NEW YORK CITY—Paramount Group on Thursday stated a price range for the 131 million shares it plans to offer for sale in what would be its first stock offering as a REIT. At between $16 and $19 per share, according to an SEC filing, the initial public offering could raise as much as $2.5 billion, making it the largest IPO by a REIT to date.

Even at the low end of the price range, the IPO would exceed the $1.6 billion raised by Douglas Emmett Inc. in 2006, according to Bloomberg data. Paramount, which plans to trade on the New York Stock Exchange under the PGRE symbol, is also granting underwriters an option to sell up to 19.65 million additional shares to cover overallotments. Bank of America Corp., Morgan Stanley and Wells Fargo & Co. are listed as joint lead arrangers and joint bookrunners.

Thursday's SEC filing lists a dozen class A assets in Paramount's current portfolio. In Midtown Manhattan, they include the company's headquarters at 1633 Broadway along with 1301 and 1325 Ave. of the Americas, 31 W. 52nd St., 900 Third Ave. and 712 Fifth Ave; while Paramount's DC assets include 425 Eye St., Liberty Place, 1899 and 2099 Pennsylvania Ave. in the nation's capital and Waterview in Rosslyn, VA. In San Francisco, it owns One Market Plaza.

The properties were 92.1% leased to 260 tenants as of Sept. 30, with rents averaging $65.20 per square foot. They range from $42.93 per square foot for 425 Eye to $96.22 to 712 Fifth. The Manhattan portfolio represents 75.6% of annualized rent, while One Market Plaza represents 12.7% and the DC holdings provide the remaining 11.7%, according to Paramount's filing.

In its SEC filing, Paramount says the portfolio reflects its 20-year strategy of concentrating on select submarkets within leading gateway cities. “As a result of the strong underlying fundamentals in our submarkets, the location and high-quality of our assets and our proven management capabilities, we believe that our portfolio is well positioned to provide continued cash flow growth and value creation,” according to the filing.