Albert Behler

The German-born Behler has overseen Paramount Group since 1991, leading the office REIT through its $2.3 billion IPO in 2014. At the time, it was the largest REIT IPO in the U.S.

Paramount acquired office properties across New York and San Francisco, mostly in the core business districts. It amassed 13 million square feet of office space, including 1633 Broadway and 745 Fifth Avenue in New York City. 

The company’s portfolio of office properties is considered Class A, but its buildings are considered a step below SL Green’s and Vornado’s. The company’s stock price languished compared to its peers, while Behler commanded cushy compensation.

In 2025, pressure on Behler started to snowball. The company revealed it paid millions of dollars to Behler’s companies and personal interests. The payments, previously undisclosed, included $3 million to a private jet business that Behler had a stake in. It also included $900,000 for Behler’s personal accounting services.

Behler had a rough year to end a multi-decade career at Paramount Group. In May 2025, Paramount announced it was exploring “strategic alternatives,” which included the possibility of a sale. A few months later in September, Paramount reached a deal to sell the company for $6.60 a share to Rithm Capital (see related entry). The sale closed in December 2025 and Rithm literally shut the door on the 73-year old Behler.

— Keith Larsen