Paramount Group, the real estate investment trust behind more than 8.5 million square feet of commercial space in the city, has received a cash offer from Monarch Alternative Capital to purchase the company for $12 per share—33% more than its shares were worth Thursday.
The stock price of the Albert Behler–led REIT, like many others, plummeted at the start of the Covid-19 pandemic, and it has been struggling to reach pre-pandemic levels. But leasing activity has been picking up, as per its most recent earnings report.
Fourth-quarter leasing activity was 137% higher last year than in 2020, and its properties are nearly 92% leased on average.
But shareholders
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