Thursday, Nov. 20, was a watershed day for our 16 Associate and Principal members at Paramount Group, Inc. (PGI).
In one of the largest-ever initial public offerings of a real estate investment trust, PGI executives, from CEO Albert Behler to our own Board Member, Ralph DiRuggiero, (photo, far right) were on hand the morning of Nov. 20 to ring the Opening Bell at the New York Stock Exchange, a rite of passage few ever enjoy in their careers.
(As a side note, in recognition of BOMA International’s 100th Anniversary and BOMA/NY’s 40th, we did the honors in July 2007, when the BOMA International Centennial was celebrated at its convention here in New York City.)
According to official documentation, the IPO offered 131,000,000 shares at $17.50 each, using the symbol PGRE.
According to the official IPO statement, PGI, which is one of the U.S.’s largest vertically-integrated real estate companies, focuses on Class A office properties in New York City, Washington, D.C. and San Francisco. As reported Sept. 30, 2014, its portfolio consists of 12 Class A office properties of approximately 10.4 million rentable square feet, with its New York City holdings accounting for approximately 76 percent of all annualized rents.
If you want to see the live event, click here! http://new.livestream.com/NYSE/Paramount
BOMA/NY
http://www.bomany.org/