Paramount Group is confronted with control over the question of whether the company places the interests of his CEO Albert Beler above shareholders.
Paramount, a listed Reit and a large landlord in New York City and San Francisco, unveiled in a Securities and Exchange Commission that made an application earlier this year, the Millions of Dollars paid to Beerer’s external companies, including a private jet company in which Beerer had an interest of 50 percent.
Last month, the company announced that it is under a SEC investigation into disclosures with regard to conflicts of interest, benefits, deals with related parties and executive compensation.
Now, The real deal Discovered Beler insisted on a no-bid security contract for 60 Wall Street, a vacant office building of 1.6 million square foot in which Paramount owns only an interest of 5 percent, according to sources and communication assessed by TRD.
Contracts of this size are usually not required to go through a bid process or administrative assessment.
However, it is unusual that a chief executive of a reit of billion dollars becomes directly involved in such small -scale deals. The Guardian contract came into force in August, amidst the current SEC (conflicts of interest conflicts and news about the payments of the company for the personal and business interests of Beler, so Beerer the decision to wade in the deal in the deal.
Compiling these questions: Beler previously dates with a now senior employee at Guardian, who was involved in attracting new matters with Paramount, according to sources that are familiar with the issue.
After dating, the two maintained a friendly, often informal relationship at least until 2020, according to SMS messages that have been assessed by Trd. The two shared at least one lunch in high-end restaurant Le Bernadin, in addition to other meetings, not outside the borders in view of the role of the employee in business development and the Paramount CEO shared internal information about the ownership of his company.
In those messages, the employee mentions Beler’s junior for about 30 years as ‘Albertcim’, with the help of a suffix that is intended to show affection in the Turkish language, with the term roughly translating into ‘my best Albert’. ((TRD Consulted with four Turkish speakers who said that this would be unusual in a professional relationship.) In a voting memo, Beler told the details of the Guardian employees about internal movements in a Paramount building and told her that she should “keep this for herself”.
The Board of Directors of Paramount said that the romantic relationship started in 2009 and ended in 2012, based on documents assessed by TRD. (Beerer revealed the relationship with Paramount and the Board of Directors.)
Beler’s personal relationships would not be a matter of public concern if Paramount had postponed the contract for a competitive bidding process. As an alternative, Beler, who is 73 years old, could allow the Paramount’s Property Management team to deal with minor decisions about the construction activities.
A Paramount spokesperson claimed that the contract was weapon length and adhered to the internal policy of Paramount.
“Paramount Group and its employees followed all internal policy measures and procedures of the company, including policy for conflicts of interest, in connection with entering into a poor-long contract with Guardian Service Industries for Security-related services in 60 Wall Street,” said a Paramount spokesperson in a statement.
Guardian has not returned a request for comments.
Compensation package
Apart from a SEC probe and questionable contracts, Beler’s generous compensation and benefits have the headlines and worries aroused compared to its industry colleagues.
An analyst at Green Street issued a report to customers earlier this year and noted that there was a “wrong alignment” between the interests of management and the shareholders of Paramount, and noted that the high wage packages of top managers compared to the returns of Paramount. (Beerer received more than $ 20 million in compensation paid plus extra benefits in 2023 that were described earlier this year.)
At the end of July, as TRD Reported, Paramount revealed in his win in the second quarter that it was under a SEC investigation into disclosures with regard to executive compensation, benefits, transactions with connected parties and conflicts of interest. In submitting, Paramount said it works together with the sec.
The 60 wall contract was not the first time that Guardian, a major player in the space for facilites, tried to do business with Paramount. At the end of 2024, Guardian offers paramount portfolio with a value of tens of millions on a cleaning service contract for a seven buildings. That portfolio did not contain 60 walls, according to documents assessed by TRD. By the spring of 2025, the Paramount board did not approve Guardian’s bid and the contract was granted to another facility company.
Then a smaller deal came. One, a value of just over $ 1 million, for which no explicit approval from the council was not necessary and would not even justify a footnote in his public archives. And Beler himself commissioned the staff to make the move.
Earlier relationship
In the background of these transactions, the fact that Beler and a current senior manager of Guardian, who ever date, are now married to other people, knew each other well, something where Paramount’s administration was aware. The two remained in contact and met several times in 2019 and 2020.
TRD Assessed countless SMS messages between the Guardian employee and Beler, which suggests that the two maintain a friendly personal relationship. This happened while the now Guardian employee worked in a business development role for a maintenance company that was a competitor of Guardian and had contracts with Paramount.
On September 9, 2019, BeLer’s WEMS’Thler to the employee: “How are you? Hope completely good. Take tomorrow?”
Her: “Yes please 🙂 Call me xoxo at any time”
AB: “Time for lunch?”
Her: “That will be so nice to see you. Yes, I am available.”
AB: “12:30 Le Bernadin Lounge.”
Hair: “Perfect.
In February 2020, the employee text: “Albertcim, thank you for met today. If you google platinum, palladium and sterling, they all have the same address. 120 Broadway.”
Ab: “The same here. Good to see. XX”
Haar: “XOX”
That same month, Beler sent the employee a heads-up about a recent departure of the staff on 1325 Sixth Avenue of the Americas, an office tower of 34 floors in Manhattan. In a speech report assessed by TRD, Beler told her that he wants’ wants[s] To talk about the 1325 thing. Keep it [to] yourself. She goes to another building because of a conflict they have. ‘
In July, Covid forced employees to work remotely. San Francisco, where Paramount was a prominent office owner, had paused a break for all the reopens of business. The entire industry was confronted with an existential crisis whether the office sector would ever recover.
On July 24, 2020, the employee: “Albertcim just wanted to confirm that we meet. On the 28th. I have a few important things to pass.”
Albert Beler: “Yes, we meet each other. I watch out. I can do the afternoon, say okay around 4 p.m.”
The employee: “Perfect !! I’m looking forward to it. Let me know where we can meet. ❤️”
More questions than answers
Paramount said that the contract at 60 Wall does not expose it to a meaningful economic impact or risk.
60 Wall is also the only contract between Guardian and Paramount, according to a Paramount spokesperson. It was not an existing relationship.
It is a strange transaction for the CEO of the company to undertake personally, since Paramount is hardly the owner of the property.
The Singaporean sovereign wealth Fund GIC took a 95 percent interest in 60 Wall in 2017, and Paramount, which controlled a 5 percent interest, was given the task of managing the property and daily activities. Paramount became the public face of the 47 -storey tower.
The building, once the home of JPMorgan and Deutsche Bank, is now empty and undergoes a renovation of $ 250 million. A spokesperson for GIC focused all the investigations into Paramount. GIC said it is no longer the majority of real estate. It is unclear whether Paramount has announced information about the contract with the direct involvement of Guardian and Beerer in the majority of the building.
Paramount is now investigating a potential sale of the company because the shares act under $ 7. It hired Bank of America as a financial adviser.
The Paramount board previously rejected two bids to sell the company, including one in February 2022, at $ 12 per share. Once private, the concerns of the shareholders and public disclosure will no longer be a concern.
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