Paramount Group looks like it is preparing to give up two downtown San Francisco office properties for which it acquired stakes in 2019 in deals that totaled nearly $1B.
Paramount has written down to zero both properties, the two-tower 750K SF Market Center at 555 and 575 Market Street and a 293K SF office building at 111 Sutter Street.
"These two assets are in workout mode. We do not know what an ultimate resolution will look like, and there is a strong possibility that these assets may not be in the Paramount portfolio going forward," CEO Albert Behler said in a recent earnings call.
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