Paramount Group Falls Off of Largest Property Managers List

The Paramount Group is no longer one of the city’s biggest property managers. That’s according to Crain’s 2026 “Largest Commercial Property Managers in New York City” list. As recently as last year, Paramount Group, Inc. was the 17th-largest property manager in the city, with 8.7 million square feet managed, according to Crain’s 2025 list. Now it has fallen off the list entirely, due to its acquisition by Rithm Capital Corp. for $1.6 billion last September.

Midtown office landlord Paramount specialized in Manhattan Class-A office properties, including 1325 Sixth Ave., the building in which Elaine Benes worked for J. Peterman on “Seinfeld.” In November, the group gave its longtime CEO Albert Behler a $34 million exit package. He departed after 30 years at the helm. Prior to the Paramount acquisition, Rithm Capital ranked as the 14th largest property manager, with 9.2 million square feet across the city. That figure remains the same on Crain’s 2026 list.

The other notable development on the 2026 list was Columbia Property Trust cracking the top 25, with 3.4 million square feet managed. Earlier this year, AI marketing platform Bluefish opened its first permanent office in an approximately 17,000-square-foot space at Columbia’s 315 Park Avenue South building, according to a story on the site citybiz.co. The top five on Crain’s new list remained the same as last year’s. Cushman & Wakefield lead the pack with 91.9 million square feet managed, followed by JLL, CBRE, RXR and SL Green Realty Corp.