Rithm Capital Completes Acquisition of Paramount Group, Inc.

Rithm Capital Corp. has successfully completed its acquisition of Paramount Group, Inc. This strategic move significantly enhances Rithm's asset management platform and expands its commercial real estate presence. The acquired portfolio comprises 13 owned and 4 managed Class A office properties, totaling over 13.1 million square feet in New York City and San Francisco. Rithm plans to further develop and improve these assets, leveraging its owner-operator model. As part of the integration, Paramount will be rebranded, and its CEO, Albert Behler, has departed. Rithm Capital, a global alternative asset manager, aims to drive value through its integrated investment platform, which includes real estate, lending, MSRs, and structured credit. The acquisition was funded through cash on hand and an equity investment from Rithm Property Trust Inc.