Shares of Paramount Group (NYSE: PGRE) surged 5.01% in intraday trading on Thursday, driven by two significant announcements that boosted investor confidence in the real estate investment trust.

Paramount revealed it had secured a major lease agreement with Benesch, Friedlander, Coplan & Aronoff LLP for 121,000 square feet of office space at its iconic 1301 Avenue of the Americas property in Midtown Manhattan. The 16.5-year lease brings the 1.8 million square-foot Class A office building to 90% occupancy, demonstrating strong demand for prime office space in New York City. This deal highlights the resilience of Paramount's portfolio and the ongoing recovery in the commercial real estate market.

Adding to the positive sentiment, Paramount also reported better-than-expected first-quarter earnings for 2025. Despite posting an adjusted loss of 5 cents per share, the company outperformed analyst expectations. Revenue for the quarter came in at $187.02 million, surpassing estimates of $180.70 million. The strong financial performance, coupled with the significant leasing activity, has reignited investor interest in Paramount Group, contributing to the stock's impressive gain.