NEW YORK CITY—Office landlord Paramount GroupInc. has filed for an IPO that could bethe largest ever by a US company seeking REITstatus. Citing unnamed sources said to be familiar with the matter,Bloomberg reported on Thursday that the owner of 10.4 millionsquare feet in New York, San Francisco and Washington, DC isseeking to raise $2.5 billion.
If the Bloomberg report is accurate, the $2.5-billion stockoffering would be second only to Hilton Worldwide Holdings'$2.7-billion IPO last fall among US-based real estate firms. Thelargest REIT IPO to date was Douglas Emmett's in2006, which raised $1.4 billion.
GlobeSt.com reported in July that Paramount was considering an IPO, along with other possiblescenarios including a reverse merger into a publicly traded REIT.The company's SEC filing on Wednesday afternoon did not specify thenumber of shares it plans to offer, the pricing or a timetable forthe offering. It set a placeholder amount of $100 million, andlisted Bank of America Merrill Lynch, Morgan Stanley and WellsFargo as underwriters.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
