Asset manager Rithm Capital Corp., the parent company of multichannel lender Newrez, has agreed to pay $1.6 billion to acquire Paramount Group and develop a presence in the office market, the companies announced Wednesday. 

Real estate investment trust (REIT) Paramount specializes in office properties in New York and San Francisco, with 13 owned and four managed assets totaling more than 13.1 million square feet. As of June 30, 85.4% of the portfolio was leased. 

The acquisition comes as the office market continues to recover from the work-from-home trend accelerated by the Covid-19 pandemic, which has weighed heavily on occupancy rates in gateway details ⇒

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