- Paramount Group, Inc. (PGRE, Financial) initiates a strategic review process to enhance shareholder value.
- Company announces key management changes, promoting Ermelinda Berberi and Timothy Dembo.
- BofA Securities and Latham & Watkins LLP engaged as advisors for the strategic review.
Paramount Group, Inc. (PGRE), a leading real estate investment trust based in New York City, has announced the commencement of a comprehensive review of strategic alternatives aimed at maximizing shareholder value. This move comes on the heels of a successful first quarter that highlighted robust leasing activity.
Albert Behler, Chairman and CEO, emphasized the company's intention to bridge the gap between its public market valuation and intrinsic value. To facilitate this process, the company has appointed BofA Securities as its financial advisor and Latham & Watkins LLP as its legal advisor. A Transaction Committee, composed of independent directors, will oversee the exploration of strategic alternatives. However, no specific timeline or guaranteed outcome has been provided for this strategic review.
In conjunction with this strategic initiative, Paramount has announced important management transitions. Effective immediately, Ermelinda Berberi has been promoted to Executive Vice President, Chief Financial Officer, and Treasurer, while Timothy Dembo has been elevated to Senior Vice President, General Counsel, and Secretary. Berberi and Dembo succeed Wilbur Paes and Gage Johnson, respectively, marking a significant shift in the company's executive team.
CEO Behler expressed confidence in the new leadership team, highlighting their expertise and familiarity with the company, which are expected to facilitate continuity and strategic advancement.
Investors are advised to exercise caution in interpreting these forward-looking statements, as they involve various risks and uncertainties, some of which are beyond the company's control. Paramount Group remains committed to its objective of maximizing asset value by leveraging the strategic locations and management capabilities of its high-quality, Class A office properties in key business districts of New York City and San Francisco.
