Paramount Group prices IPO at $17.50 midpoint

Paramount Group, which owns 12 premier office buildings in NYC, Washington, DC and San Francisco, raised $2.3 billion by offering 131 million shares at $17.50, the midpoint of the range of $16 to $19. The company raised an additional $68.5 million through concurrent private placements with the founding Otto family and existing investor Wilhelm von Finck. Paramount Group plans to list on the NYSE under the symbol PGRE. Paramount Group initially filed confidentially on 5/14/2014. BofA Merrill Lynch, Morgan Stanley, Wells Fargo Securities and Deutsche Bank acted as lead managers on the deal.