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WHILE longstanding local property owners such as the Dursts and the Rudins garner the city's attention with their latest moves, behind the scenes, a wealthy German family is making its mark on New York commercial real estate.
The Otto family, which recently purchased Financial Square, now owns three Manhattan office towers totalling 4.5 million square feet. Backed by a fortune made in the mail order business, the family is on the lookout for additional local properties through Manhattan-based Paramount Group Inc.
Paramount first entered New York in the 1970s, buying two large, modern Class A towers in midtown as the market was at its trough. After sitting out the robust 1980s, Paramount is back, on the theory that when others need to sell, it wants to buy.
"We are trying to be counter-cyclical," explains Albert Behler, president of the privately held firm. "You need the foresight to believe the market is coming around, and that is when we would like to buy."
While many real estate moguls are celebrities of Manhattan business, Mr. Behler--who is not a member of the Otto family--and his right-hand man in New York, Roger Newman, are buttoned-down, quiet, conservative.
Hands-on approach
In contrast to others who outsource their leasing...