Paramount Group is a publicly traded real estate investment firm that specializes in the management, leasing, acquisition, redevelopment and repositioning of top-shelf office space and retail.
In the U.S., the Manhattan-based company works mostly in New York, San Francisco and Washington, D.C. Its portfolio by the start of 2021 stood at 10.4 million square feet. In New York, that included controlling stakes in towers such as 1633 Broadway, 1177 Avenue of the Americas, 712 Fifth Avenue, 745 Fifth Avenue, and 60 Wall Street. As such, its tenant roster in New York includes many major companies and boutique firms.
Paramount’s roots are in the old West Germany. Werner Otto founded it in Hamburg in 1978, and it dived into the U.S. with that 1633 Broadway acquisition. The company really started growing in the early 1990s, when Albert Behler took over as president and chief executive. He remained in that post as of early 2021.
In February 2021, the company announced that it had promoted its head of leasing, Peter Brindley, to fill the newly created role of head of real estate at Paramount.
Paramount Group traders on the New York Stock Exchange under the symbol PGRE. Walloped as it was by the coronavirus pandemic, the company was still able to report $1.35 billion in cash and restricted cash liquidity by the end of the third quarter of 2020. It also had $800 million in borrowing capacity.