Goodwin Procter recently advised Paramount Group Inc. in connection with its initial public offering of 131 million shares of common stock. Shares priced at $17.50 per share, making the offering the largest IPO in the REIT industry since it was first established 50 years ago. The company is listed on the New York Stock Exchange and shares began trading on November 19, 2014 under the ticker “PGRE.” On November 20, Paramount rang the opening bell at the NYSE in recognition of the offering (see photo below).
Paramount Group, Inc. is a Maryland corporation organized to qualify as a real estate investment trust focused on owning, operating and managing high-quality, Class A office properties in select central business district submarkets of New York City, Washington, D.C. and San Francisco. Upon completion of its initial public offering and related formation transactions, the Company’s portfolio will consist of 12 Class A office properties aggregating approximately 10.4 million square feet.
The cross-office team advising Paramount was led by Gil Menna, Dan Adams, Neal Sandford and Eric Willenbacher and included John Ferguson, Ross Gillman, Kerri Garipoli, Suzanne Lecaroz, Mark Schonberger, Mandee Gruen and David Roberts, among others.