Paramount Group, Inc. (NYSE:PGRE) Q1 2024 Earnings Call Transcript

Tamim Sarwary: Makes sense. And then if I look at your mark-to-market in the quarter, flat in New York, negative in San Francisco. Just for the pipeline that you guys have, where do you see the mark-to-market trending for the remainder of the year?

Peter Brindley: It’s interesting. Of the 18% availability in Midtown, about 57% of that availability is on floors 15 and below. So what I would say to you is that we have pricing power in our Class A and trophy buildings and, of course, submarkets on upper floors, and we are experiencing some very positive developments in terms of pushing rent. I would say, on some of the base floors, just given the amount of availability, we have been able to transact, but we just don’t have nearly the pricing power that we do on upper floors. So as it relates to mark-to-markets without being too specific, there will be opportunities, we believe in opportunity to achieve positive mark-to-market, but it’s really on a case-by-case basis.

Tamim Sarwary: Got it. Thank you, guys.

Albert Behler: Thank you.

Operator: And there are no further questions at this time. I would like to turn the floor back over to Albert Behler for any closing comments.

Albert Behler: Thank you, everyone, for joining us here today on this call. We look forward to providing you guys an update on our continued progress when we report our second quarter 2024 results. Goodbye.

Operator: And ladies and gentlemen, that does conclude today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.