Albert Behler locked out of Paramount Group Offices

The doors have closed — literally — on Albert Behler’s reign at Paramount Group.

The longtime CEO and chairman of Paramount was escorted out Friday morning when he showed up to his old office at 1633 Broadway despite no longer being employed at the company, according to sources familiar with the matter.

Behler was visibly upset as he was forced to leave the building, sources said.

The bizarre saga played out on Rithm Capital’s first day as owner of Paramount Group, a major office landlord in New York and San Francisco.

Rithm announced plans to acquire the REIT for $1.6 billion in September. In a press release posted Friday morning, the company said that Behler would no longer be kept on under the new ownership. Behler, 73, was seen packing a few of his belongings in recent days, sources said.

But Behler seemed unable to change his routine

Although his official last day was Thursday, Behler showed up to the office the following day, in a scene reminiscent of a famous “Seinfeld” episode of when George Costanza quit his job, only to return to work the next day as though nothing happened.

It’s unclear what time Behler showed up at the building, but around 10:30 a.m, Behler was told to leave and escorted out of 1633 Broadway. He was met by two security guards in the building’s lobby and walked to his car, sources said. Afterwards, security staff were informed that Behler would no longer have access to Paramount’s buildings, per sources.

A spokesperson for Paramount Group did not return a request for comment. Rithm Capital declined to comment.

In a press release announcing the closing of its deal today, Rithm disclosed that Behler “is departing the company,” but did not offer any additional details.

The strange ordeal caps a tumultuous year for Behler, who had led the company for over three decades. First, Paramount revealed it made millions of dollars in payments to Behler’s outside companies or personal interests. The expenses included: $3 million to a private jet firm in which Behler had a 50 percent stake and $900,000 for Behler’s personal accounting services. The payments were previously undisclosed.

Then, this summer, Paramount revealed it was under a Securities and Exchange Commission investigation having to do with its disclosures about related-party transactions, conflicts of interests and other issues.

Shortly after that, The Real Deal discovered Behler had personally directed a no-bid contract with his ex-girlfriend’s security services firm.

Behler’s days at Paramount appeared to be numbered when Paramount reached an agreement to sell the firm to Rithm for $1.6 billion, or $6.60 per share, earlier this year, after an intense multi-round bidding process.

Dubai-based Saray Capital, which owned a 5.4 percent stake in Paramount, tried to make a last-minute offer for $6.95 per share. But shareholders ultimately approved Rithm’s bid this week.

Shareholders, however, rejected a proposal to pay Behler’s golden parachute of $34 million, Crain’s reported. The shareholder vote is non-binding, meaning Behler could still end up with an impressive compensation package.

Ahead of his departure, Behler sent a note out to his employees, acknowledging his appreciation for their hard work.

“Thank you for your trust, support, and all the laughter along the way,” he wrote.