(RTTNews) - Rithm Capital Corp. (RITM) on Friday said it has completed its previously announced acquisition of Paramount Group, Inc. (PGRE), expanding its commercial real estate platform with a premier Class A office portfolio in New York City and San Francisco.
The new portfolio includes 13 properties that Rithm owns outright and four that it manages, adding up to over 13.1 million square feet.
Rithm mentioned that this deal boosts its all-in-one asset management approach and broadens its presence in the commercial real estate market.
Paramount will get a rebrand as it becomes part of Rithm's operations, and after the deal closes, Paramount's Chairman and CEO, Albert Behler, will be stepping down.
RITM is currently trading at $11.27, up $0.03 or 0.27 percent on the New York Stock Exchange.
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