Paramount Group, Inc. Launches Record-Setting $2.3 Billion IPO

November 19, 2014

Long-time client Paramount Group, Inc. announces the pricing of its initial public offering of 131,000,000 shares of common stock at a price of $17.50 per share, the largest REIT initial public offering in U.S. history.

On November 18, long-time client Paramount Group, Inc. announced the pricing of its record-setting initial public offering of 131,000,000 shares of common stock at a price of $17.50 per share.  The company's common stock is expected to begin trading on November 19 on the New York Stock Exchange under the symbol “PGRE,” and is expected to close on November 24, 2014.  The transaction was profiled in the November 18 Wall Street Journal as the largest REIT initial public offering in U.S. history.

Founded in 1978 by Dr. Werner Otto, Paramount is 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.

In addition to acting as co-lead advisor to Paramount in its offering and related credit facility, Willkie also acted as lead counsel to the Otto family, the principal owners of Paramount taking the company public.  After the closing of the IPO, the Otto family will remain the largest initial owner of the new public company.

The multidisciplinary Willkie deal team was led by partner Thomas Henry and of counsel Eugene Pinover, and included partners Henry Cohn, Gregory Astrachan and Jeffrey Goldfarb; national partner Bettina Bokeloh and associates Michael Jackowitz, Cindy Yellen, Carly Saviano, Marc Palladino, Timothy DeKeyser, Kathryn Crowe, Elizabeth Case, Melissa Fischetti, Ziyad Aziz, Jessica Valentino, Katharine Donaldson and Adam Keith.