Rithm Capital Corp. (NYSE: RITM) announced that its commercial real estate platform Paramount Group has rebranded as Elecor Properties. The rebrand accompanies plans for approximately $250 million in capital improvements across the office portfolio in New York City and San Francisco.

The announcement follows what the company described as record leasing activity of 1.74 million square feet in 2025. Peter Brindley will continue as Executive Vice President, Head of Real Estate, overseeing daily operations of the platform.

"Today's milestone is not simply a rebrand – it reflects our belief that the next generation of office buildings should do more than house companies," said Michael Nierenberg, Chief Executive Officer of Rithm Capital.

The capital improvement projects include renovations at four properties. At 1633 Broadway in New York, plans include lobby transformation, a second-floor amenity space with bar and event venue, and a 200-seat conferencing atrium on the 17th floor. One Market Plaza in San Francisco will receive a redesigned atrium, conferencing center, fitness facility, and seventh-floor sky bar with rooftop deck.

One Front Street in San Francisco will feature a reimagined lobby with café, bar and restaurant, plus a second-floor amenity space with gym and conferencing facilities. At 712 Fifth Avenue in New York, the company is developing what it describes as a hospitality-driven amenity offering.

Rithm Capital is working with joint venture partners on the capital improvement plans. The company positions Elecor Properties as focused on trophy-quality office buildings in New York and San Francisco markets.

The information was provided in a company press release statement.