Rithm Capital Corp. has reintroduced its commercial real estate platform under a new name, announcing that Paramount Group will now operate as Elecor Properties. The company described the rebrand as part of a broader strategic shift, moving from a focus on holding a high-quality, Class A office portfolio toward building an operating platform oriented around the next evolution of the workplace.
As part of this transition, Rithm and key joint venture partners plan to deploy approximately $250 million in capital improvements across Elecor’s portfolio. The investment initiative is intended to support the platform’s repositioning and enhance the underlying properties in line with changing office usage and tenant expectations, though specific projects and timelines were not detailed.
Rithm Capital’s CEO Michael Nierenberg said the Elecor team has assembled one of the country’s leading office portfolios, pointing to what he described as robust leasing performance across two of the strongest real estate markets. He added that Rithm’s ownership provides Elecor with capital resources, scale and institutional discipline that the firm believes will help unlock additional value, and noted that the company is backing that view with a significant capital commitment.
Elecor’s leadership structure will remain in place following the rebrand. Peter Brindley will continue in his role as executive vice president and head of real estate, overseeing day-to-day operations of the platform. No changes to ownership structure, asset list or market footprint were disclosed in the announcement.
The rebrand follows a strong year of leasing performance for the platform in 2025. Over that period, Elecor recorded more than 1,740,000 square feet of leasing activity across its portfolio, marking the highest annual leasing total in the company’s history. The announcement did not provide details on individual leases, tenants, term lengths or rent levels, but framed the leasing outcomes as evidence of sustained demand for its Class A office assets.
Taken together, the new branding, planned capital program and recent leasing results signal that Rithm is positioning Elecor as a long-term, institutionally backed office platform focused on operating performance and asset improvement rather than a passive ownership strategy.
