- Rithm Capital rebrands Paramount Group as Elecor Properties.
- $250M will be invested in office upgrades across New York and San Francisco.
- The 13.8 MSF portfolio boasts 92% leased occupancy and new amenity plans.
- Recent leasing momentum includes 1.75 MSF signed in 2025.
Portfolio Transformation Underway
Commercial Observer reports that Rithm Capital has officially rebranded the former Paramount Group as Elecor Properties, focusing on its 13.8 MSF office portfolio in New York and San Francisco. The $63B asset manager plans a $250M capital injection into property upgrades, targeting modernized, hospitality-minded Class A workplaces.
A Hospitality-Inspired Approach
Rithm Capital’s strategy, led by Michael Nierenberg, emphasizes creating lifestyle-driven environments for office tenants. Upgrades will address lobby, amenity, and common spaces at major office buildings, including significant redesigns at 1633 Broadway and San Francisco’s One Market Plaza and One Front Street.
Get Smarter about what matters in CRE
Stay ahead of trends in commercial real estate with CRE Daily – the free newsletter delivering everything you need to start your day in just 5-minutes
Rising Leasing Activity
Elecor Properties experienced robust leasing in 2025, securing 1.75 MSF of commitments—its highest ever. Major deals included over 100 KSF leases by companies like Piper Sandler, Benesch, Natixis, Kirkland & Ellis, and Cushman & Wakefield. The portfolio’s occupancy stands at 92% leased. This momentum reflects a broader return of capital and buyer activity across REIT markets, as investors re-engage with high-quality office assets.
What’s Next
With a refreshed brand and new resources, Elecor Properties is positioned for further growth and investment. Rithm’s leadership plans additional acquisitions and targets continued outperformance in New York and San Francisco. They aim to attract tenants seeking high-quality spaces and upgraded amenities.
