Greg Wright
About Greg Wright
Greg Wright (age 60) is an independent director of Paramount Group, Inc. (PGRE) since 2020 and currently serves as Chair of the Compensation Committee. He is Chief Investment Officer at Digital Realty Trust, Inc. (DLR) since January 2019, and holds a BA in Finance (University of Maryland) and an MBA (University of Michigan). His 25-year banking career includes >$200B across REIT M&A, IPOs, and financings; he advised PGRE on its IPO at Bank of America Merrill Lynch before joining DLR .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Digital Realty Trust, Inc. | Chief Investment Officer | Jan 2019–Present | Leads investment and capital allocation strategy |
| Bank of America Merrill Lynch | Co-Head of Americas Real Estate; MD, Real Estate, Gaming & Lodging | 2005–Dec 2018 | Led teams on the largest REIT merger; active bookrunner on two of the largest REIT IPOs (including PGRE) |
| Citigroup | Managing Director, Real Estate & Lodging | Prior to 2005 | Originated/executed strategic advisory and capital raising; public company coverage |
| Trammell Crow Company | Finance team member | Early career | Acquisitions, JVs, debt financings across product types |
External Roles
| Organization | Role | Public/Private | Notes |
|---|---|---|---|
| Digital Realty Trust, Inc. (NYSE: DLR) | Chief Investment Officer | Public | Executive role; not disclosed as a board directorship |
| Other public company directorships | None disclosed | — | — |
Board Governance
- Committee assignments and chair roles:
- Compensation Committee: Chair; 6 meetings in FY2024 .
- Prior service on Nominating & Corporate Governance Committee (NCGC) noted in stockholder engagement disclosure .
- Independence: Board determined Wright is independent under NYSE rules; it considered his prior PGRE relationship as BofA Merrill Lynch banker (lead on PGRE IPO) and still affirmed independence .
- Attendance and engagement:
- Board held 6 meetings in 2024; all directors attended ≥75% of Board and committee meetings during service periods .
- All directors except Mr. Bussmann attended the May 16, 2024 annual meeting; by implication Wright attended .
- Wright led 2024–2025 stewardship outreach on behalf of the Board following a sub-50% 2024 say‑on‑pay vote; met/offered to meet investors representing just over 50% of outstanding shares (ex‑affiliates) .
- Governance practices tied to compensation oversight:
- Clawback policy; anti-hedging and anti‑pledging policies (directors and executives) .
- Director stock ownership guidelines apply (5x base cash retainer; five years from initial election to comply). Wright’s initial election in 2020 implies a 2025 compliance deadline; the proxy does not state his compliance status .
Fixed Compensation (Director)
| Component | 2024 Amount | Detail |
|---|---|---|
| Annual cash retainer | $75,000 | Eligible to elect equity in lieu of cash under Director Compensation Plan |
| Committee chair fee (Compensation) | $20,000 | Chair retainer |
| Committee member fees | $0 | Not disclosed as member of other paid committees in matrix |
| Fees Earned or Paid in Cash (SCT line) | $95,000 | Includes $75,000 retainer that Wright elected to receive as 15,213 vested LTIP units on Dec 16, 2024 |
Notes:
- Director Compensation Plan: at each annual meeting, non‑employee directors receive $120,000 of T‑LTIP units or restricted stock vesting by the next annual meeting; retainer can be taken in equity; quarterly cash payment otherwise .
Performance Compensation (Oversight of Company Metrics as Comp Chair)
PGRE’s 2024 Short‑Term Incentive (STIC) corporate metrics (for NEOs) under Wright’s committee oversight:
| Goal | Threshold | Target | Maximum |
|---|---|---|---|
| Core FFO per share | $0.76 | $0.78 | $0.80 |
| Signed leases (sq ft) | 650,000 | 775,000 | 900,000 |
| Same-store leased occupancy (YE) | 86.1% | 87.1% | 88.1% |
| Corporate overhead ($mm) | $62.0 | $61.0 | $60.0 |
| Fundraising (JV/Fund capital, $mm) | $100 | $200 | $300 |
| Corporate responsibility (points) | 12 | 16 | 20 |
Context and follow‑up:
- 2024 say‑on‑pay received “just under 50%” support; Wright led investor outreach and the committee reiterated no long‑term equity awards to NEOs in 2024–2025 (front‑loaded 2023 plan) with a return to balanced annual LTIs in 2026; committed to avoid outsized “front‑loaded” grants absent extraordinary circumstances .
Other Directorships & Interlocks
| Company | Relationship | Potential Interlock/Conflict | Disclosure |
|---|---|---|---|
| Digital Realty Trust, Inc. | CIO (executive) | Different REIT sector (data centers); no PGRE‑DLR transactions disclosed | External executive role; no related‑party transactions disclosed with Wright |
| Bank of America Merrill Lynch (prior) | Co‑Head of Americas Real Estate; lead bank for PGRE IPO | Prior advisory relationship reviewed in independence assessment | Board considered and affirmed independence |
Expertise & Qualifications
- Capital markets and REIT transactions: 25 years, >$200B across M&A, IPOs, JV/asset sales, and debt/equity financings; led teams on the largest REIT merger and major REIT IPOs (including PGRE) .
- Operating/investment leadership: CIO at a global public REIT; prior roles at Citi and Trammell Crow spanning acquisitions, JVs, and financing .
- Education: BA Finance (Maryland); MBA (Michigan) .
Equity Ownership
| Measure | Value | Notes |
|---|---|---|
| Common stock beneficially owned | 0 shares | As of March 1, 2025 |
| Common stock + OP units (incl. LTIP units) beneficially owned | 120,432 | As of March 1, 2025 |
| Unvested director equity as of 12/31/2024 | 25,000 T‑LTIP units | Annual director grant on May 16, 2024 |
| Ownership guidelines | 5x cash‑eligible portion of director base retainer; 5 years to comply | Applies to independent directors; Wright’s five‑year window from 2020 implies 2025 deadline; compliance status not stated |
| Hedging/pledging | Prohibited absent NCGC approval; anti‑hedging and anti‑pledging policies in place | Applies to executives and directors |
Insider transactions (Form 4):
| Transaction date | Filing date | Type | Security | Quantity | Post-transaction holdings | Source |
|---|---|---|---|---|---|---|
| 2025-05-15 | 2025-05-19 | Award | LTIP Units | 25,370 | 25,370 | https://www.sec.gov/Archives/edgar/data/1605607/000095017025074449/0000950170-25-074449-index.htm |
| 2024-12-16 | 2024-12-17 | Award (retainer conversion) | LTIP Units | 15,213 | 15,213 | https://www.sec.gov/Archives/edgar/data/1605607/000095017024137436/0000950170-24-137436-index.htm |
| 2024-05-16 | 2024-05-20 | Award | LTIP Units | 25,000 | 25,000 | https://www.sec.gov/Archives/edgar/data/1605607/000095017024062476/0000950170-24-062476-index.htm |
Data note: Beneficial ownership table is as of March 1, 2025; subsequent Form 4 awards may not be reflected in that table’s totals .
Fixed Compensation (Director) – Detail Table (2024)
| Item | Amount | Detail |
|---|---|---|
| Fees Earned or Paid in Cash | $95,000 | Includes $75,000 base retainer (elected to take as 15,213 vested LTIP units on 12/16/2024) and $20,000 Comp Committee chair fee |
| Stock Awards (annual grant) | $108,000 | 25,000 T‑LTIP units granted 5/16/2024; vest at 2025 annual meeting |
| Total | $203,000 | Sum of cash/fees and stock awards |
Governance Assessment
- Strengths
- Experienced capital allocator and former top-tier REIT investment banker; deep pay design and investor engagement as Compensation Chair; led outreach after 2024 say‑on‑pay setback and codified guardrails (no 2024–2025 LTIs; resumption of balanced grants in 2026) .
- Independence affirmed despite prior underwriting/advisory ties to PGRE’s IPO; robust anti‑hedging/pledging, clawback policy, and director ownership guidelines support alignment .
- Attendance/engagement indicators satisfactory: ≥75% meeting attendance; participated in stockholder engagement; attended 2024 annual meeting (all directors except one) .
- Watch items / RED FLAGS
- 2024 say‑on‑pay failed to achieve majority support (“just under 50%”); while the committee response is constructive, investors will monitor execution and 2026 LTI design to avoid front‑loading and ensure rigorous, transparent metrics .
- External executive role at a large public REIT (DLR) creates time‑allocation and potential ecosystem interlocks; no related‑party transactions disclosed with Wright, and independence affirmed, but ongoing monitoring is prudent .
References:
- Director matrix, committee roles, independence, director compensation framework and amounts; attendance; governance policies; outreach and say-on-pay response .
- Biography and qualifications .
- Beneficial ownership table .