Monarch Alternative Capital made a non-binding $12-a-share offer for Paramount Group, a roughly 30% premium to the closing stock price of February 24. The number of outstanding shares as of February 1, 2022, was 219,105,492, which would be a $2.6 billion price.

"As one of Paramount's largest stockholders, with over 12 million shares, we believe that your team has assembled a high quality portfolio of properties," the offer letter from Monarch read. "However, we think these assets have been, and will continue to be, significantly undervalued in the public markets. Accordingly, we believe that it is in the best interests of Paramount's stockholders to sell the Company to Monarch, a highly qualified buyer that can deliver expeditiously and with certainty an all-cash transaction at an attractive premium. Given reporting requirements in connection with our level of holdings, we intend to promptly file a Schedule 13D and this letter will be made public as part of that filing." 

According to its 2021 annual report, Paramount owns or manages a portfolio of 13.9 million square feet including 8.6 million wholly and partially owned square feet across seven buildings in New York and 4.3 million square feet over six buildings in San Francisco, mostly office space. There are an additional six managed properties of 1 million square feet split between New York and Washington, D.C.