Paramount Group Inc. plans to repurchase up to $200 million of its common shares from time to time.

The company's board authorized the buybacks, which will be made in the open market or in privately negotiated deals, subsequent to the second quarter.

The company also increased its ownership interest in a 661,000-square-foot, class A office building in San Francisco, valued at $517.5 million, to 31.1% from 3.1%. 50 Beale St. is 78.2% leased, with an existing $228.0 million 3.65% fixed-rate loan due 2021 on the property.