Paramount Group REIT to take an earnings hit as JPMorgan surrenders some lease space acquired through First Republic, SVB lease agreement terminated

Paramount Group Inc.

disclosed Friday that it will take an earnings hit as JPMorgan Chase & Co. gave up about one-fourth of the leased office space acquired through First Republic Bank and as its lease with SVB Securities was terminated. The real estate investment trust focused on office properties said the lease deals would reduce 2023 net income by $19.6 million, or 8 cents a share, with revenue revenue being reduced by $5.7 million.

disclosed Friday that it will take an earnings hit as JPMorgan Chase & Co. gave up about one-fourth of the leased office space acquired through First Republic Bank and as its lease with SVB Securities was terminated. The real estate investment trust focused on office properties said the lease deals would reduce 2023 net income by $19.6 million, or 8 cents a share, with revenue revenue being reduced by $5.7 million.

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