Paramount Group Inc. (NYSE: PGRE), a real estate investment trust focused on New York City and San Francisco office properties, announced that its board of directors has begun a review of what it described as “a review and evaluation of strategic alternatives to maximize shareholder value.”
The company has contracted BofA Securities as its financial advisor and Latham & Watkins LLP as its legal advisor to work with a committee of independent directors on this initiative.
“There is no set timetable for completing the strategic review and no assurance can be given as to its outcome,” said the company in a statement, adding that it “does not intend to make any further public comment regarding the strategic review process until it has been completed.” However, the company also noted the announcement “follows a successful first quarter marked by strong leasing activity.”
Furthermore, the company announced several executive changes. Ermelinda Berberi, who served as senior vice president and chief accounting officer since 2017, was named executive vice president, chief financial officer and treasurer. Timothy Dembo, who served as vice president and counsel since 2022, was appointed senior vice president, general counsel and secretary. Both promotions are effective immediately. Berberi succeeds Wilbur Paes and succeeds Gage Johnson, both of whom are stepping down from their respective roles. as Chief Operating Officer, Chief Financial Officer and Treasurer and Senior Vice President, General Counsel and Secretary.
“Ms. Berberi and Mr. Dembo bring the experience and deep familiarity with our business needed to ensure continuity and drive our strategy forward,” said Albert Behler, chairman, CEO and president. “We thank Mr. Paes and Mr. Johnson for their dedicated service to Paramount as we enter this new chapter.”
