Albert Behler Exits Paramount Group Amid Acquisition

Albert Behler, longtime CEO and chairman of Paramount Group, was escorted out of the company’s Broadway office, a day after his official last day, sources familiar with the matter said. Behler, 73, had shown up at 1633 Broadway despite no longer being employed, and security personnel guided him to his car.

Rithm Capital Acquisition

The unusual scene coincided with Rithm Capital’s takeover of Paramount Group, a major office landlord in New York and San Francisco. Rithm acquired the REIT for $1.6 billion, after a competitive bidding process. A press release from Rithm confirmed Behler’s departure but did not provide further details.

A close-up portrait of a smiling mature man with glasses, wearing a dark suit and a patterned red tie, sitting in a modern office with a city building background visible through the window. — A professional executive in a formal business setting, reflecting leadership and experience.

End of a Long Tenure

Behler led Paramount for over three decades, during which the company made payments to his personal interests, including $3 million to a private jet firm partially owned by him and $900,000 for accounting services. These transactions, previously undisclosed, came under scrutiny during the year, including an SEC investigation regarding related-party transactions and conflicts of interest.

A middle-aged man with glasses and a dark suit speaking at a public event, gesturing with his hands, and wearing a lapel microphone against a wooden paneled background. — A professional speaker engaging with an audience during a corporate conference or panel discussion.

Shareholder Actions

Shareholders approved Rithm’s bid of $6.60 per share despite a last-minute competing offer from Saray Capital at $6.95 per share. However, shareholders rejected a proposal to grant Behler a $34 million “golden parachute,” though the vote was non-binding, leaving open the possibility of substantial compensation.

Behler’s Farewell Message

Before leaving, Behler sent a note to employees expressing gratitude:
“Thank you for your trust, support, and all the laughter along the way.”

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✦ ArchUp Editorial Insight

The transition at Paramount Group underscores the intersection of Contemporary corporate architecture and real estate investment, highlighting how leadership shifts can reverberate across large-scale office property management. Behler’s three-decade tenure oversaw substantial transactions and operational strategies that shaped the spatial and financial expression of Paramount’s office portfolio in New York and San Francisco, yet related-party dealings and governance scrutiny reveal tensions between corporate ambition and functional resilience. The acquisition by Rithm Capital illustrates how market forces and shareholder priorities dictate urban property stewardship, potentially redefining building utilization, tenant engagement, and long-term investment strategies. Ultimately, the episode reflects an architectural ambition intertwined with fiduciary accountability, emphasizing that sustainable urban office landscapes require both visionary management and transparent governance to maintain contextual relevance and enduring value.