Latest news with #Behler
New York Post
10-08-2025
- Business
- New York Post
Paramount Group's earnings call revealed big new lease, and another followed
Paramount Group's second-quarter earnings call mentioned a major unreported lease, but not a different lease signed after the quarter ended. Chairman and CEO Albert Behler told analysts that 1301 Sixth Ave., one of the publicly traded company's prime Midtown assets, welcomed investment bank Piper Sandler, which signed for 140,000 square feet. We've since learned that law firm Adler & Stachenfeld took 40,000 square feet after the quarter ended. Advertisement Sources said JLL's Frank Doyle and Andrew Coe repped Paramount in both deals but neither could be reached for confirmation. The sources also said a different JLL team repped Piper Sandler and CBRE repped Adler Stachenfeld. 3 1301 Sixth Ave. welcomed investment bank Piper Sandler. Google Maps The starting rents for both leases were above $90 per square foot, Paramount execs said on the call. We also learned from Behler, executive vice-president Peter Brindley and CFO Linda Berberi that: Advertisement *Paramount leased 690,000 square feet of offices in New York and San Francisco year-to-date, of which 52% were in Manhattan. The New York portfolio is 88.1% leased, the highest since early 2022. As per Behler: 'The city continues to demonstrate remarkable strength and depth … a clear and sustained flight to quality.' But the bullish data didn't take into account vacant 60 Wall St., the former Deutsche Bank tower which Paramount is spending $250 million to modernize and beautify — an omission that was confirmed by a Paramount rep. Advertisement 3 Albert Behler is Paramount Group Chairman and CEO. Bloomberg Strangely, none of the analysts on the call asked about it. But had 60 Wall's 1.6 million empty square feet been included as part of Paramount's Manhattan portfolio, the 88.1% leased figure would be lower. Asked about debt, Berberi said, 'Our largest upcoming maturity, the $860 million loan on 1301 [Sixth Ave.] is backed by high-performing, over 97% leased assets on a pro forma basis in a liquid and well-functioning debt market. We are on track to refinance the asset and look forward to sharing more on our next call.' As for Showtime Networks' planned move-out next year from 260,000 square feet 1633 Broadway, another prime asset, Behler said, 'We have active showings and the building, as you know, has been solidly leased for the last over 10 years. And the retail is performing well.' Retail tenants include the huge Taiwanese dumpling house Din Tai Fung 'which we hear is apparently the highest-grossing' and an incoming outpost of popular trattoria La Pecora Bianca. Advertisement 3 Space is set to open up at 1633 Broadway after Showtime Network moves out next year. Google Maps Behler said, 'Asking rents [at 1633 Broadway] range from, call it, $70 to $90 per square foot and activity at the moment feels very good. We're trading paper on that Showtime block of floors specifically.'
Yahoo
21-05-2025
- Business
- Yahoo
Paramount Group CFO, GC resign; office REIT launches strategic review
This story was originally published on CFO Dive. To receive daily news and insights, subscribe to our free daily CFO Dive newsletter. Paramount Group CFO, Treasurer and Chief Operating Officer Wilbur Paes and General Counsel Gage Johnson stepped down from their roles at the company and its affiliates on May 15, the real estate investment trust said in a Monday securities filing. The real estate investment trust, which owns office properties in New York and San Francisco, appointed its SVP and Chief Accounting Officer Ermelinda Berberi to the role of CFO and treasurer and tapped its Vice President, Counsel, Timothy Dembo for the role of SVP, GC and secretary, according to a Monday press release. All appointments were effective May 15. The REIT simultaneously announced its board has initiated 'a review and evaluation of strategic alternatives to maximize shareholder value.' The review comes as the company's 'board and management team remain focused on closing the persistent gap between the company's public market valuation and our assessment of its intrinsic value,' CEO and Chairman and President Albert Behler said in a statement included in the release. The New York City-based REIT, a major office landlord in San Francisco and New York, is evaluating 'a comprehensive range of strategic alternatives' as part of its review, Behler said Monday in his statement. That could include a potential sale of the company or a joint venture, The Wall Street Journal reported Monday. Paramount Group did not immediately respond to requests for comment. The REIT has engaged Bank of America Securities to serve as its financial advisor and tapped Latham & Watkins LLP to act as its legal advisor, working in tandem with a 'transaction committee' comprised of independent directors to review the company's options, according to the Monday release.'There is no set timetable for completing the strategic review and no assurance can be given as to its outcome,' Paramount said of the review in its Monday release. The abrupt executive departures and review are the latest signs of struggle at the real estate trust, which has a business model that is focused on providing office spaces for the financial, media and professional services industries, according to its website. Both the review and its two recent executive appointments come as the REIT looks to regain shareholder confidence as it continues to navigate economic headwinds, including weakness in its San Franscisco portfolio, looming debt maturities and challenges stemming from the broader office sector that is still struggling to recover from the shift toward remote work. The firm has drawn headlines regarding previously undisclosed payments to its CEO, Behler who received at least $4 million in payments for personal expenses and business interests, The Wall Street Journal reported in April. The REIT has also struggled to retain shareholder trust and confidence amid continuing economic pressure. Paramount Group reported strong leasing activity for its most recent quarter ending Mar. 31 — leasing 283,874 square feet, its strongest quarter since Q1 2021, according to an earnings call transcript. However, its total debt inched upwards to $5.4 billion for the quarter, with 42% of its debt set to mature in 2026, according to its earnings presentation. Paramount also reported a net loss of $10 million for the quarter, compared to net income of $9.9 million for the prior year period, according to its earnings results. Paramount's incoming CFO Berberi has served as the company's CAO since March 2017, joining the company in 2016 as its SVP of finance, according to her LinkedIn profile. Prior to Paramount Group, Berberi served as a senior manager at Big Four firm Deloitte. The company did not detail Berberi's compensation as CFO in its Monday filing. For the full-year 2024, her predecessor Paes received total compensation of approximately $2.4 million in his role as CFO, COO and treasurer, comprised of an annual base salary of $670,000, stock awards with a value of $1.7 million, and other compensation of $52,080, according to Paramount's latest proxy statement filed in April. A 10-year veteran of the REIT, Paes served a five-year term as Paramount's CFO, and was appointed to the dual role of CFO and COO in February 2021, according to his LinkedIn profile. Prior to succeeding Johnson as GC, Dembo served as VP, counsel for the REIT beginning in 2022, according to the Monday press release. He joined the company in 2020 from Wilkie Farr & Gallagher LLP, where he previously served as an associate, according to his LinkedIn profile. Johnson, a 16-year alum of the company, received $955,419 in total compensation for 2024 as its GC, according to the proxy.
Yahoo
08-02-2025
- Yahoo
Wrong-way driver nearly hits semi-truck on Route 301, arrested for DUI
The Brief A Delaware man was arrested fordriving the wrong way on Route 301 and nearly colliding with a semi-truck. Matthew Behler, 25, showed signs of impairment and had a BAC of .20, more than twice the legal limit. Deputies found a spring-assisted switchblade knife in Behler's possession during the arrest. Behler faces multiple charges, including DUI, driving while impaired, and driving the wrong way on a one-way street. QUEEN ANNE'S COUNTY, Md - A Delaware man was arrested early Tuesday after driving the wrong way on Route 301 and nearly colliding with a semi-truck, authorities said. The backstory On February 4, Queen Anne's County sheriff's deputies responded to a Be On the Lookout (BOLO) alert for a vehicle traveling southbound in the northbound lanes of Rt. 301. A deputy spotted the car and attempted a traffic stop when the driver narrowly avoided a head-on crash with a semi, forcing the truck onto the shoulder. The vehicle eventually stopped near Green Spring Road. Deputies identified the driver as Matthew Behler, 25, of Smyrna, Delaware. Authorities said he showed signs of impairment and had a blood alcohol content of .20, more than twice the legal limit. During a search, deputies also recovered a spring-assisted switchblade knife in Behler's possession. He was arrested and charged with driving under the influence of alcohol, driving while impaired, and driving the wrong way on a one-way street, officials said. Behler remains in custody as the case moves through the legal process. The Source The information in this report comes from
