NEW YORK CITY—With proceeds from the underwriters’ allotment included for good measure, Paramount Group Inc. on Monday closed its initial public offering with 150.65 million shares sold. The $2.6-billion sale exceeded the previous record-holder among REITs, Douglas Emmett‘s 2006 IPO, by $1 billion.

PGRE says it will use the $2.5 billion of net proceeds from the IPO to pay down debt and for general corporate purposes, capital expenditures and potential future acquisitions. The office REIT priced its offering this past Tuesday at $17.50 per share; common shares were trading at $18.56 per share earlier Monday.

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