Paramount Group Shares Gain on Reported Rithm Deal
By Dean Seal
Shares Paramount Group advanced following a report that Rithm Capital is nearing a deal to buy the company.
Paramount's stock was up 1.8% at $7.22 in afternoon trading. Shares have now gained 46% since the start of the year.
The Wall Street Journal reported ahead of the closing bell that the sales process for the large Manhattan and San Francisco office landlord drew interest from a host of real-estate owners, including Blackstone, and that Rithm has the leading bid.
Rithm is a real-estate firm based in New York City that was founded in 2013 under Fortress Investment Group. Its shares were down 1.7% at $12.20 in afternoon trading.
The deal would wrap up Paramount's review of strategic alternatives for its business. A sale price and other details about Rithm's bid haven't been released yet.
Write to Dean Seal at dean.seal@wsj.com