Paramount Group Raises $600 Million for New Co-Investment Fund

February 21, 2018

Willkie represents Paramount Group, Inc., a fully integrated REIT, in raising $600 million worth of commitments for a co-investment fund called the Paramount Gateway Office Club.

It was recently announced that longtime client Paramount Group, Inc. (NYSE: PGRE), a real estate investment trust, has raised $600 million worth of commitments for a co-investment fund called the Paramount Gateway Office Club. The equity was raised from third-party capital partners. The company is continuing to raise funds and the club could grow as large as $1 billion.

Paramount will have the option to co-invest up to 51 percent on each deal. The fund will target value-add properties, particularly those in New York City and San Francisco.

Headquartered in New York City, Paramount Group is a fully integrated real estate investment trust that owns, operates, manages, acquires and redevelops high-quality, Class A office properties located in select central business district submarkets of New York City, Washington, D.C. and San Francisco.

In 2017, Willkie represented Paramount in connection with a $975 million refinancing in San Francisco, a $300 million refinancing in New York City, and in its multi-party join venture for development of a luxury San Francisco condominium building.

The Willkie deal team for the current transaction was led by partners Thomas Henry and Carly Saviano, and included partners Henry Cohn and Joseph Cunningham and associates Timothy DeKeyser and Guy Inbar.