Latham & Watkins Advises Paramount Group in US$1.6 Billion Acquisition by Rithm Capital
Rithm Capital Corp., a global alternative asset manager, announced that it has entered into a definitive agreement to acquire Paramount Group, Inc. (NYSE: PGRE), a vertically integrated real estate investment trust that owns, operates, manages, and redevelops Class A office properties in New York City and San Francisco, for total cash consideration to Paramount shareholders of approximately US$1.6 billion and at a total enterprise valuation of approximately US$4.9 billion. Paramount’s portfolio includes 13 owned and 4 managed high quality office assets, totaling more than 13.1 million square feet, 85.4% of which is currently leased as of June 30, 2025.
Latham & Watkins LLP represents Paramount in the transaction with a corporate deal team led by Los Angeles/New York partner Julian Kleindorfer, Orange County partner Darren Guttenberg, and Chicago partner Sean Parish, with associates Henna Jalal, Jack DeMeulenaere, Meghan McDuff, Cyrie Wilson, and Eric Winnestaffer. Advice was provided on capital markets matters by Los Angeles/New York partner Lewis Kneib and Chicago partner Alexa Berlin, with associate Teddy Finneran; on asset management regulatory matters by Chicago partner Laura Ferrell, with associate Jennifer Tian; on investment funds matters by Chicago partner Matthew Wynne, with associates Thea John and Ben Zang; on financial regulatory matters by London partner Nicola Higgs and Frankfurt partner Markus Krüger; on tax matters by Los Angeles partner Ana O’Brien and counsel William Kessler, with associate Joseph Marcus; on benefits and compensation matters by Los Angeles partner Michelle Carpenter, with associate Peter Dalmasy; on real estate matters by New York partner Justin Elliott and counsel Karen Ritter, with associate Julia McQueen; on environmental matters by Orange County partner Chris Norton, with associate Brian McCall; on intellectual property matters by New York partner Pelin Serpin, with associate Ece Gonulal; on regulatory matters by Washington, D.C. partner Paul Rosen, with associate Asia Cadet; and on labor and employment matters by Chicago partner Nineveh Alkhas, with associate Sahar Merchant.