NEW YORK CITY—Paramount Group Inc. has made its public-markets debut, setting a new record for a REIT’s initial public offering with a $2.3-billion IPO. Sales of the office landlord’s stock began on an upbeat note Wednesday, with shares trading at 5.9% higher than the IPO price of $17.50 per share, or $18.49 per share.

Trading on the New York Stock Exchange under the PGRE symbol, Paramount—which owns properties in New York City, Washington, DC and San Francisco—expects net proceeds of $2.1 billion from the IPO. It has granted underwriters a 30-day option to buy up to 19.65 million shares at the IPO price to cover overallotments, which would garner about $340 million more in gross proceeds. Bank of America Corp., Morgan Stanley and Wells Fargo & Co. are listed as joint lead arrangers and joint bookrunners.

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