Mark Patterson
About Mark Patterson
Mark Patterson (age 64) has served as an independent director of Paramount Group, Inc. (PGRE) since 2018. He is President of MRP Holdings LLC (since 2010) and a seasoned real estate finance executive, previously Global Head of Real Estate Investment Banking at Citigroup (1996–2005) and Global Head/Co‑Head roles at Merrill Lynch (2005–2009). He holds a BBA from William & Mary, an MBA from UVA Darden, and is a Certified Public Accountant . He served as CEO of Boomerang Systems, Inc. (Aug 2010–Jan 2015), which filed Chapter 11 in Aug 2015 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| MRP Holdings LLC | President; real estate consultant and financial advisor | Since 2010 | Advisory roles at Investcorp, Rockefeller Capital Management, Energy Impact Partners |
| Boomerang Systems, Inc. | Chief Executive Officer | Aug 2010 – Jan 2015; Co. filed Chapter 11 in Aug 2015 | Oversaw operations; bankruptcy noted as governance background |
| Merrill Lynch | Managing Director; Head of Real Estate Global Principal Investments; Co‑Head Global Commercial Real Estate | 2005 – Jan 2009 | Led investment banking/principal investing/mortgage debt |
| Citigroup | Global Head of Real Estate Investment Banking | 1996 – 2005 | Led RE investment banking |
External Roles
| Company | Role | Tenure/Status | Committees/Notes |
|---|---|---|---|
| UDR, Inc. | Director | Current | Public company board experience |
| Digital Realty Trust, Inc. | Director | Current | Public company board experience; note PGRE director Greg Wright is CIO at DLR, creating an interlock |
| Americold Realty Trust, Inc. | Chairman of the Board | Current | Leadership role |
| GGP, Inc. | Director | Former | Prior public board service |
Board Governance
- Independence: The Board affirmatively determined Patterson is independent under NYSE standards .
- Committee assignments: Audit Committee member; Nominating and Corporate Governance Committee member .
- Committee activity: Audit Committee held 4 meetings in FY 2024; Nominating and Corporate Governance Committee held 13 meetings in FY 2024 .
- Attendance: All directors attended 75% or more of Board and committee meetings in FY 2024; all attended the May 16, 2024 annual meeting except Dr. Bussmann (health issues) .
- Lead Independent Director: Martin Bussmann (context for governance structure) .
Fixed Compensation
| Component | Amount/Terms | Source |
|---|---|---|
| Annual cash retainer (non-employee directors) | $75,000 | |
| Committee chair retainers | Audit Chair $25,000; Compensation Chair $20,000; NCG Chair $15,000 | |
| Committee member retainers | $5,000 per committee (excluding Investment & Finance Committee) | |
| Equity grant (annual) | $120,000 in T‑LTIP units or restricted stock, vesting at the earlier of one year from grant or next annual meeting | |
| Retainer election | Directors may elect to receive annual retainer in equity (T‑LTIP units or restricted stock) in lieu of cash (elected by Dec 31; grant typically Dec 15) |
| Mark Patterson – FY2024 Director Compensation | Amount (USD) | Source |
|---|---|---|
| Fees Earned or Paid in Cash | $83,125 | |
| Stock Awards (grant-date fair value) | $108,000 | |
| Total | $191,125 |
Notes:
- On May 16, 2024, Patterson was granted 25,000 T‑LTIP units that vest upon continued service until the 2025 annual meeting; as of Dec 31, 2024 these remained unvested .
Performance Compensation
| Equity Instrument | Grant | Fair Value | Vesting | Performance Conditions |
|---|---|---|---|---|
| T‑LTIP units (director grant) | 25,000 units (May 16, 2024) | $108,000 | Vests upon continued Board service until 2025 annual meeting | None; time-based vesting only |
No performance metrics (TSR, revenue, ESG) are tied to director compensation; director equity awards are time-based .
Other Directorships & Interlocks
| Counterparty | Nature | Implication |
|---|---|---|
| Digital Realty Trust, Inc. | Patterson is a DLR director; PGRE director Greg Wright is DLR’s CIO | Board-level interlock may facilitate information flow; PGRE has determined independence for both directors; monitor for potential perceived conflicts in REIT ecosystem |
Expertise & Qualifications
- CPA; BBA (William & Mary) and MBA (UVA Darden) .
- Extensive real estate industry and capital markets experience; public company board experience .
- Finance/capital allocation, accounting/financial literacy, strategic planning skills recognized in Board skills matrix .
Equity Ownership
| Holder | Common Shares Beneficially Owned | % of Shares | Shares + Units Beneficially Owned | % of Shares+Units | Source |
|---|---|---|---|---|---|
| Mark Patterson | 0 (dash in table) | <1% | 107,608 | <1% |
- Unvested director equity: 25,000 T‑LTIP units outstanding as of Dec 31, 2024 .
- Anti‑hedging/anti‑pledging: Directors may not hedge or pledge Company securities without NCGC approval; Company discloses no current pledges by executives; policy applies to directors .
- Stock ownership guidelines: Independent directors must hold shares/units with market value ≥ 5x the cash-eligible portion of base retainer; directors serving when adopted met the requirement by Feb 23, 2021; those elected after Feb 2016 have five years from election to comply (Patterson elected 2018) . Compliance status for Patterson not specifically disclosed.
Governance Assessment
- Strengths: Independent status; active committee participation (Audit; NCG); robust attendance; strong financial and real estate expertise; Board skills alignment .
- Alignment: Receives mix of cash + time‑based equity; director ownership guidelines in place; anti‑hedging/anti‑pledging and clawback policies support governance quality .
- Shareholder feedback context: 2024 say‑on‑pay received “just under 50%” support; Compensation Committee engaged investors and committed no NEO long‑term equity awards in 2024–2025, with annual equity expected to resume in 2026 .
- Potential red flags to monitor:
- Board interlock with Digital Realty via Patterson (DLR director) and PGRE’s Greg Wright (DLR CIO) .
- Background event: Patterson’s CEO tenure at Boomerang Systems preceding its 2015 bankruptcy (not a PGRE issue, but relevant history) .
- No related-party transactions disclosed involving Patterson; related-party items disclosed by PGRE primarily involve CEO Behler and Dr. Bussmann .