Rithm Capital completed the acquisition of Paramount Group for $1.6bn.

Rithm Capital, a global alternative asset manager, completed the acquisition of Paramount Group, a real estate investment trust, for $1.6bn. “Acquiring this world class office portfolio is a significant step forward in the development of our commercial real estate and asset management strategy. As we continue to build the collective strength of our integrated and diversified platform, we are looking forward to executing our high-impact capital plan. We maintain strong conviction in the market tailwinds, the recovery of New York City and San Francisco office market fundamentals, and the ability of our asset management business to generate value. By leveraging our ecosystem and the office management expertise of our commercial real estate team, we expect this portfolio to feature some of the most attractive assets within New York City and San Francisco,” Michael Nierenberg, Rithm CEO.