 5 Star ratings and an “A” Public Disclosure score.

Status as a defunct public company

Paramount’s SEC filings provide a clear record of its transition from a listed REIT to a privately held entity within Rithm’s structure. The December 16, 2025 8-K reports shareholder approval of the merger at a special meeting. The December 19, 2025 8-K confirms completion of the mergers, the cessation of Paramount’s separate corporate existence, and the change in control to Rithm. The Form 25 filed the same day documents the removal of PGRE from listing and registration on the NYSE, and the Form 15-12G filed on December 29, 2025 terminates registration and reporting obligations under the Exchange Act.

For investors and researchers reviewing PGRE, these documents collectively indicate that Paramount Group, Inc. should now be viewed as a historical, former public company. Any current information about the underlying office portfolio, strategy or financial performance would be reflected in Rithm Capital’s disclosures rather than in new standalone Paramount Group, Inc. filings.