Rithm Capital to acquire Paramount Group for $1.6bn.

Rithm Capital, a global alternative asset manager, agreed to acquire Paramount Group, a real estate investment trust, for $1.6bn. “We believe the acquisition of Paramount is a generational opportunity that will serve as a springboard to build out our commercial real estate and asset management platform and expands our owner-operator model. The Paramount portfolio is situated in cities where we have a strong conviction in the recovery of office market fundamentals, including improving rent rolls, a more favorable interest rate environment, and increasing demand. We believe Rithm’s asset management business is well-positioned to create value in the commercial real estate market, with a growing footprint of high-quality office assets and the expert urban development and complimentary office management capabilities of our GreenBarn team and broader platform,” Michael Nierenberg, Rithm CEO.