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Investing.com -- Paramount Group (NYSE:PGRE) stock rose 5% Wednesday following a report that the real estate investment trust has advanced to the second round of bidding in its sales process, attracting interest from several major players in the commercial real estate sector.
According to The Real Deal, citing sources familiar with the matter, Paramount Group has drawn bids from a roster of prominent potential acquirers including SL Green (NYSE:SLG), Empire State Realty Trust (NYSE:ESRT), Vornado (NYSE:VNO), Blackstone (NYSE:BX), and DivcoWest in partnership with Dubai-based Saray Capital and Rithm Capital.
The report indicates that all bidders are large institutional investors, with most being REITs that have significant office property holdings in New York City. These companies would be positioned to integrate Paramount’s portfolio of approximately 13 million square feet of office space.
Saray Capital, which is reportedly bidding alongside DivcoWest, had previously acquired a 5% stake in Paramount Group in May, establishing an earlier position in the company before this current sales process.
The advancement to a second round of bidding suggests the REIT’s sale process is progressing, contributing to today’s positive market reaction as investors respond to the potential for a transaction.
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