Rithm Capital Corp. announced that its commercial real estate platform Paramount Group has officially rebranded as Elecor Properties. The company said the new identity reflects a strategic transformation from a high-quality, Class A office portfolio into an operating platform built for the next evolution of the workplace. To deliver on this, Rithm and its key joint venture partners have plans for approximately $250 million in capital improvements across Elecor’s portfolio.
Michael Nierenberg, CEO of Rithm Capital, said, “The Elecor team has built one of the top office portfolios in the country, as evidenced by its robust leasing activity across two of the strongest real estate markets. Rithm’s ownership gives it the capital, scale and institutional discipline needed to unlock its full potential, and we’re investing behind that conviction.”
Elecor’s leadership team will remain in place, with Peter Brindley continuing as EVP, head of real estate, overseeing day-to-day operations. The rebrand comes on the heels of a strong 2025 for the company, during which it recorded more than 1.74 million square feet of leasing across its portfolio, its highest annual total on record.
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