Paramount (PGRE) 10-Q 12 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 02, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	PGRE
Entity Registrant Name	PARAMOUNT GROUP, INC.
Entity Central Index Key	1,605,607
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		212,111,937

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Rental property, at cost
Land	$ 2,042,071	$ 2,042,071
Buildings and improvements	5,567,789	5,488,168
Rental property, at cost	7,609,860	7,530,239
Accumulated depreciation and amortization	(202,105)	(81,050)
Rental property, net	7,407,755	7,449,189
Real estate fund investments	336,393	323,387
Investments in unconsolidated joint ventures	6,537	5,749
Cash and cash equivalents	418,095	438,599
Restricted cash	92,696	55,728
Marketable securities	20,365	20,159
Deferred rent receivable	58,117	8,267
Accounts and other receivables, net of allowance of $365 and $333 in 2015 and 2014, respectively	12,313	7,692
Deferred charges, net of accumulated amortization of $14,311 and $10,859 in 2015 and 2014, respectively	54,467	39,165
Intangible assets, net of accumulated amortization of $116,935 and $20,509 in 2015 and 2014, respectively	546,432	669,385
Other assets	33,636	13,121
Total assets	8,986,806	9,030,441
LIABILITIES AND EQUITY
Mortgages and notes payable	2,853,735	2,852,287
Credit facility	0	0
Due to affiliates	27,299	27,299
Loans payable to noncontrolling interests	44,822	42,195
Accounts payable and accrued expenses	97,157	93,472
Dividends and distributions payable	25,066
Deferred income taxes	2,560	2,861
Interest rate swap liabilities	163,301	194,196
Intangible liabilities, net of accumulated amortization of $29,730 and $3,757 in 2015 and 2014, respectively	193,042	219,228
Other liabilities	44,958	43,950
Total liabilities	$ 3,451,940	$ 3,475,488
Commitments and contingencies
Paramount Group, Inc. equity:
Common stock $0.01 par value per share; authorized 900,000,000 shares; issued and outstanding 212,111,937 and 212,106,718 shares in 2015 and 2014, respectively	$ 2,122	$ 2,122
Additional paid-in-capital	3,893,984	3,851,432
Earnings (less than) in excess of distributions	(24,874)	57,308
Accumulated other comprehensive loss	(15,389)
Paramount Group, Inc. equity	3,855,843	3,910,862
Noncontrolling interests in:
Consolidated joint ventures and funds	781,343	685,888
Operating Partnership (51,660,088 and 51,543,993 units outstanding in 2015 and 2014, respectively)	897,680	958,203
Total equity	5,534,866	5,554,953
Total liabilities and equity	$ 8,986,806	$ 9,030,441

CONSOLIDATED BALANCE SHEETS (U3

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Statement Of Financial Position [Abstract]
Accounts and other receivables, allowance	$ 365	$ 333
Deferred charges, accumulated amortization	14,311	10,859
Intangible assets, accumulated amortization	116,935	20,509
Intangible liabilities, accumulated amortization	$ 29,730	$ 3,757
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	900,000,000	900,000,000
Common stock, shares issued	212,111,937	212,106,718
Common stock, shares outstanding	212,111,937	212,106,718
Operating partnership, units outstanding	51,660,088	51,543,993

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
REVENUES:
Rental income	$ 146,470	$ 435,630
Tenant reimbursement income	14,405	39,956
Fee and other income	6,851	16,294
Total revenues	167,726	491,880
EXPENSES:
Operating	63,354	183,019
Depreciation and amortization	70,654	223,658
General and administrative	6,666	28,412
Acquisition and transaction related costs	485	9,832
Total expenses	141,159	444,921
Operating income (loss)	26,567	46,959
Income from real estate fund investments	10,933	30,226
Income from unconsolidated joint ventures	1,458	4,444
Unrealized gains on interest rate swaps	15,772	49,497
Interest and other income (loss), net	(1,763)	(397)
Interest and debt expense	(42,821)	(126,945)
Net income before income taxes	10,146	3,784
Income tax expense	(789)	(2,706)
Net income	9,357	1,078
Less net (income) loss attributable to noncontrolling interests in:
Consolidated joint ventures and funds	(7,969)	(17,641)
Operating Partnership	(272)	3,239
Net income (loss) attributable to common stockholders	$ 1,116	$ (13,324)
INCOME (LOSS) PER COMMON SHARE - BASIC:
Income (loss) per common share	$ 0.01	$ (0.06)
Weighted average shares outstanding	212,106,718	212,106,718
INCOME (LOSS) PER COMMON SHARE - DILUTED:
Income (loss) per common share	$ 0.01	$ (0.06)
Weighted average shares outstanding	212,108,079	212,106,718
DIVIDENDS PER COMMON SHARE	$ 0.095	$ 0.324	[1]
[1]	Includes the $0.039 cash dividend for the 38 day period following the completion of our initial public offering and related formation transactions and ending on December 31, 2014

CONSOLIDATED STATEMENT OF INCOM

CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) (Parentheticals)	1 Months Ended
	Dec. 31, 2014$ / shares
Income Statement [Abstract]
Cash dividend	$ 0.039

COMBINED CONSOLIDATED STATEMENT

COMBINED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014
Predecessor [Member]
REVENUES:
Rental income	$ 8,775	$ 25,087
Tenant reimbursement income	370	1,266
Distributions from real estate fund investments	5,086	16,333
Realized and unrealized gains, net	43,233	123,150
Fee and other income	13,928	25,510
Total revenues	71,392	191,346
EXPENSES:
Operating	4,431	12,184
Depreciation and amortization	2,982	8,548
General and administrative	5,630	18,078
Profit sharing compensation	3,392	11,624
Other	1,271	5,172
Total expenses	17,706	55,606
Operating income (loss)	53,686	135,740
Income from unconsolidated joint ventures	1,777	3,812
Unrealized gains on interest rate swaps	(477)	(673)
Interest and other income (loss), net	1	1,707
Interest and debt expense	(8,015)	(23,802)
Net income before income taxes	46,972	116,784
Income tax expense	(820)	(7,925)
Net income	46,152	108,859
Net income attributable to noncontrolling interests	(33,248)	(86,381)
Net income (loss) attributable to common stockholders	$ 12,904	$ 22,478

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 9,357	$ 1,078
Other comprehensive (loss) income:
Change in value of interest rate swaps	(18,602)	(18,602)
Pro rata share of other comprehensive income (loss) of unconsolidated joint ventures	78	(535)
Comprehensive loss	(9,167)	(18,059)
Less comprehensive (income) loss attributable to noncontrolling interests in:
Consolidated joint ventures and funds	(7,969)	(17,641)
Operating Partnership	3,356	6,987
Comprehensive loss attributable to common stockholders	$ (13,780)	$ (28,713)

COMBINED CONSOLIDATED STATEMEN8

COMBINED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid in Capital [Member]	Earnings (Less than) In Excess of Distributions [Member]	Accumulated Other Comprehensive Loss [Member]	Predecessor Shareholders' Equity [Member]	Noncontrolling Interest [Member]Consolidated Joint Ventures and Funds [Member]	Noncontrolling Interest [Member]Operating Partnership [Member]
Beginning balance (Predecessor [Member]) at Dec. 31, 2013	$ 2,025,444					$ 321,769	$ 1,703,675
Net income | Predecessor [Member]	108,859					22,478	86,381
Contributions | Predecessor [Member]	223,000					9,188	213,812
Distributions | Predecessor [Member]	(192,488)					(53,206)	(139,282)
Ending balance (Predecessor [Member]) at Sep. 30, 2014	$ 2,164,815					$ 300,229	1,864,586
Common stock, shares outstanding at Dec. 31, 2014	212,106,718	212,107,000
Net income	$ 1,078			$ (13,324)			17,641	$ (3,239)
Common stock, shares outstanding at Sep. 30, 2015	212,111,937	212,112,000
Beginning balance at Dec. 31, 2014	$ 5,554,953	$ 2,122	$ 3,851,432	57,308			685,888	958,203
Common shares issued under Omnibus share plan		5,000
Common units issued under Omnibus share plan			(2,131)					2,131
Dividends and distributions	(85,462)			(68,724)				(16,738)
Contributions from noncontrolling interests	133,111						133,111
Distributions to noncontrolling interests	(54,975)						(54,975)
Change in value of interest rate swaps	(18,602)				$ (14,959)			(3,643)
Pro rata share of other comprehensive income (loss) of unconsolidated joint ventures	(535)				(430)			(105)
Adjustments to noncontrolling interests			43,981					(43,981)
Amortization of equity awards	6,224		1,172					5,052
Other	(926)		(470)	(134)			(322)
Ending balance at Sep. 30, 2015	$ 5,534,866	$ 2,122	$ 3,893,984	$ (24,874)	$ (15,389)		$ 781,343	$ 897,680

COMBINED CONSOLIDATED STATEMEN9

COMBINED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 1,078
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	223,658
Unrealized (gains) losses on interest rate swaps	(49,497)
Straight-lining of rental income	(49,859)
Realized and unrealized gains, net, on real estate fund investments	(15,363)
Income from unconsolidated joint ventures	(4,444)
Distributions of income from unconsolidated joint ventures	3,102
Amortization of above and below-market leases, net	(3,239)
Amortization of deferred financing costs	1,754
Realized and unrealized losses (gains) on marketable securities	1,087
Non-cash stock based compensation expense	6,224
Other non-cash adjustments	5,100
Changes in operating assets and liabilities:
Restricted cash	(11,290)
Real estate fund investments	2,357
Accounts and other receivables	(4,621)
Deferred charges	(18,754)
Other assets	(21,441)
Accounts payable and accrued expenses	(8,343)
Deferred income taxes	(301)
Other liabilities	1,008
Net cash provided by (used in) operating activities	58,216
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of, and additions to, rental properties	(68,484)
Changes in restricted cash	(26,971)
Distributions of capital from unconsolidated joint ventures	19
Net cash used in investing activities	(95,436)
CASH FLOWS FROM FINANCING ACTIVITIES:
Contributions from noncontrolling interests	133,111
Dividends paid to common shareholders and unitholders	(60,396)
Distributions to noncontrolling interests	(54,975)
Repayment of mortgage notes and loans payable	(1,024)
Net cash (used in) provided by financing activities	16,716
Net decrease in cash and cash equivalents	(20,504)
Cash and cash equivalents at beginning of period	438,599
Cash and cash equivalents at end of period	418,095
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash payments for interest	119,278
Cash payments for income taxes, net of refunds	1,968
NON-CASH TRANSACTIONS:
Dividends and distributions declared but not yet paid	25,066
Change in value of forward interest rate swap	18,602
Additions to real estate included in accounts payable and accrued expenses	12,028
(Purchases) sale of marketable securities	$ (1,293)
Predecessor [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Net income		$ 108,859
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		8,548
Unrealized (gains) losses on interest rate swaps		673
Straight-lining of rental income		135
Realized and unrealized gains, net, on real estate fund investments		(123,150)
Income from unconsolidated joint ventures		(3,812)
Distributions of income from unconsolidated joint ventures		2,039
Amortization of deferred financing costs		325
Realized and unrealized losses (gains) on marketable securities		(1,082)
Other non-cash adjustments		5,371
Changes in operating assets and liabilities:
Restricted cash		(2,214)
Real estate fund investments		(34,515)
Accounts and other receivables		(12,377)
Deferred charges		600
Other assets		(980)
Accounts payable and accrued expenses		(2,523)
Profit sharing payable		(2,689)
Deferred income taxes		15,904
Other liabilities		6
Net cash provided by (used in) operating activities		(40,882)
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of, and additions to, rental properties		(65,637)
Changes in restricted cash		(12)
Distributions of capital from unconsolidated joint ventures		1,329
Net cash used in investing activities		(64,320)
CASH FLOWS FROM FINANCING ACTIVITIES:
Contributions from noncontrolling interests		213,812
Dividends paid to common shareholders and unitholders		(53,206)
Distributions to noncontrolling interests		(139,282)
Repayment of mortgage notes and loans payable		(1,877)
Contributions from Predecessor shareholders		9,188
Proceeds from loans payable to noncontrolling interests		39,075
Offering costs		(15,063)
Net cash (used in) provided by financing activities		52,647
Net decrease in cash and cash equivalents		(52,555)
Cash and cash equivalents at beginning of period		307,161
Cash and cash equivalents at end of period		254,606
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash payments for interest		17,000
Cash payments for income taxes, net of refunds		6,039
NON-CASH TRANSACTIONS:
(Purchases) sale of marketable securities		$ 6,681

Organization and Business

Organization and Business	9 Months Ended
	Sep. 30, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization And Business	1. Organization and Business As used in these consolidated and combined financial statements, unless indicated otherwise, all references to “we,” “us,” “our,” the “Company,” and “Paramount” refer to Paramount Group, Inc. and its consolidated subsidiaries, including Paramount Group Operating Partnership LP, upon completion of the Formation Transactions (as more fully described below) and the initial public offering of common stock. We are a fully-integrated real estate investment trust (“REIT”) focused on owning, operating, managing, acquiring and redeveloping high-quality, Class A office properties in select central business district submarkets of New York City, Washington, D.C. and San Francisco. As of September 30, 2015, our portfolio consisted of 12 Class A office properties aggregating approximately 10.4 million square feet that had an occupancy rate of 91.1%. We were incorporated in Maryland as a corporation on April 14, 2014 to continue the business of our Predecessor, as defined, and did not have any meaningful operations until the acquisition of substantially all of the assets of our Predecessor and the assets of the Property Funds, as defined, that it controlled, as well as the interests of unaffiliated third parties in certain properties. Our properties were acquired through a series of Formation Transactions (the “Formation Transactions”) concurrently with our initial public offering of 150,650,000 common shares at a public offering price of $17.50 per share on November 24, 2014 (the “Offering”). We conduct our business through, and substantially all of our interests are held by, Paramount Group Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”). We are the sole general partner of, and owned approximately 80.4% of, the Operating Partnership as of September 30, 2015. Our Predecessor Our Predecessor is not a legal entity but a combination of entities under common control as they were entities controlled by members of the Otto Family that held various assets, including interests in (i) 15 private equity real estate funds controlled by our Predecessor (which included nine primary funds and six parallel funds) (collectively, the “Funds”) that owned interests in 12 properties, (ii) a wholly-owned property, Waterview, in Rosslyn, Virginia and (iii) three partially owned properties in New York, NY (See Note 4, Investments in Unconsolidated Joint Ventures Below is a summary of the 15 private equity real estate funds that were controlled by our Predecessor prior to the completion of the Formation Transactions. The following funds are collectively referred to herein as the “Property Funds”: • Paramount Group Real Estate Fund I, L.P. (“Fund I”) • Paramount Group Real Estate Fund II, L.P. (“Fund II”) • Paramount Group Real Estate Fund III, L.P. (“Fund III”) • Paramount Group Real Estate Fund IV, L.P. (“Fund IV”) • PGREF IV Parallel Fund (Cayman), L.P. (“Fund IV Cayman”) • Paramount Group Real Estate Fund V (CIP), L.P. (“Fund V CIP”) • Paramount Group Real Estate Fund V (Core), L.P. (“Fund V Core”) • PGREF V (Core) Parallel Fund (Cayman), L.P. (“Fund V Cayman”) • Paramount Group Real Estate Fund VII, LP (“Fund VII”) • Paramount Group Real Estate Fund VII-H, LP (“Fund VII-H”) The following fund was formed to acquire, develop and manage the residential development project at 75 Howard Street: • Paramount Group Residential Development Fund, LP (“Residential Fund”) The following funds are collectively referred to herein as the “Alternative Investment Funds”: • Paramount Group Real Estate Special Situations Fund, L.P. (“PGRESS”) • Paramount Group Real Estate Special Situations Fund–H, L.P. (“PGRESS–H”) • Paramount Group Real Estate Special Situations Fund–A, L.P. (“PGRESS–A”) • Paramount Group Real Estate Fund VIII, L.P. (“Fund VIII”) The Property Funds and Residential Fund owned interests in the following properties: • 1633 Broadway, New York, NY • 60 Wall Street, New York, NY • 900 Third Avenue, New York, NY • 31 West 52nd Street, New York, NY • 1301 Avenue of the Americas, New York, NY • One Market Plaza, San Francisco, CA • 50 Beale Street, San Francisco, CA • 75 Howard Street, San Francisco, CA • Liberty Place, Washington, D.C. • 1899 Pennsylvania Avenue, Washington, D.C. • 2099 Pennsylvania Avenue, Washington, D.C. • 425 Eye Street, Washington, D.C.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Basis Of Presentation And Significant Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	2. Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying consolidated and combined financial statements include the accounts of Paramount and its consolidated subsidiaries, including the Operating Partnership. All significant inter-company amounts have been eliminated. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, result of operations and changes in the cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These consolidated and combined financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the consolidated and combined financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014, as filed with the SEC. We have made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three and nine months ended September 30, 2015 are not necessarily indicative of the operating results for the full year. Our Predecessor’s combined financial statements included all the accounts of our Predecessor, including its interests in (i) the Funds, (ii) Waterview and (iii) the three partially-owned properties. Our Predecessor evaluated each of the Funds pursuant to the control model of Accounting Standards Codification (“ASC”) 810-20, Consolidation—Control of Partnerships and Similar Entities Financial Services—Investment Companies Upon completion of the Offering and the Formation Transactions, we acquired substantially all of the assets of our Predecessor and all of the assets of the Property Funds that it controlled, other than their interests in 60 Wall Street, 50 Beale Street, and a residual 2.0% interest in One Market Plaza. In addition, as part of the Formation Transactions, we also acquired the interests of certain unaffiliated third parties in 1633 Broadway, 31 West 52nd Street and 1301 Avenue of the Americas. These transactions were accounted for as transactions among entities under common control. However, since the assets that we acquired from our Predecessor are no longer held by funds which qualify for investment company accounting, we account for these assets following the Formation Transactions using historical cost accounting. As a result, our consolidated financial statements following the Formation Transactions, differ significantly from, and are not comparable with, the historical financial position and results of operations of our Predecessor. Significant Accounting Policies There were no material changes to our significant accounting policies disclosed in our Annual Report on Form 10-K for the year ended December 31, 2014. Segment Reporting Upon completion of the Offering and Formation Transactions, we acquired substantially all of the assets of our Predecessor and substantially all of the assets of the Property Funds that it controlled. Our business, following the Formation Transactions, is comprised of one reportable segment. We have determined that our properties have similar economic characteristics to be aggregated into one reportable segment (operating, leasing and managing office properties). Our determination was based primarily on our method of internal reporting. Our Predecessor historically operated an integrated business that consisted of three reportable segments, (i) Owned Properties, (ii) Managed Funds and (iii) a Management Company. The Owned Properties segment consisted of properties in which our Predecessor had a direct or indirect ownership interest, other than properties that it owned through its private equity real estate funds. The Managed Funds segment consisted of the private equity real estate funds. In addition, our Predecessor included a Management Company that performed property management and asset management services and certain general and administrative level functions, including legal and accounting, as a separate reportable segment. Recently Issued Accounting Literature In May 2014, the FASB issued an update ("ASU 2014-09") Revenue from Contracts with Customers. In June 2014, the FASB issued an update (“ASU 2014-12”) to ASC Topic 718, Compensation – Stock Compensation In February 2015, the FASB issued an update (“ASU 2015-02”) Amendments to the Consolidation Analysis Consolidation. We are currently evaluating the impact of the adoption of ASU 2015-02 on our consolidated financial statements. In April 2015, the FASB issued an update (“ASU 2015-03”) Simplifying the Presentation of Debt Issuance Costs Interest – Imputation of Interest. ”) Interest – Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcement at 18 June 2015 EITF Meetin g . ASU 2015-15 clarifies the exclusion of line-of-credit arrangements from the scope of ASU 2015-03. Therefore, debt issuance costs related to line-of-credit arrangements can be deferred and presented as an asset that is subsequently amortized over the time of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. In September 2015, the FASB issued an update (“ASU 2015-16”) Simplifying the Accounting for Measurement-Period Adjustments Business Combinations.

Real Estate Fund Investments

Real Estate Fund Investments	9 Months Ended
	Sep. 30, 2015
Real Estate Fund [Abstract]
Real Estate Fund Investments	3 . Real Estate Fund Investments Real estate fund investments are presented at fair value on our consolidated balance sheets and are comprised of (i) Property Funds and (ii) Alternative Investment Funds. The Company Below is a summary of the fair value of fund investments on our consolidated balance sheets. (Amounts in thousands) As of Balance Sheet September 30, 2015 December 31, 2014 Real Estate Fund Investments: Property Funds $ 195,262 $ 183,216 Alternative Investment Funds 141,131 140,171 Total $ 336,393 $ 323,387 Below is a summary of the income from fund investments on our consolidated statements of income. (Amounts in thousands) Three Months Ended Nine Months Ended Income Statement September 30, 2015 September 30, 2015 Investment income $ 3,445 $ 10,793 Investment expenses 239 430 Net investment income 3,206 10,363 Net realized gains 11,955 11,955 Previously recorded unrealized gains on exited investments (6,790 ) (6,058 ) Net unrealized gains 2,562 13,966 Income from real estate fund investments $ 10,933 $ 30,226 Property Funds The purpose of the Property Funds is to invest in office buildings and related facilities primarily in New York City, Washington, D.C. and San Francisco. As of September 30, 2015, the Property Funds were comprised of (i) Fund II, (ii) Fund III, (iii) Fund VII and (iv) Fund VII-H. The following is a summary of the investments of our Property Funds. As of September 30, 2015 % Ownership 60 Wall Street One Market Plaza 50 Beale Street Fund II 10.0 % 46.3 % - - Fund III 3.1 % 16.0 % 2.0 % - Fund VII/VII-H 7.2 % - - 42.8 % Total Property Funds 62.3 % 2.0 % 42.8 % Other Investors 37.7 % 98.0 % (1) 57.2 % Total 100.0 % 100.0 % 100.0 % (1) Includes a 49.0% direct ownership interest held by us. Alternative Investment Funds The purpose of the Alternative Investment Funds is to invest primarily in real estate related debt and preferred equity investments. As of September 30, 2015, the Alternative Investment Funds were comprised of (i) PGRESS, (ii) PGRESS-H, (iii) PGRESS-A and (iv) Fund VIII, which had an aggregate of $580,200,000 of committed capital, of which we have invested $86,600,000. On September 1, 2015, PGRESS and PGRESS-H redeemed their preferred equity investment in One Court Square for $42,475,000 resulting in a realized gain on the investment of $7,455,000. On September 30, 2015, Fund VIII made a $40,000,000 mezzanine loan secured by the equity interests in the owner of 1440 Broadway, a 751,546 square foot office and retail property located in Manhattan. The loan bears interest at LIBOR plus 600 bps, matures in October 2019 and has a one-year extension option. The loan is subordinate to $265,000,000 of other debt. The following is a summary of the investments of our Alternative Investment Funds. (Amounts in thousands) % Interest/ As of Fund Investment Type Ownership Dividend Rate Initial Maturity September 30, 2015 December 31, 2014 Fund VIII Mezzanine Loans 1.7% 6.0% - 8.3% Oct-2019 - Jan-2022 $ 86,813 $ 45,947 PGRESS Funds Preferred Equity Investments 4.9% 10.3% Apr-2017 - Feb-2019 54,318 94,224 $ 141,131 $ 140,171 The Predecessor Below is a summary of realized and unrealized gains from real estate fund investments on our consolidated statement of income. (Amounts in thousands) Three Months Ended Nine Months Ended Income Statement September 30, 2014 September 30, 2014 Realized gains on real estate fund investments $ 33,432 $ 33,432 Unrealized gains on real estate fund investments 9,801 89,718 Realized and unrealized gains, net $ 43,233 $ 123,150 Asset Management Fees Our predecessor earned asset management fees from the Funds it managed. Asset management fees and expenses related to Funds included in the combined consolidated statements of income are eliminated in combination and consolidation. The limited partners’ share of such fees are reflected as a reduction of net income attributable to noncontrolling interests, which results in a corresponding increase in net income attributable to our Predecessor. Below is a summary of the asset management fees earned by our Predecessor. (Amounts in thousands) Three Months Ended Nine Months Ended Income Statement September 30, 2014 September 30, 2014 Gross asset management fees $ 7,795 $ 22,731 Eliminated fees (1) (210 ) (991 ) Net asset management fees $ 7,585 $ 21,740 (1) Eliminated fees reflect a reduction in asset management fees from the general partner interest in each of the Funds. The following tables summarize the income statements for the three and nine months ended September 30, 2014 for each of the Property Funds’ underlying investments. (Amounts in thousands) Property Funds' Underlying Investments for the Three Months Ended September 30, 2014 Statements of Income 1633 Broadway 900 Third Ave 31 West 52nd St 1301 Ave of the Americas One Market Plaza Liberty Place 1899 Penn. Ave 2099 Penn. Ave 425 Eye St Revenues: Rental income $ 39,105 $ 8,708 $ 19,885 $ 30,117 $ 17,555 $ 1,469 $ 2,027 $ 51 $ 2,639 Tenant reimbursement income 4,667 800 1,601 2,488 346 475 962 2 214 Fee and other income 1,214 198 489 870 504 16 45 9 - Total revenue 44,986 9,706 21,975 33,475 18,405 1,960 3,034 62 2,853 Expenses: Building operating 15,441 4,249 6,424 13,113 7,264 1,161 1,303 1,231 1,415 Related party management fees 768 262 353 427 191 54 68 19 91 Operating 16,209 4,511 6,777 13,540 7,455 1,215 1,371 1,250 1,506 Depreciation and amortization 3,234 1,318 8,886 12,342 8,641 - 998 - 1,400 General and administrative 23 6 25 45 170 (4 ) (3 ) 340 (30 ) Total expenses 19,466 5,835 15,688 25,927 16,266 1,211 2,366 1,590 2,876 Operating income (loss) 25,520 3,871 6,287 7,548 2,139 749 668 (1,528 ) (23 ) Unrealized gain on interest rate swaps 10,946 2,833 4,261 4,441 10,765 - - - - Interest and debt expense (13,005 ) (3,735 ) (5,622 ) (15,699 ) (13,491 ) (945 ) (1,129 ) (1,489 ) (1,277 ) Unrealized depreciation on investment in real estate - - - - - (17 ) - (5 ) - Net income (loss) before taxes 23,461 2,969 4,926 (3,710 ) (587 ) (213 ) (461 ) (3,022 ) (1,300 ) Income tax benefit (expense) - - - - - 22 97 - 21 Net income (loss) $ 23,461 $ 2,969 $ 4,926 $ (3,710 ) $ (587 ) $ (191 ) $ (364 ) $ (3,022 ) $ (1,279 ) (Amounts in thousands) Property Funds' Underlying Investments for the Nine Months Ended September 30, 2014 Statements of Income 1633 Broadway 900 Third Ave 31 West 52nd St 1301 Ave of the Americas One Market Plaza Liberty Place 1899 Penn. Ave 2099 Penn. Ave 425 Eye St Revenues: Rental income $ 112,075 $ 26,472 $ 56,106 $ 83,866 $ 53,678 $ 5,198 $ 6,071 $ 127 $ 7,939 Tenant reimbursement income 10,580 2,314 4,090 6,922 1,007 1,659 3,069 5 1,041 Fee and other income 2,438 810 3,104 2,527 2,548 39 101 19 - Total revenues 125,093 29,596 63,300 93,315 57,233 6,896 9,241 151 8,980 Expenses: Building operating 42,320 12,332 17,941 38,801 21,265 3,329 3,908 3,454 4,319 Related party management fees 2,253 787 1,008 1,264 585 186 209 21 275 Operating 44,573 13,119 18,949 40,065 21,850 3,515 4,117 3,475 4,594 Depreciation and amortization 8,801 5,049 19,960 30,897 26,327 - 2,921 - 4,193 General and administrative 33 37 59 96 464 12 13 739 84 Total expenses 53,407 18,205 38,968 71,058 48,641 3,527 7,051 4,214 8,871 Operating income (loss) 71,686 11,391 24,332 22,257 8,592 3,369 2,190 (4,063 ) 109 Unrealized gain on interest rate swaps 23,891 5,768 8,549 10,566 21,209 - - - - Interest and debt expense (38,630 ) (11,088 ) (16,691 ) (46,248 ) (40,563 ) (2,835 ) (3,386 ) (3,697 ) (3,797 ) Unrealized depreciation on investment in real estate - - - - - (506 ) - (535 ) - Net income (loss) before taxes 56,947 6,071 16,190 (13,425 ) (10,762 ) 28 (1,196 ) (8,295 ) (3,688 ) Income tax (expense) benefit - - - - - (4 ) 279 - (2,294 ) Net income (loss) $ 56,947 $ 6,071 $ 16,190 $ (13,425 ) $ (10,762 ) $ 24 $ (917 ) $ (8,295 ) $ (5,982 )

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	9 Months Ended
	Sep. 30, 2015
Equity Method Investments And Joint Ventures [Abstract]
Investments in Unconsolidated Joint Ventures	4. Investments in Unconsolidated Joint Ventures The following table summarizes our investments in unconsolidated joint ventures as of September 30, 2015 and December 31, 2014. % Ownership at As of (Amounts in thousands) September 30, 2015 September 30, 2015 December 31, 2014 Investments: 712 Fifth Avenue 50.0 % $ 3,038 $ 1,697 Oder-Center, Germany 9.5 % 3,499 4,052 $ 6,537 $ 5,749 The following table summarizes income from unconsolidated joint ventures for the three and nine months ended September 30, 2015 and 2014. % The The Predecessor Ownership Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended (Amounts in thousands) September 30, 2015 September 30, 2015 September 30, 2015 September 30, 2014 September 30, 2014 Our share of Net Income (Loss): 712 Fifth Avenue 50.0 % $ 1,433 $ 4,358 $ 1,845 $ 3,869 1325 Avenue of the Americas n/a - - (68 ) (57 ) 900 Third Avenue (1) n/a - - - - Oder-Center (2) 9.5 % 25 86 - - $ 1,458 $ 4,444 $ 1,777 $ 3,812 (1) As of September 30, 2014, our Predecessor’s investment in 900 Third Avenue had a deficit balance and since our Predecessor had no obligations to fund operating losses, it did not recognize any losses in excess of its investment balance. All unrecognized losses were aggregated to offset future net income until all unrecognized losses were utilized. (2) We account for our interest in Oder-Center on a one quarter lag basis. 712 Fifth Avenue As of September 30, 2015, we own a 50.0% interest in a joint venture that owns 712 Fifth Avenue, which is accounted under the equity method. The following tables summarize 712 Fifth Avenue’s financial information as of the dates of and for the periods set forth below. (Amounts in thousands) As of Balance Sheets September 30, 2015 December 31, 2014 Rental property, net $ 214,741 $ 221,827 Other assets 42,418 46,126 Total assets $ 257,159 $ 267,953 Mortgage and notes payable $ 246,500 $ 246,500 Other liabilities 16,843 30,321 Total liabilities 263,343 276,821 Equity (1) (6,184 ) (8,868 ) Total liabilities and equity $ 257,159 $ 267,953 (1) The Company The Predecessor (Amounts in thousands) Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended Income Statements September 30, 2015 September 30, 2015 September 30, 2014 September 30, 2014 Rental income $ 12,575 $ 37,021 $ 11,920 $ 34,609 Tenant reimbursement income 1,059 3,795 1,116 3,385 Fee and other income 287 910 250 888 Total revenue 13,921 41,726 13,286 38,882 Operating 5,500 17,557 5,852 17,178 Depreciation and amortization 2,945 8,829 2,743 8,268 General and administrative - - 45 100 Total expenses 8,445 26,386 8,640 25,546 Operating income 5,476 15,340 4,646 13,336 Unrealized gain on interest rate swaps 74 2,094 2,692 5,337 Interest and other income, net 3 8 - - Interest and debt expense (2,687 ) (8,726 ) (3,650 ) (10,936 ) Net income $ 2,866 $ 8,716 $ 3,688 $ 7,737

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	9 Months Ended
	Sep. 30, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets and Liabilities	5 . Intangible Assets and Liabilities The following summarizes our intangible assets (primarily acquired above-market leases and acquired in-place leases) and intangible liabilities (primarily acquired below-market leases) as of September 30, 2015 and December 31, 2014. As of (Amounts in thousands) September 30, 2015 December 31, 2014 Intangible assets: Gross amount $ 663,367 $ 689,894 Accumulated amortization (116,935 ) (20,509 ) $ 546,432 $ 669,385 Intangible liabilities: Gross amount $ 222,772 $ 222,985 Accumulated amortization (29,730 ) (3,757 ) $ 193,042 $ 219,228 Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental income of $1,477,000 and $3,239,000 for the three and nine months ended September 30, 2015, respectively. Estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding years commencing January 1, 2016 is as follows. (Amounts in thousands) 2016 $ 20,130 2017 6,926 2018 8,832 2019 8,051 2020 6,677 Amortization of acquired in-place leases (a component of depreciation and amortization expense) was $29,376,000 and $100,006,000 for the three and nine months ended September 30, 2015, respectively. Estimated annual amortization of acquired in-place leases for each of the five succeeding years commencing January 1, 2016 is as follows. (Amounts in thousands) 2016 $ 87,347 2017 55,475 2018 49,128 2019 44,516 2020 39,002

Debt

Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt	6. Debt The following is a summary of our outstanding debt. Interest Rate at Balance at (Amounts in thousands) Maturity Date Fixed/Variable Rate September 30, 2015 September 30, 2015 December 31, 2014 Mortgages and notes payable 1633 Broadway Dec-2016 Fixed (1) 6.10 % $ 772,100 $ 772,100 Dec-2016 Variable 1.62 % 154,160 154,160 5.35 % 926,260 926,260 900 Third Avenue Nov-2017 Fixed (1) 5.35 % 255,000 255,000 Nov-2017 Variable 1.78 % 19,337 19,337 5.10 % 274,337 274,337 31 West 52nd Street (64.2% interest) Dec-2017 Fixed (1) 5.74 % 337,500 337,500 Dec-2017 Variable 1.70 % 75,990 75,990 5.00 % 413,490 413,490 One Market Plaza (49.0% interest) Dec-2019 Fixed (1) 6.14 % 856,183 853,711 Waterview June-2017 Fixed 5.76 % 210,000 210,000 1899 Pennsylvania Avenue Nov-2020 Fixed 4.88 % 89,465 90,489 Liberty Place June-2018 Fixed 4.50 % 84,000 84,000 Total mortgages and notes payable 5.50 % $ 2,853,735 $ 2,852,287 (1) Represents loans with variable interest rates that have been fixed by interest rate swaps (See Note 7, Derivative Instruments and Hedging Activities ). Revolving Credit Facility As of September 30, 2015, there were no amounts outstanding under our senior unsecured revolving credit facility and $200,000,000 was reserved under a letter of credit.

Derivatives Instruments and Hed

Derivatives Instruments and Hedging Activities	9 Months Ended
	Sep. 30, 2015
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivatives Instruments and Hedging Activities	7. Derivative Instruments and Hedging Activities We manage our market risk on variable rate debt by entering into interest rate swaps to fix the rate on all or a portion of the debt for varying periods through maturity. These interest rate swaps are accounted for as derivative instruments and, pursuant to ASC 815, are recorded on our balance sheet at fair value. Changes in the fair value of interest rate swaps are accounted for based on the hedging relationship and their designation and qualification as either fair value hedges or cash flow hedges. Interest Rate Swaps – Non-designated Hedges As of September 30, 2015, we had 23 interest rate swaps with an aggregate notional amount of $2.2 billion that were not designated as hedges. Changes in the fair value of interest rate swaps that are not designated as hedges are recognized in earnings. In the three and nine months ended September 30, 2015, we recognized unrealized gains of $15,772,000 and $49,497,000, respectively, from the changes in the fair value of these interest rate swaps. The table below provides additional details on our interest rate swaps that are not designated as hedges. Notional Strike Fair Value as of Property Amount Effective Date Maturity Date Rate September 30, 2015 December 31, 2014 (Amounts in thousands) 1633 Broadway $ 772,100 Dec-2006 to Jun-2008 Dec-2016 4.92 % $ 40,043 $ 60,191 900 Third Ave 255,000 Nov-2007 to Nov-2012 Nov-2015 to Nov-2017 4.15 % 14,495 19,158 31 W 52nd Street 337,500 Dec-2007 to Dec-2012 Dec-2015 to Dec-2017 4.49 % 22,114 28,748 One Market Plaza 840,000 Aug-2007 to Aug-2012 Aug-2017 5.02 % 68,047 86,099 Total interest rate swap liabilities related to non-designated hedges $ 144,699 $ 194,196 Interest Rate Swaps – Designated as Cash Flow Hedges On September 16, 2015, we entered into three forward starting interest rate swaps with an aggregate notional amount of $1.0 billion in advance of the anticipated refinancing of the mortgage debt at 1633 Broadway. These interest rate swaps are designated as cash flow hedges. Changes in the fair value of interest rate swaps that are designated as cash flow hedges are recognized in accumulated other comprehensive income (outside of earnings). In the three and nine months ended September 30, 2015, we recognized other comprehensive losses of $18,602,000 from the changes in the fair value of these interest rate swaps. The table below provides additional details on our interest rate swaps that are designated as cash flow hedges. Notional Strike Fair Value as of Property Amount Effective Date Maturity Date Rate September 30, 2015 December 31, 2014 (Amounts in thousands) 1633 Broadway $ 1,000,000 Dec-2015 Dec-2020 to Dec-2022 1.79 % $ 18,602 $ - Total interest rate swap liabilities related to cash flow hedges $ 18,602 $ -

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (“AOCI”)	9 Months Ended
	Sep. 30, 2015
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Accumulated Other Comprehensive Income (“AOCI”)	8. Accumulated Other Comprehensive Income (“AOCI”) The following tables set forth the changes in accumulated other comprehensive income (loss) by component. (Amounts in thousands) Total Pro rata share of OCI of unconsolidated joint ventures Change in value of interest rate swaps For the Three Months Ended September 30, 2015 Balance as of June 30, 2015 $ (493 ) $ (493 ) $ - OCI before reclassifications (1) (14,896 ) 63 (14,959 ) Amounts reclassified from AOCI - - - Net current period OCI (14,896 ) 63 (14,959 ) Balance as of September 30, 2015 $ (15,389 ) $ (430 ) $ (14,959 ) For the Nine Months Ended September 30, 2015 Balance as of December 31, 2014 $ - $ - $ - OCI before reclassifications (1) (15,389 ) (430 ) (14,959 ) Amounts reclassified from AOCI - - - Net current period OCI (15,389 ) (430 ) (14,959 ) Balance as of September 30, 2015 $ (15,389 ) $ (430 ) $ (14,959 ) (1)

Noncontrolling Interests

Noncontrolling Interests	9 Months Ended
	Sep. 30, 2015
Noncontrolling Interest [Abstract]
Noncontrolling Interests	9. Noncontrolling Interests Consolidated Joint Ventures and Funds Noncontrolling interests in consolidated joint ventures and funds consists of (i) equity interests in properties that are not wholly owned by us but are consolidated into our financial results because we exercise control over the entities that own such properties and (ii) equity interests in funds that are consolidated into our financial results because we are the sole general partner of such Funds. As of September 30, 2015 and December 31, 2014, noncontrolling interests in consolidated joint ventures and funds on our consolidated balance sheets aggregated $781,343,000 and $685,888,000, respectively. Operating Partnership Noncontrolling interests in the Operating Partnership represents common units of the Operating Partnership that are held by third parties, including management and units issued to management under equity incentive plans. Common units of the Operating Partnership may be tendered for redemption to the Operating Partnership for cash. We, at our option, may assume that obligation and pay the holder either cash or common shares on a one-for-one basis. Since the number of common shares outstanding is equal to the number of common units owned by us, the redemption value of each common unit is equal to the market value of each common share and distributions paid to each common unitholder is equivalent to dividends paid to common stockholders. As of September 30, 2015, noncontrolling interests in the Operating Partnership on our consolidated balance sheets had a carrying amount of $897,680,000 and a redemption value of $867,889,000.

Variable Interest Entities ("VI

Variable Interest Entities ("VIEs")	9 Months Ended
	Sep. 30, 2015
Variable Interest Entities [Abstract]
Variable Interest Entities ("VIEs")	10 . Variable Interest Entities (“VIEs”) As of September 30, 2015 and December 31, 2014, we held variable interests in PGRESS-A, PGRESS-H, Residential Fund Feeder and Fund VII-H, which were determined to be VIEs. We are required to consolidate our interests in these entities because we are deemed to be the primary beneficiary and have the power to direct the activities of the entity that most significantly affect economic performance and the obligation to absorb losses and right to receive benefits that could potentially be significant to the entity. The table below summarizes the assets and liabilities of these entities. The liabilities are secured only by the assets of the entities, and are non-recourse to us. Balance as of (Amounts in thousands) September 30, 2015 December 31, 2014 Investments, at fair value $ 16,854 $ 17,136 Investments, at cost 63,587 63,550 Cash and restricted cash 871 4,976 Accounts and other receivables 454 - Total VIE assets $ 81,766 $ 85,662 Loans payable to noncontrolling interests $ 44,822 $ 42,195 Other liabilities 309 131 Total VIE liabilities $ 45,131 $ 42,326

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	11 . Fair Value Measurements ASC 820, Fair Value Measurement and Disclosures, Financial Assets and Liabilities measured at Fair Value Financial assets and liabilities that are measured at fair value on our consolidated balance sheets consists of (i) real estate fund investments, (ii) marketable securities (which represent the assets in our deferred compensation plan, for which there is a corresponding liability on our consolidated balance sheets) and (iii) interest rate swaps. The table below aggregates the fair values of these financial assets and liabilities at September 30, 2015 and December 31, 2014, based on their levels in the fair value hierarchy. As of September 30, 2015 (Amounts in thousands) Total Level 1 Level 2 Level 3 Real estate fund investments: Investments in Property Funds $ 195,262 $ - $ - $ 195,262 Investments in Alternative Investment Funds 141,131 - - 141,131 Total real estate fund investments 336,393 - - 336,393 Marketable securities 20,365 20,365 - - Total assets $ 356,758 $ 20,365 $ - $ 336,393 Interest rate swap liabilities $ 163,301 - $ 163,301 - Total liabilities $ 163,301 $ - $ 163,301 $ - As of December 31, 2014 (Amounts in thousands) Total Level 1 Level 2 Level 3 Real estate fund investments: Investments in Property Funds $ 183,216 $ - $ - $ 183,216 Investments in Alternative Investment Funds 140,171 - - 140,171 Total real estate fund investments 323,387 - - 323,387 Marketable securities 20,159 20,159 - - Total assets $ 343,546 $ 20,159 $ - $ 323,387 Interest rate swap liabilities $ 194,196 - $ 194,196 - Total liabilities $ 194,196 $ - $ 194,196 $ - Property Funds At September 30, 2015, the Property Funds had three investments. These investments are classified as Level 3. We obtain third party appraisals at least annually. We use a discounted cash flow valuation technique to estimate the fair value of each of these investments, which is updated quarterly by personnel responsible for the management of each investment and reviewed by senior management at each reporting period. The discounted cash flow valuation technique requires us to estimate cash flows for each investment over the anticipated holding period, which currently ranges from 1.0 to 10.0 years. Cash flows are derived from property rental revenue (base rents plus reimbursements) less operating expenses, real estate taxes and capital and other costs, plus projected sales proceeds in the year of exit. Property rental revenue is based on leases currently in place and our estimates for future leasing activity, which are based on current market rents for similar space. Similarly, estimated real estate taxes and operating expenses are based on amounts incurred in the current period plus a projected growth factor for future periods. Anticipated sales proceeds at the end of an investment’s expected holding period are determined based on the net cash flow of the investment in the year of exit, divided by a terminal capitalization rate, less estimated selling costs. The fair value of each property is calculated by discounting future cash flows (including anticipated sales proceeds), using an appropriate discount rate. The fair value of the investment is calculated by subtracting property level debt, if any, from the fair value of the property. Significant unobservable inputs used in determining the fair value of each investment include capitalization rates and discount rates. These rates are based on, among other factors, location and type of property. Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of the Property Fund investments at September 30, 2015 and December 31, 2014. As of September 30, 2015 As of December 31, 2014 Unobservable Quantitative Input Range Weighted average (based on fair value of investments) Range Weighted average (based on fair value of investments) Discount rates 7.00% 7.00% 6.50% - 7.25% 6.83% Terminal capitalization rates 5.00% - 6.00% 5.55% 5.50% - 6.00% 5.72% The above inputs are subject to change based on changes in economic and market conditions and/or changes in use or timing of exit. Changes in discount rates and terminal capitalization rates result in increases, or decreases, in the fair values of these investments. The discount rates encompass, among other things, uncertainties in the valuation models with respect to terminal capitalization rates and the amount and timing of cash flows. Therefore, a change in the fair value of these investments resulting from a change in the terminal capitalization rate may be partially offset by a change in the discount rate. Significant increases (decreases) in any of these inputs in isolation would result in a significantly lower (higher) fair value, respectively. Alternative Investment Funds At September 30, 2015, the investments in the Alternative Investment Funds were comprised of mezzanine loans and preferred equity investments. These investments are classified as Level 3. Estimates of the fair value of these investments are determined by the standard practice of modeling the contractual cash flows required and discounting it back to its present value at the appropriate risk adjusted interest rate. The balances are updated quarterly by a third party and reviewed by senior management at each reporting period. Significant unobservable inputs used in determining the fair value of these investments include credit spreads and preferred returns. Significant increases (decreases) in any of these inputs in isolation would result in a significantly lower (higher) fair value, respectively. Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of the investments in the Alternative Investment Funds at September 30, 2015 and December 31, 2014. As of September 30, 2015 As of December 31, 2014 Unobservable Quantitative Input Range Weighted average (based on fair value of investments) Range Weighted average (based on fair value of investments) Preferred return 7.32% - 11.10% 9.14% 8.50% - 14.00% 11.07% The table below summarizes the changes in the fair value of Real Estate Fund Investments that are classified as Level 3, for the three and nine months ended September 30, 2015 and 2014. The Company The Predecessor Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended (Amounts in thousands) September 30, 2015 September 30, 2015 September 30, 2014 September 30, 2014 Beginning balance $ 335,545 $ 323,387 $ 2,402,987 $ 2,158,889 Purchases 40,096 40,118 91,995 256,176 Sales (42,475 ) (42,475 ) (221,661 ) (221,661 ) Net realized gains 7,455 7,455 33,432 33,432 Previously recorded unrealized gains on exited investments (6,790 ) (6,058 ) - - Net unrealized gains 2,562 13,966 9,801 89,718 Ending Balance $ 336,393 $ 336,393 $ 2,316,554 $ 2,316,554 Interest Rate Swaps Interest rate swaps are valued by a third-party specialist. The valuation of these interest rate swaps is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the interest rate swaps and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. Interest rate swaps are classified as Level 2. Financial Assets and Liabilities Not Measured at Fair Value Financial assets not measured at fair value on our consolidated balance sheets consists of cash equivalents, and are classified as Level 1 as their carrying amount approximates their fair value, due to their short-term nature. Financial liabilities not measured at fair value include mortgages and notes payable. Estimates of the fair value of these instruments are determined by the standard practice of modeling the contractual cash flows required under the instrument and discounting them back to their present value at the appropriate current risk adjusted interest rate, which is provided by a third-party specialist. For floating rate debt, we use forward rates derived from observable market yield curves to project the expected cash flows we would be required to make under the instrument. These instruments are classified as Level 2. The following is a summary of the carrying amounts and fair value of these financial instruments as of September 30, 2015 and December 31, 2014. As of September 30, 2015 As of December 31, 2014 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Cash equivalents $ 36,408 $ 36,408 $ 401,215 $ 401,215 Total Assets $ 36,408 $ 36,408 $ 401,215 $ 401,215 As of September 30, 2015 As of December 31, 2014 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Mortgage and notes payable $ 2,853,735 $ 2,802,234 $ 2,852,287 $ 2,796,842 Total Liabilities $ 2,853,735 $ 2,802,234 $ 2,852,287 $ 2,796,842

Fee and Other Income

Fee and Other Income	9 Months Ended
	Sep. 30, 2015
Fee And Other Income [Abstract]
Fee and Other Income	12 . Fee and Other Income The following table sets forth the details of our fee and other income. The Company The Predecessor Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended (Amounts in thousands) September 30, 2015 September 30, 2015 September 30, 2014 September 30, 2014 Fee income Property management fees $ 1,559 $ 4,274 $ 3,615 $ 11,630 Acquisition and disposition fees 400 400 6,270 7,308 Construction fees 36 147 1,872 4,302 Other fees 90 579 2,171 2,270 Total fee income 2,085 5,400 13,928 25,510 Other income (1) 4,766 10,894 - - Total fee and other income $ 6,851 $ 16,294 $ 13,928 $ 25,510 (1) Other income is primarily comprised of (i) tenant payments for items such as after hour heating and cooling, freight elevator services and similar expenses and (ii) lease termination income.

Interest and Other Income

Interest and Other Income	9 Months Ended
	Sep. 30, 2015
Interest And Other Income [Abstract]
Interest and Other Income	1 3 . Interest and Other Income The following table sets forth the details of interest and other income. The Company The Predecessor Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended (Amounts in thousands) September 30, 2015 September 30, 2015 September 30, 2014 September 30, 2014 Mark-to-market of investments in our deferred compensation plans (1) $ (1,940 ) $ (845 ) $ (146 ) $ 1,082 Interest and other income 177 448 147 625 Total interest and other income (loss) $ (1,763 ) $ (397 ) $ 1 $ 1,707 (1) The change resulting from the mark-to-market of the deferred compensation plan assets is entirely offset by the change in the deferred compensation plan liabilities, which is included in general and administrative expenses.

Interest and Debt Expense

Interest and Debt Expense	9 Months Ended
	Sep. 30, 2015
Interest And Debt Expense [Abstract]
Interest and Debt Expense	14. Interest and Debt Expense The following table sets forth the details of interest and debt expense. The Company The Predecessor Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended (Amounts in thousands) September 30, 2015 September 30, 2015 September 30, 2014 September 30, 2014 Interest and debt expense $ 42,237 $ 125,191 $ 7,906 $ 23,477 Amortization of deferred financing costs 584 1,754 109 325 Total interest and debt expense $ 42,821 $ 126,945 $ 8,015 $ 23,802

Incentive Compensation

Incentive Compensation	9 Months Ended
	Sep. 30, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Incentive Compensation	1 5 . Incentive Compensation Stock-Based Compensation We account for all stock-based compensation in accordance with ASC 718, Compensation – Stock Compensation On April 1, 2015, the compensation committee (the “Compensation Committee”) of the board of directors approved the Company’s 2015 Performance Program (the “2015 Performance Program”), a multi-year performance-based equity compensation program. The purpose of the 2015 Performance Program is to further align the interests of the Company’s stockholders with that of management by encouraging the Company’s senior officers to create stockholder value in a “pay for performance” structure. Under the 2015 Performance Program, participants may earn awards in the form of LTIP Units of the Operating Partnership based on the Company’s total return to stockholders (“TRS”) over a three-year performance measurement period beginning on April 1, 2015 and continuing through March 31, 2018, on both an absolute basis and relative basis. One-half of the award is earned if the Company outperforms a predetermined absolute TRS and the other half is earned if the Company outperforms a predetermined relative TRS. Specifically, participants begin to earn awards under the 2015 Performance Program if the Company’s TRS for the performance measurement period equals or exceeds 21% on an absolute basis and exceeds the performance of the SNL Office REIT Index by 100 basis points on a relative basis, and awards will be fully earned if the Company’s TRS for the performance measurement period equals or exceeds 40% on an absolute basis and exceeds the performance of the SNL Office REIT Index by 700 basis points on a relative basis. Participants will not earn any awards under the 2015 Performance Program if the Company’s TRS during the performance measurement period does not meet these minimum thresholds. The number of LTIP Units that are earned if performance is above the minimum thresholds, but below the maximum thresholds, will be determined based on linear interpolation between the percentages earned at the minimum and maximum thresholds. During the performance measurement period, participants will receive per unit distribution equal to one-tenth of the per share dividends otherwise payable to the Company’s common stockholders with respect to their LTIP Units. If the LTIP Units are ultimately earned based on the achievement of the designated performance objectives, participants will receive cash or additional LTIP Units based on the amount the participants would have received if per unit distributions during the performance measurement period for the earned LTIP Units had equaled per share dividends paid to the Company’s common stockholders less the amount of distributions participants actually received during the performance measurement period. If the designated performance objectives are achieved, awards earned under the 2015 Performance Program will also be subject to vesting based on continued employment with the Company through April 1, 2020, with 50% of each award vesting following the conclusion of the performance period, and 25% vesting on each of April 1, 2019 and April 1, 2020. The fair value of awards granted under the 2015 Performance Program on the date of grant was $7,930,000 and is being amortized into expense over the five-year vesting period using a graded vesting attribution method. Deferred Compensation In connection with the Formation Transactions, we assumed a deferred compensation plan (the “1993 Plan”) from our Predecessor. The 1993 Plan permits certain management employees to defer certain percentages of their compensation, as defined. The assets of the 1993 Plan remain the sole property of the Company and are subject to the claims of its general creditors. The assets of the 1993 Plan are included in “marketable securities” and “restricted cash,” with an offsetting liability included in “other liabilities” on our consolidated balance sheets. Income from the mark-to-market of investments in our deferred compensation plan is included in “interest and other income” and this amount is entirely offset by expense from the mark-to-market of plan liabilities, which is included as a component of “general and administrative” expenses on our consolidated statements of income. The 1993 Plan had a balance of $27,894,000 and $28,148,000 as of September 30, 2015 and December 31, 2014, respectively.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	16. Earnings Per Share The following table provides a summary of net income (loss) and the number of common shares used in the computation of basic income per common share - which includes the weighted average number of common shares outstanding without regard to dilutive potential common shares, and diluted loss per common share - which includes the weighted average common shares and dilutive share equivalents. Dilutive share equivalents may include our employee stock options and restricted stock. Three Months Ended Nine Months Ended (Amounts in thousands, except per share amounts) September 30, 2015 September 30, 2015 Numerator: Net income (loss) attributable to Paramount Group, Inc. - basic and diluted $ 1,116 $ (13,324 ) Denominator: Denominator for basic income (loss) per share - weighted average shares 212,107 212,107 Effect of dilutive employee stock options and restricted share awards (1) 1 - Denominator for diluted income (loss) per share - weighted average shares 212,108 212,107 Income (loss) per share - basic and diluted $ 0.01 $ (0.06 ) (1) The effect of dilutive securities in the three and nine months ended September 30, 2015 excludes an aggregate of 53,360 and 53,252 weighted average share equivalents, respectively, as their effect was anti-dilutive.

Related Party

Related Party	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party	1 7 . Related Party Due to Affiliates As of September 30, 2015 and December 31, 2014, we had an aggregate of $27,299,000 of liabilities that were due to affiliates. These liabilities were comprised of a $24,500,000 note payable to CNBB-RDF Holdings, LP, which is an entity owned by Maren Otto, Katharina Otto-Bernstein and Alexander Otto, and a $2,799,000 note payable to a different entity owned by members of the Otto Family, both of which were made in lieu of certain cash distributions prior to the completion of the Formation Transactions. The notes are due in October 2017 and bear interest at a fixed rate of 0.50%. Related Party Transactions In the three months ended September 30, 2015, certain of the Property Funds that were controlled by our Predecessor, received an aggregate of $5,482,000 (of which our share was $121,000), for the reimbursement of certain costs and expenses, from CNBB-RDF Holdings, LP.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	1 8 . Commitments and Contingencies Insurance We carry commercial general liability coverage on our properties, with limits of liability customary within the industry. Similarly, we are insured against the risk of direct and indirect physical damage to our properties including coverage for the perils of flood and earthquake shock. Our policies also cover the loss of rental income during an estimated reconstruction period. Our policies reflect limits and deductibles customary in the industry and specific to the buildings and portfolio. We also obtain title insurance policies when acquiring new properties. We currently have coverage for losses incurred in connection with both domestic and foreign terrorist-related activities. While we do carry commercial general liability insurance, property insurance and terrorism insurance with respect to our properties, these policies include limits and terms we consider commercially reasonable. In addition, there are certain losses (including, but not limited to, losses arising from known environmental conditions or acts of war) that are not insured, in full or in part, because they are either uninsurable or the cost of insurance makes it, in our belief, economically impractical to maintain such coverage. Should an uninsured loss arise against us, we would be required to use our own funds to resolve the issue, including litigation costs. We believe the policy specifications and insured limits are adequate given the relative risk of loss, the cost of the coverage and industry practice and, in the opinion of our management, the properties in our portfolio are adequately insured. Other Commitments and Contingencies We are a party to various claims and routine litigation arising in the ordinary course of business. Some of these claims or others to which we may be subject from time to time, including claims arising specifically from the Formation Transactions, may result in defense costs, settlements, fines or judgments against us, some of which are not, or cannot be, covered by insurance. Payment of any such costs, settlements, fines or judgments that are not insured could have an adverse impact on our financial position and results of operations. Should any litigation arise in connection with the Formation Transactions, we would contest it vigorously. The terms of our mortgage debt and certain side letters in place include certain restrictions and covenants which may limit, among other things, certain investments, the incurrence of additional indebtedness and liens and the disposition or other transfer of assets and interests in the borrower and other credit parties, and requires compliance with certain debt yield, debt service coverage and loan to value ratios. In addition, our senior unsecured revolving credit facility contains representations, warranties, covenants, other agreements and events of default customary for agreements of this type with comparable companies. As of September 30, 2015, we believe we are in compliance with all of our covenants. 718 Fifth Avenue - Put Right Prior to the Formation Transactions, an affiliate of our Predecessor owned a 25.0% interest in 718 Fifth Avenue, a five-story building containing 19,050 square feet of prime retail space that is located on the southwest corner of 56th Street and Fifth Avenue in New York, (based on its 50.0% interest in a joint venture that held a 50.0% tenancy-in-common interest in the property). Prior to the completion of the Formation Transactions, this interest was sold to its partner in the 718 Fifth Avenue joint venture, who is also our partner in the joint venture that owns 712 Fifth Avenue, New York, New York. In connection with this sale, we granted our joint venture partner a put right, pursuant to which the 712 Fifth Avenue joint venture would be required to purchase the entire direct or indirect interests held by our joint venture partner or its affiliates in 718 Fifth Avenue at a purchase price equal to the fair market value of such interests. The put right may be exercised at any time after the four-year anniversary of the sale of its interest in 718 Fifth Avenue (i.e., September 10, 2018) upon 12 months written notice with the actual purchase occurring no earlier than the five-year anniversary of such sale (i.e., September 10, 2019). If the put right is exercised and the 712 Fifth Avenue joint venture acquires the 50.0% tenancy-in-common interest in the property that will be held by our joint venture partner following the sale of its interest to our joint venture partner, we will own a 25.0% interest in 718 Fifth Avenue.

Segments Disclosure

Segments Disclosure	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Segments Disclosure	1 9 . Segments Disclosure The Company Upon completion of the Offering and Formation Transactions, we acquired substantially all of the assets of our Predecessor and substantially all of the assets of the Property Funds that it controlled. Our business, following the Formation Transactions, is comprised of one reportable segment. We have determined that our properties have similar economic characteristics to be aggregated into one reportable segment (operating, leasing and managing office properties). Our determination was based, in part, on our method of internal reporting. The following tables provide selected results for each reportable segment for the three and nine months ended September 30, 2015 and 2014. For the Three Months Ended September 30, 2015 Owned (Amounts in thousands) Properties Other Total Income Statement Data: Revenues Rental income $ 145,711 $ 759 $ 146,470 Tenant reimbursement income 14,405 - 14,405 Fee and other income 4,767 2,084 6,851 Total revenues 164,883 2,843 167,726 Total expenses 134,667 6,492 141,159 Operating income (loss) 30,216 (3,649 ) 26,567 Income from real estate fund investments - 10,933 10,933 Income from unconsolidated joint ventures 1,433 25 1,458 Unrealized gains on interest rate swaps 15,772 - 15,772 Interest and other (loss) income, net 119 (1,882 ) (1,763 ) Interest and debt expense (41,811 ) (1,010 ) (42,821 ) Net income before income taxes 5,729 4,417 10,146 Income tax (expense) benefit 275 (1,064 ) (789 ) Net income 6,004 3,353 9,357 Add: Depreciation and amortization 70,366 288 70,654 General and administrative - 6,666 6,666 Interest and debt expense 41,811 1,010 42,821 Acquisition and transaction related costs - 485 485 Income tax (expense) benefit (275 ) 1,064 789 Net Operating Income from unconsolidated joint ventures 4,210 93 4,303 Less: Income from real estate fund investments - (10,933 ) (10,933 ) Income from unconsolidated joint ventures (1,433 ) (25 ) (1,458 ) Fee income - (2,085 ) (2,085 ) Unrealized gains on interest rate swaps (15,772 ) - (15,772 ) Interest and other (loss) income, net (119 ) 1,882 1,763 Net Operating Income (1) $ 104,792 $ 1,798 $ 106,590 For the Nine Months Ended September 30, 2015 Owned (Amounts in thousands) Properties Other Total Income Statement Data: Revenues Rental income $ 433,537 $ 2,093 $ 435,630 Tenant reimbursement income 39,956 - 39,956 Fee and other income 10,890 5,404 16,294 Total revenues 484,383 7,497 491,880 Total expenses 408,319 36,602 444,921 Operating income (loss) 76,064 (29,105 ) 46,959 Income from real estate fund investments - 30,226 30,226 Income from unconsolidated joint ventures 4,358 86 4,444 Unrealized gains on interest rate swaps 49,497 - 49,497 Interest and other (loss) income, net 304 (701 ) (397 ) Interest and debt expense (120,684 ) (6,261 ) (126,945 ) Net income (loss) before income taxes 9,539 (5,755 ) 3,784 Income tax (expense) benefit 282 (2,988 ) (2,706 ) Net income (loss) 9,821 (8,743 ) 1,078 Add: Depreciation and amortization 222,822 836 223,658 General and administrative - 28,412 28,412 Interest and debt expense 120,684 6,261 126,945 Transfer taxes due in connection with the sale of shares by a former joint venture partner - 5,872 5,872 Acquisition and transaction related costs - 3,960 3,960 Income tax (expense) benefit (282 ) 2,988 2,706 Net Operating Income from unconsolidated joint ventures 12,084 278 12,362 Less: Income from real estate fund investments - (30,226 ) (30,226 ) Income from unconsolidated joint ventures (4,358 ) (86 ) (4,444 ) Fee income - (5,400 ) (5,400 ) Unrealized gains on interest rate swaps (49,497 ) - (49,497 ) Interest and other (loss) income, net (304 ) 701 397 Net Operating Income (1) $ 310,970 $ 4,853 $ 315,823 (1) The Predecessor Our Predecessor historically operated an integrated business that consisted of three reportable segments, (i) Owned Properties, (ii) Managed Funds and (iii) a Management Company. The Owned Properties segment consisted of properties in which our Predecessor had a direct or indirect ownership interest, other than properties that it owned through its private equity real estate funds. The Managed Funds segment consisted of the private equity real estate funds. In addition, our Predecessor included a Management Company that performed property management and asset management services and certain general and administrative level functions, including legal and accounting, as a separate reportable segment. For the Three Months Ended September 30, 2014 Owned Managed Management (Amounts in thousands) Properties Funds Company Eliminations Total Income Statement Data: Revenues Rental income $ 7,765 $ 1,010 $ - $ - $ 8,775 Tenant reimbursement income 370 - - - 370 Distributions from real estate fund investments - 5,086 - - 5,086 Realized and unrealized gains, net - 43,233 - - 43,233 Fee and other income - - 21,976 (8,048 ) 13,928 Total revenues 8,135 49,329 21,976 (8,048 ) 71,392 Total expenses 6,511 8,107 11,136 (8,048 ) 17,706 Operating income 1,624 41,222 10,840 - 53,686 Income from unconsolidated joint ventures 1,777 - 17,726 (17,726 ) 1,777 Unrealized loss on interest rate swaps - (477 ) - - (477 ) Interest and other income, net (89 ) 75 15 - 1 Interest and debt expense (3,983 ) (4,032 ) - - (8,015 ) Net income (loss) before income taxes (671 ) 36,788 28,581 (17,726 ) 46,972 Income tax expense - - (820 ) - (820 ) Net income (loss) (671 ) 36,788 27,761 (17,726 ) 46,152 Net income attributable to noncontrolling interests - (33,248 ) - - (33,248 ) Net income (loss) attributable to the Predecessor $ (671 ) $ 3,540 $ 27,761 $ (17,726 ) $ 12,904 For the Nine Months Ended September 30, 2014 Owned Managed Management (Amounts in thousands) Properties Funds Company Eliminations Total Income Statement Data: Revenues Rental income $ 23,229 $ 1,858 $ - $ - $ 25,087 Tenant reimbursement income 1,266 - - - 1,266 Distributions from real estate fund investments - 16,333 - - 16,333 Realized and unrealized gains, net - 123,150 - - 123,150 Fee and other income - - 49,886 (24,376 ) 25,510 Total revenues 24,495 141,341 49,886 (24,376 ) 191,346 Total expenses 20,013 25,108 34,861 (24,376 ) 55,606 Operating income 4,482 116,233 15,025 - 135,740 Income from unconsolidated joint ventures 3,812 - 43,584 (43,584 ) 3,812 Unrealized loss on interest rate swaps - (673 ) - - (673 ) Interest and other income, net 1,258 431 18 - 1,707 Interest and debt expense (11,648 ) (12,115 ) (39 ) - (23,802 ) Net income (loss) before income taxes (2,096 ) 103,876 58,588 (43,584 ) 116,784 Income tax expense - - (7,925 ) - (7,925 ) Net income (loss) (2,096 ) 103,876 50,663 (43,584 ) 108,859 Net income attributable to noncontrolling interests - (86,381 ) - - (86,381 ) Net income (loss) attributable to the Predecessor $ (2,096 ) $ 17,495 $ 50,663 $ (43,584 ) $ 22,478

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	20. Subsequent Events On October 1, 2015, we completed the acquisition of the remaining 35.8% ownership interest that we did not own in 31 West 52nd Street from our joint venture partner for $378,000,000, comprised of $230,000,000 in cash and the assumption of $148,000,000 of existing debt. On October 29, 2015, Fund VII and Fund VII-H completed the acquisition of 670 Broadway, a 77,480 square foot office building located in Manhattan, for $112,000,000, comprised of $42,000,000 in cash and $70,000,000 of initial mortgage debt.

Basis of Presentation and Sig30

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated and combined financial statements include the accounts of Paramount and its consolidated subsidiaries, including the Operating Partnership. All significant inter-company amounts have been eliminated. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, result of operations and changes in the cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These consolidated and combined financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the consolidated and combined financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014, as filed with the SEC. We have made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three and nine months ended September 30, 2015 are not necessarily indicative of the operating results for the full year. Our Predecessor’s combined financial statements included all the accounts of our Predecessor, including its interests in (i) the Funds, (ii) Waterview and (iii) the three partially-owned properties. Our Predecessor evaluated each of the Funds pursuant to the control model of Accounting Standards Codification (“ASC”) 810-20, Consolidation—Control of Partnerships and Similar Entities Financial Services—Investment Companies Upon completion of the Offering and the Formation Transactions, we acquired substantially all of the assets of our Predecessor and all of the assets of the Property Funds that it controlled, other than their interests in 60 Wall Street, 50 Beale Street, and a residual 2.0% interest in One Market Plaza. In addition, as part of the Formation Transactions, we also acquired the interests of certain unaffiliated third parties in 1633 Broadway, 31 West 52nd Street and 1301 Avenue of the Americas. These transactions were accounted for as transactions among entities under common control. However, since the assets that we acquired from our Predecessor are no longer held by funds which qualify for investment company accounting, we account for these assets following the Formation Transactions using historical cost accounting. As a result, our consolidated financial statements following the Formation Transactions, differ significantly from, and are not comparable with, the historical financial position and results of operations of our Predecessor.
Significant Accounting Policies	Significant Accounting Policies There were no material changes to our significant accounting policies disclosed in our Annual Report on Form 10-K for the year ended December 31, 2014.
Segment Reporting	Segment Reporting Upon completion of the Offering and Formation Transactions, we acquired substantially all of the assets of our Predecessor and substantially all of the assets of the Property Funds that it controlled. Our business, following the Formation Transactions, is comprised of one reportable segment. We have determined that our properties have similar economic characteristics to be aggregated into one reportable segment (operating, leasing and managing office properties). Our determination was based primarily on our method of internal reporting. Our Predecessor historically operated an integrated business that consisted of three reportable segments, (i) Owned Properties, (ii) Managed Funds and (iii) a Management Company. The Owned Properties segment consisted of properties in which our Predecessor had a direct or indirect ownership interest, other than properties that it owned through its private equity real estate funds. The Managed Funds segment consisted of the private equity real estate funds. In addition, our Predecessor included a Management Company that performed property management and asset management services and certain general and administrative level functions, including legal and accounting, as a separate reportable segment.
Recently Issued Accounting Literature	Recently Issued Accounting Literature In May 2014, the FASB issued an update ("ASU 2014-09") Revenue from Contracts with Customers. In June 2014, the FASB issued an update (“ASU 2014-12”) to ASC Topic 718, Compensation – Stock Compensation In February 2015, the FASB issued an update (“ASU 2015-02”) Amendments to the Consolidation Analysis Consolidation. We are currently evaluating the impact of the adoption of ASU 2015-02 on our consolidated financial statements. In April 2015, the FASB issued an update (“ASU 2015-03”) Simplifying the Presentation of Debt Issuance Costs Interest – Imputation of Interest. ”) Interest – Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcement at 18 June 2015 EITF Meetin g . ASU 2015-15 clarifies the exclusion of line-of-credit arrangements from the scope of ASU 2015-03. Therefore, debt issuance costs related to line-of-credit arrangements can be deferred and presented as an asset that is subsequently amortized over the time of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. In September 2015, the FASB issued an update (“ASU 2015-16”) Simplifying the Accounting for Measurement-Period Adjustments Business Combinations.

Real Estate Fund Investment (Ta

Real Estate Fund Investment (Tables)	9 Months Ended
	Sep. 30, 2015
Real Estate Investments [Abstract]
Summary of Fair Value of Fund Investment	Below is a summary of the fair value of fund investments on our consolidated balance sheets. (Amounts in thousands) As of Balance Sheet September 30, 2015 December 31, 2014 Real Estate Fund Investments: Property Funds $ 195,262 $ 183,216 Alternative Investment Funds 141,131 140,171 Total $ 336,393 $ 323,387
Schedule of Income from Fund Investment	Below is a summary of the income from fund investments on our consolidated statements of income. (Amounts in thousands) Three Months Ended Nine Months Ended Income Statement September 30, 2015 September 30, 2015 Investment income $ 3,445 $ 10,793 Investment expenses 239 430 Net investment income 3,206 10,363 Net realized gains 11,955 11,955 Previously recorded unrealized gains on exited investments (6,790 ) (6,058 ) Net unrealized gains 2,562 13,966 Income from real estate fund investments $ 10,933 $ 30,226
Schedule of Investment of Property Funds	The following is a summary of the investments of our Property Funds. As of September 30, 2015 % Ownership 60 Wall Street One Market Plaza 50 Beale Street Fund II 10.0 % 46.3 % - - Fund III 3.1 % 16.0 % 2.0 % - Fund VII/VII-H 7.2 % - - 42.8 % Total Property Funds 62.3 % 2.0 % 42.8 % Other Investors 37.7 % 98.0 % (1) 57.2 % Total 100.0 % 100.0 % 100.0 % (1) Includes a 49.0% direct ownership interest held by us.
Summary Of Investments Of Alternative Investment Funds	The following is a summary of the investments of our Alternative Investment Funds. (Amounts in thousands) % Interest/ As of Fund Investment Type Ownership Dividend Rate Initial Maturity September 30, 2015 December 31, 2014 Fund VIII Mezzanine Loans 1.7% 6.0% - 8.3% Oct-2019 - Jan-2022 $ 86,813 $ 45,947 PGRESS Funds Preferred Equity Investments 4.9% 10.3% Apr-2017 - Feb-2019 54,318 94,224 $ 141,131 $ 140,171
Schedule of Realized and Unrealized Gains from Real Estate Fund Investment	Below is a summary of realized and unrealized gains from real estate fund investments on our consolidated statement of income. (Amounts in thousands) Three Months Ended Nine Months Ended Income Statement September 30, 2014 September 30, 2014 Realized gains on real estate fund investments $ 33,432 $ 33,432 Unrealized gains on real estate fund investments 9,801 89,718 Realized and unrealized gains, net $ 43,233 $ 123,150
Schedule of Asset Management Fees	Below is a summary of the asset management fees earned by our Predecessor. (Amounts in thousands) Three Months Ended Nine Months Ended Income Statement September 30, 2014 September 30, 2014 Gross asset management fees $ 7,795 $ 22,731 Eliminated fees (1) (210 ) (991 ) Net asset management fees $ 7,585 $ 21,740 (1) Eliminated fees reflect a reduction in asset management fees from the general partner interest in each of the Funds.
Schedule of Amounts Recognized in Income Statement	The following tables summarize the income statements for the three and nine months ended September 30, 2014 for each of the Property Funds’ underlying investments. (Amounts in thousands) Property Funds' Underlying Investments for the Three Months Ended September 30, 2014 Statements of Income 1633 Broadway 900 Third Ave 31 West 52nd St 1301 Ave of the Americas One Market Plaza Liberty Place 1899 Penn. Ave 2099 Penn. Ave 425 Eye St Revenues: Rental income $ 39,105 $ 8,708 $ 19,885 $ 30,117 $ 17,555 $ 1,469 $ 2,027 $ 51 $ 2,639 Tenant reimbursement income 4,667 800 1,601 2,488 346 475 962 2 214 Fee and other income 1,214 198 489 870 504 16 45 9 - Total revenue 44,986 9,706 21,975 33,475 18,405 1,960 3,034 62 2,853 Expenses: Building operating 15,441 4,249 6,424 13,113 7,264 1,161 1,303 1,231 1,415 Related party management fees 768 262 353 427 191 54 68 19 91 Operating 16,209 4,511 6,777 13,540 7,455 1,215 1,371 1,250 1,506 Depreciation and amortization 3,234 1,318 8,886 12,342 8,641 - 998 - 1,400 General and administrative 23 6 25 45 170 (4 ) (3 ) 340 (30 ) Total expenses 19,466 5,835 15,688 25,927 16,266 1,211 2,366 1,590 2,876 Operating income (loss) 25,520 3,871 6,287 7,548 2,139 749 668 (1,528 ) (23 ) Unrealized gain on interest rate swaps 10,946 2,833 4,261 4,441 10,765 - - - - Interest and debt expense (13,005 ) (3,735 ) (5,622 ) (15,699 ) (13,491 ) (945 ) (1,129 ) (1,489 ) (1,277 ) Unrealized depreciation on investment in real estate - - - - - (17 ) - (5 ) - Net income (loss) before taxes 23,461 2,969 4,926 (3,710 ) (587 ) (213 ) (461 ) (3,022 ) (1,300 ) Income tax benefit (expense) - - - - - 22 97 - 21 Net income (loss) $ 23,461 $ 2,969 $ 4,926 $ (3,710 ) $ (587 ) $ (191 ) $ (364 ) $ (3,022 ) $ (1,279 ) (Amounts in thousands) Property Funds' Underlying Investments for the Nine Months Ended September 30, 2014 Statements of Income 1633 Broadway 900 Third Ave 31 West 52nd St 1301 Ave of the Americas One Market Plaza Liberty Place 1899 Penn. Ave 2099 Penn. Ave 425 Eye St Revenues: Rental income $ 112,075 $ 26,472 $ 56,106 $ 83,866 $ 53,678 $ 5,198 $ 6,071 $ 127 $ 7,939 Tenant reimbursement income 10,580 2,314 4,090 6,922 1,007 1,659 3,069 5 1,041 Fee and other income 2,438 810 3,104 2,527 2,548 39 101 19 - Total revenues 125,093 29,596 63,300 93,315 57,233 6,896 9,241 151 8,980 Expenses: Building operating 42,320 12,332 17,941 38,801 21,265 3,329 3,908 3,454 4,319 Related party management fees 2,253 787 1,008 1,264 585 186 209 21 275 Operating 44,573 13,119 18,949 40,065 21,850 3,515 4,117 3,475 4,594 Depreciation and amortization 8,801 5,049 19,960 30,897 26,327 - 2,921 - 4,193 General and administrative 33 37 59 96 464 12 13 739 84 Total expenses 53,407 18,205 38,968 71,058 48,641 3,527 7,051 4,214 8,871 Operating income (loss) 71,686 11,391 24,332 22,257 8,592 3,369 2,190 (4,063 ) 109 Unrealized gain on interest rate swaps 23,891 5,768 8,549 10,566 21,209 - - - - Interest and debt expense (38,630 ) (11,088 ) (16,691 ) (46,248 ) (40,563 ) (2,835 ) (3,386 ) (3,697 ) (3,797 ) Unrealized depreciation on investment in real estate - - - - - (506 ) - (535 ) - Net income (loss) before taxes 56,947 6,071 16,190 (13,425 ) (10,762 ) 28 (1,196 ) (8,295 ) (3,688 ) Income tax (expense) benefit - - - - - (4 ) 279 - (2,294 ) Net income (loss) $ 56,947 $ 6,071 $ 16,190 $ (13,425 ) $ (10,762 ) $ 24 $ (917 ) $ (8,295 ) $ (5,982 )

Investments in Unconsolidated32

Investments in Unconsolidated Joint Ventures (Tables)	9 Months Ended
	Sep. 30, 2015
Schedule Of Equity Method Investments [Line Items]
Summary of Investments in Unconsolidated Joint Ventures	The following table summarizes our investments in unconsolidated joint ventures as of September 30, 2015 and December 31, 2014. % Ownership at As of (Amounts in thousands) September 30, 2015 September 30, 2015 December 31, 2014 Investments: 712 Fifth Avenue 50.0 % $ 3,038 $ 1,697 Oder-Center, Germany 9.5 % 3,499 4,052 $ 6,537 $ 5,749
Summary of Income from Unconsolidated Joint Ventures	The following table summarizes income from unconsolidated joint ventures for the three and nine months ended September 30, 2015 and 2014. % The The Predecessor Ownership Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended (Amounts in thousands) September 30, 2015 September 30, 2015 September 30, 2015 September 30, 2014 September 30, 2014 Our share of Net Income (Loss): 712 Fifth Avenue 50.0 % $ 1,433 $ 4,358 $ 1,845 $ 3,869 1325 Avenue of the Americas n/a - - (68 ) (57 ) 900 Third Avenue (1) n/a - - - - Oder-Center (2) 9.5 % 25 86 - - $ 1,458 $ 4,444 $ 1,777 $ 3,812 (1) As of September 30, 2014, our Predecessor’s investment in 900 Third Avenue had a deficit balance and since our Predecessor had no obligations to fund operating losses, it did not recognize any losses in excess of its investment balance. All unrecognized losses were aggregated to offset future net income until all unrecognized losses were utilized. (2) We account for our interest in Oder-Center on a one quarter lag basis.
712 Fifth Avenue [Member]
Schedule Of Equity Method Investments [Line Items]
Summary of Investments in Unconsolidated Joint Ventures	The following tables summarize 712 Fifth Avenue’s financial information as of the dates of and for the periods set forth below. (Amounts in thousands) As of Balance Sheets September 30, 2015 December 31, 2014 Rental property, net $ 214,741 $ 221,827 Other assets 42,418 46,126 Total assets $ 257,159 $ 267,953 Mortgage and notes payable $ 246,500 $ 246,500 Other liabilities 16,843 30,321 Total liabilities 263,343 276,821 Equity (1) (6,184 ) (8,868 ) Total liabilities and equity $ 257,159 $ 267,953 (1) The Company The Predecessor (Amounts in thousands) Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended Income Statements September 30, 2015 September 30, 2015 September 30, 2014 September 30, 2014 Rental income $ 12,575 $ 37,021 $ 11,920 $ 34,609 Tenant reimbursement income 1,059 3,795 1,116 3,385 Fee and other income 287 910 250 888 Total revenue 13,921 41,726 13,286 38,882 Operating 5,500 17,557 5,852 17,178 Depreciation and amortization 2,945 8,829 2,743 8,268 General and administrative - - 45 100 Total expenses 8,445 26,386 8,640 25,546 Operating income 5,476 15,340 4,646 13,336 Unrealized gain on interest rate swaps 74 2,094 2,692 5,337 Interest and other income, net 3 8 - - Interest and debt expense (2,687 ) (8,726 ) (3,650 ) (10,936 ) Net income $ 2,866 $ 8,716 $ 3,688 $ 7,737

Intangible Assets and Liabili33

Intangible Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2015
Summary of Intangible Assets and Liabilities	The following summarizes our intangible assets (primarily acquired above-market leases and acquired in-place leases) and intangible liabilities (primarily acquired below-market leases) as of September 30, 2015 and December 31, 2014. As of (Amounts in thousands) September 30, 2015 December 31, 2014 Intangible assets: Gross amount $ 663,367 $ 689,894 Accumulated amortization (116,935 ) (20,509 ) $ 546,432 $ 669,385 Intangible liabilities: Gross amount $ 222,772 $ 222,985 Accumulated amortization (29,730 ) (3,757 ) $ 193,042 $ 219,228
Schedule of Estimated Annual Amortization of Acquired Below-Market Leases, Net of Acquired Above-Market Leases	Estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding years commencing January 1, 2016 is as follows. (Amounts in thousands) 2016 $ 20,130 2017 6,926 2018 8,832 2019 8,051 2020 6,677
Leases, Acquired-in-Place [Member]
Schedule of Estimated Annual Amortization of Acquired In-Place Leases	Estimated annual amortization of acquired in-place leases for each of the five succeeding years commencing January 1, 2016 is as follows. (Amounts in thousands) 2016 $ 87,347 2017 55,475 2018 49,128 2019 44,516 2020 39,002

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Summary of Outstanding Debt	The following is a summary of our outstanding debt. Interest Rate at Balance at (Amounts in thousands) Maturity Date Fixed/Variable Rate September 30, 2015 September 30, 2015 December 31, 2014 Mortgages and notes payable 1633 Broadway Dec-2016 Fixed (1) 6.10 % $ 772,100 $ 772,100 Dec-2016 Variable 1.62 % 154,160 154,160 5.35 % 926,260 926,260 900 Third Avenue Nov-2017 Fixed (1) 5.35 % 255,000 255,000 Nov-2017 Variable 1.78 % 19,337 19,337 5.10 % 274,337 274,337 31 West 52nd Street (64.2% interest) Dec-2017 Fixed (1) 5.74 % 337,500 337,500 Dec-2017 Variable 1.70 % 75,990 75,990 5.00 % 413,490 413,490 One Market Plaza (49.0% interest) Dec-2019 Fixed (1) 6.14 % 856,183 853,711 Waterview June-2017 Fixed 5.76 % 210,000 210,000 1899 Pennsylvania Avenue Nov-2020 Fixed 4.88 % 89,465 90,489 Liberty Place June-2018 Fixed 4.50 % 84,000 84,000 Total mortgages and notes payable 5.50 % $ 2,853,735 $ 2,852,287 (1) Represents loans with variable interest rates that have been fixed by interest rate swaps (See Note 7, Derivative Instruments and Hedging Activities ).

Derivatives Instruments and H35

Derivatives Instruments and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2015
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Summary of Outstanding Interest Rate Swaps	The table below provides additional details on our interest rate swaps that are not designated as hedges Notional Strike Fair Value as of Property Amount Effective Date Maturity Date Rate September 30, 2015 December 31, 2014 (Amounts in thousands) 1633 Broadway $ 772,100 Dec-2006 to Jun-2008 Dec-2016 4.92 % $ 40,043 $ 60,191 900 Third Ave 255,000 Nov-2007 to Nov-2012 Nov-2015 to Nov-2017 4.15 % 14,495 19,158 31 W 52nd Street 337,500 Dec-2007 to Dec-2012 Dec-2015 to Dec-2017 4.49 % 22,114 28,748 One Market Plaza 840,000 Aug-2007 to Aug-2012 Aug-2017 5.02 % 68,047 86,099 Total interest rate swap liabilities related to non-designated hedges $ 144,699 $ 194,196 The table below provides additional details on our interest rate swaps that are designated as cash flow hedges. Notional Strike Fair Value as of Property Amount Effective Date Maturity Date Rate September 30, 2015 December 31, 2014 (Amounts in thousands) 1633 Broadway $ 1,000,000 Dec-2015 Dec-2020 to Dec-2022 1.79 % $ 18,602 $ - Total interest rate swap liabilities related to cash flow hedges $ 18,602 $ -

Accumulated Other Comprehensi36

Accumulated Other Comprehensive Income (“AOCI”) (Tables)	9 Months Ended
	Sep. 30, 2015
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Summary of Changes in Accumulated Other Comprehensive Income (Loss) by Component	The following tables set forth the changes in accumulated other comprehensive income (loss) by component. (Amounts in thousands) Total Pro rata share of OCI of unconsolidated joint ventures Change in value of interest rate swaps For the Three Months Ended September 30, 2015 Balance as of June 30, 2015 $ (493 ) $ (493 ) $ - OCI before reclassifications (1) (14,896 ) 63 (14,959 ) Amounts reclassified from AOCI - - - Net current period OCI (14,896 ) 63 (14,959 ) Balance as of September 30, 2015 $ (15,389 ) $ (430 ) $ (14,959 ) For the Nine Months Ended September 30, 2015 Balance as of December 31, 2014 $ - $ - $ - OCI before reclassifications (1) (15,389 ) (430 ) (14,959 ) Amounts reclassified from AOCI - - - Net current period OCI (15,389 ) (430 ) (14,959 ) Balance as of September 30, 2015 $ (15,389 ) $ (430 ) $ (14,959 ) (1)

Variable Interest Entities ("37

Variable Interest Entities ("VIEs") (Tables)	9 Months Ended
	Sep. 30, 2015
Variable Interest Entities [Abstract]
Summary of Assets and Liabilities of Variable Interest Entities	The liabilities are secured only by the assets of the entities, and are non-recourse to us. Balance as of (Amounts in thousands) September 30, 2015 December 31, 2014 Investments, at fair value $ 16,854 $ 17,136 Investments, at cost 63,587 63,550 Cash and restricted cash 871 4,976 Accounts and other receivables 454 - Total VIE assets $ 81,766 $ 85,662 Loans payable to noncontrolling interests $ 44,822 $ 42,195 Other liabilities 309 131 Total VIE liabilities $ 45,131 $ 42,326

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Schedule of Fair Values of Financial Assets and Liabilities Measured at Fair Value	The table below aggregates the fair values of these financial assets and liabilities at September 30, 2015 and December 31, 2014, based on their levels in the fair value hierarchy. As of September 30, 2015 (Amounts in thousands) Total Level 1 Level 2 Level 3 Real estate fund investments: Investments in Property Funds $ 195,262 $ - $ - $ 195,262 Investments in Alternative Investment Funds 141,131 - - 141,131 Total real estate fund investments 336,393 - - 336,393 Marketable securities 20,365 20,365 - - Total assets $ 356,758 $ 20,365 $ - $ 336,393 Interest rate swap liabilities $ 163,301 - $ 163,301 - Total liabilities $ 163,301 $ - $ 163,301 $ - As of December 31, 2014 (Amounts in thousands) Total Level 1 Level 2 Level 3 Real estate fund investments: Investments in Property Funds $ 183,216 $ - $ - $ 183,216 Investments in Alternative Investment Funds 140,171 - - 140,171 Total real estate fund investments 323,387 - - 323,387 Marketable securities 20,159 20,159 - - Total assets $ 343,546 $ 20,159 $ - $ 323,387 Interest rate swap liabilities $ 194,196 - $ 194,196 - Total liabilities $ 194,196 $ - $ 194,196 $ -
Summary of Changes in Fair Value of Real Estate Fund Investments in Level 3	The table below summarizes the changes in the fair value of Real Estate Fund Investments that are classified as Level 3, for the three and nine months ended September 30, 2015 and 2014. The Company The Predecessor Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended (Amounts in thousands) September 30, 2015 September 30, 2015 September 30, 2014 September 30, 2014 Beginning balance $ 335,545 $ 323,387 $ 2,402,987 $ 2,158,889 Purchases 40,096 40,118 91,995 256,176 Sales (42,475 ) (42,475 ) (221,661 ) (221,661 ) Net realized gains 7,455 7,455 33,432 33,432 Previously recorded unrealized gains on exited investments (6,790 ) (6,058 ) - - Net unrealized gains 2,562 13,966 9,801 89,718 Ending Balance $ 336,393 $ 336,393 $ 2,316,554 $ 2,316,554
Summary of Carrying Amounts and Fair Value of Financial Instruments	The following is a summary of the carrying amounts and fair value of these financial instruments as of September 30, 2015 and December 31, 2014. As of September 30, 2015 As of December 31, 2014 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Cash equivalents $ 36,408 $ 36,408 $ 401,215 $ 401,215 Total Assets $ 36,408 $ 36,408 $ 401,215 $ 401,215 As of September 30, 2015 As of December 31, 2014 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Mortgage and notes payable $ 2,853,735 $ 2,802,234 $ 2,852,287 $ 2,796,842 Total Liabilities $ 2,853,735 $ 2,802,234 $ 2,852,287 $ 2,796,842
Property Funds [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Summary of Significant Unobservable Quantitative Inputs Utilized in Determining Fair Value of Investments	Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of the Property Fund investments at September 30, 2015 and December 31, 2014. As of September 30, 2015 As of December 31, 2014 Unobservable Quantitative Input Range Weighted average (based on fair value of investments) Range Weighted average (based on fair value of investments) Discount rates 7.00% 7.00% 6.50% - 7.25% 6.83% Terminal capitalization rates 5.00% - 6.00% 5.55% 5.50% - 6.00% 5.72%
Alternative Investment Funds [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Summary of Significant Unobservable Quantitative Inputs Utilized in Determining Fair Value of Investments	Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of the investments in the Alternative Investment Funds at September 30, 2015 and December 31, 2014. As of September 30, 2015 As of December 31, 2014 Unobservable Quantitative Input Range Weighted average (based on fair value of investments) Range Weighted average (based on fair value of investments) Preferred return 7.32% - 11.10% 9.14% 8.50% - 14.00% 11.07%

Fee and Other Income (Tables)

Fee and Other Income (Tables)	9 Months Ended
	Sep. 30, 2015
Fee And Other Income [Abstract]
Schedule of Fee and Other Income	The following table sets forth the details of our fee and other income. The Company The Predecessor Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended (Amounts in thousands) September 30, 2015 September 30, 2015 September 30, 2014 September 30, 2014 Fee income Property management fees $ 1,559 $ 4,274 $ 3,615 $ 11,630 Acquisition and disposition fees 400 400 6,270 7,308 Construction fees 36 147 1,872 4,302 Other fees 90 579 2,171 2,270 Total fee income 2,085 5,400 13,928 25,510 Other income (1) 4,766 10,894 - - Total fee and other income $ 6,851 $ 16,294 $ 13,928 $ 25,510 (1) Other income is primarily comprised of (i) tenant payments for items such as after hour heating and cooling, freight elevator services and similar expenses and (ii) lease termination income.

Interest and Other Income (Tabl

Interest and Other Income (Tables)	9 Months Ended
	Sep. 30, 2015
Interest And Other Income [Abstract]
Schedule Of Interest And Other Income	The following table sets forth the details of interest and other income. The Company The Predecessor Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended (Amounts in thousands) September 30, 2015 September 30, 2015 September 30, 2014 September 30, 2014 Mark-to-market of investments in our deferred compensation plans (1) $ (1,940 ) $ (845 ) $ (146 ) $ 1,082 Interest and other income 177 448 147 625 Total interest and other income (loss) $ (1,763 ) $ (397 ) $ 1 $ 1,707 (1) The change resulting from the mark-to-market of the deferred compensation plan assets is entirely offset by the change in the deferred compensation plan liabilities, which is included in general and administrative expenses.

Interest and Debt Expense (Tabl

Interest and Debt Expense (Tables)	9 Months Ended
	Sep. 30, 2015
Interest And Debt Expense [Abstract]
Details of Interest and Debt Expense	The following table sets forth the details of interest and debt expense. The Company The Predecessor Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended (Amounts in thousands) September 30, 2015 September 30, 2015 September 30, 2014 September 30, 2014 Interest and debt expense $ 42,237 $ 125,191 $ 7,906 $ 23,477 Amortization of deferred financing costs 584 1,754 109 325 Total interest and debt expense $ 42,821 $ 126,945 $ 8,015 $ 23,802

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Summary of Computation of Earnings Per Share	The following table provides a summary of net income (loss) and the number of common shares used in the computation of basic income per common share - which includes the weighted average number of common shares outstanding without regard to dilutive potential common shares, and diluted loss per common share - which includes the weighted average common shares and dilutive share equivalents. Dilutive share equivalents may include our employee stock options and restricted stock. Three Months Ended Nine Months Ended (Amounts in thousands, except per share amounts) September 30, 2015 September 30, 2015 Numerator: Net income (loss) attributable to Paramount Group, Inc. - basic and diluted $ 1,116 $ (13,324 ) Denominator: Denominator for basic income (loss) per share - weighted average shares 212,107 212,107 Effect of dilutive employee stock options and restricted share awards (1) 1 - Denominator for diluted income (loss) per share - weighted average shares 212,108 212,107 Income (loss) per share - basic and diluted $ 0.01 $ (0.06 ) (1) The effect of dilutive securities in the three and nine months ended September 30, 2015 excludes an aggregate of 53,360 and 53,252 weighted average share equivalents, respectively, as their effect was anti-dilutive.

Segments Disclosure (Tables)

Segments Disclosure (Tables)	9 Months Ended
	Sep. 30, 2015
Schedule of Each Reportable Segment Information	The following tables provide selected results for each reportable segment for the three and nine months ended September 30, 2015 and 2014. For the Three Months Ended September 30, 2015 Owned (Amounts in thousands) Properties Other Total Income Statement Data: Revenues Rental income $ 145,711 $ 759 $ 146,470 Tenant reimbursement income 14,405 - 14,405 Fee and other income 4,767 2,084 6,851 Total revenues 164,883 2,843 167,726 Total expenses 134,667 6,492 141,159 Operating income (loss) 30,216 (3,649 ) 26,567 Income from real estate fund investments - 10,933 10,933 Income from unconsolidated joint ventures 1,433 25 1,458 Unrealized gains on interest rate swaps 15,772 - 15,772 Interest and other (loss) income, net 119 (1,882 ) (1,763 ) Interest and debt expense (41,811 ) (1,010 ) (42,821 ) Net income before income taxes 5,729 4,417 10,146 Income tax (expense) benefit 275 (1,064 ) (789 ) Net income 6,004 3,353 9,357 Add: Depreciation and amortization 70,366 288 70,654 General and administrative - 6,666 6,666 Interest and debt expense 41,811 1,010 42,821 Acquisition and transaction related costs - 485 485 Income tax (expense) benefit (275 ) 1,064 789 Net Operating Income from unconsolidated joint ventures 4,210 93 4,303 Less: Income from real estate fund investments - (10,933 ) (10,933 ) Income from unconsolidated joint ventures (1,433 ) (25 ) (1,458 ) Fee income - (2,085 ) (2,085 ) Unrealized gains on interest rate swaps (15,772 ) - (15,772 ) Interest and other (loss) income, net (119 ) 1,882 1,763 Net Operating Income (1) $ 104,792 $ 1,798 $ 106,590 For the Nine Months Ended September 30, 2015 Owned (Amounts in thousands) Properties Other Total Income Statement Data: Revenues Rental income $ 433,537 $ 2,093 $ 435,630 Tenant reimbursement income 39,956 - 39,956 Fee and other income 10,890 5,404 16,294 Total revenues 484,383 7,497 491,880 Total expenses 408,319 36,602 444,921 Operating income (loss) 76,064 (29,105 ) 46,959 Income from real estate fund investments - 30,226 30,226 Income from unconsolidated joint ventures 4,358 86 4,444 Unrealized gains on interest rate swaps 49,497 - 49,497 Interest and other (loss) income, net 304 (701 ) (397 ) Interest and debt expense (120,684 ) (6,261 ) (126,945 ) Net income (loss) before income taxes 9,539 (5,755 ) 3,784 Income tax (expense) benefit 282 (2,988 ) (2,706 ) Net income (loss) 9,821 (8,743 ) 1,078 Add: Depreciation and amortization 222,822 836 223,658 General and administrative - 28,412 28,412 Interest and debt expense 120,684 6,261 126,945 Transfer taxes due in connection with the sale of shares by a former joint venture partner - 5,872 5,872 Acquisition and transaction related costs - 3,960 3,960 Income tax (expense) benefit (282 ) 2,988 2,706 Net Operating Income from unconsolidated joint ventures 12,084 278 12,362 Less: Income from real estate fund investments - (30,226 ) (30,226 ) Income from unconsolidated joint ventures (4,358 ) (86 ) (4,444 ) Fee income - (5,400 ) (5,400 ) Unrealized gains on interest rate swaps (49,497 ) - (49,497 ) Interest and other (loss) income, net (304 ) 701 397 Net Operating Income (1) $ 310,970 $ 4,853 $ 315,823 (1)
Predecessor [Member]
Schedule of Each Reportable Segment Information	In addition, our Predecessor included a Management Company that performed property management and asset management services and certain general and administrative level functions, including legal and accounting, as a separate reportable segment. For the Three Months Ended September 30, 2014 Owned Managed Management (Amounts in thousands) Properties Funds Company Eliminations Total Income Statement Data: Revenues Rental income $ 7,765 $ 1,010 $ - $ - $ 8,775 Tenant reimbursement income 370 - - - 370 Distributions from real estate fund investments - 5,086 - - 5,086 Realized and unrealized gains, net - 43,233 - - 43,233 Fee and other income - - 21,976 (8,048 ) 13,928 Total revenues 8,135 49,329 21,976 (8,048 ) 71,392 Total expenses 6,511 8,107 11,136 (8,048 ) 17,706 Operating income 1,624 41,222 10,840 - 53,686 Income from unconsolidated joint ventures 1,777 - 17,726 (17,726 ) 1,777 Unrealized loss on interest rate swaps - (477 ) - - (477 ) Interest and other income, net (89 ) 75 15 - 1 Interest and debt expense (3,983 ) (4,032 ) - - (8,015 ) Net income (loss) before income taxes (671 ) 36,788 28,581 (17,726 ) 46,972 Income tax expense - - (820 ) - (820 ) Net income (loss) (671 ) 36,788 27,761 (17,726 ) 46,152 Net income attributable to noncontrolling interests - (33,248 ) - - (33,248 ) Net income (loss) attributable to the Predecessor $ (671 ) $ 3,540 $ 27,761 $ (17,726 ) $ 12,904 For the Nine Months Ended September 30, 2014 Owned Managed Management (Amounts in thousands) Properties Funds Company Eliminations Total Income Statement Data: Revenues Rental income $ 23,229 $ 1,858 $ - $ - $ 25,087 Tenant reimbursement income 1,266 - - - 1,266 Distributions from real estate fund investments - 16,333 - - 16,333 Realized and unrealized gains, net - 123,150 - - 123,150 Fee and other income - - 49,886 (24,376 ) 25,510 Total revenues 24,495 141,341 49,886 (24,376 ) 191,346 Total expenses 20,013 25,108 34,861 (24,376 ) 55,606 Operating income 4,482 116,233 15,025 - 135,740 Income from unconsolidated joint ventures 3,812 - 43,584 (43,584 ) 3,812 Unrealized loss on interest rate swaps - (673 ) - - (673 ) Interest and other income, net 1,258 431 18 - 1,707 Interest and debt expense (11,648 ) (12,115 ) (39 ) - (23,802 ) Net income (loss) before income taxes (2,096 ) 103,876 58,588 (43,584 ) 116,784 Income tax expense - - (7,925 ) - (7,925 ) Net income (loss) (2,096 ) 103,876 50,663 (43,584 ) 108,859 Net income attributable to noncontrolling interests - (86,381 ) - - (86,381 ) Net income (loss) attributable to the Predecessor $ (2,096 ) $ 17,495 $ 50,663 $ (43,584 ) $ 22,478

Organization and Business - Add

Organization and Business - Additional Information (Details) ft² in Millions	Nov. 24, 2014$ / sharesshares	Sep. 30, 2015ft²PropertiesFund
Real Estate Properties [Line Items]
Number of office properties		12
Area of office properties | ft²		10.4
Office properties occupancy rate		91.10%
Percentage of ownership in operating partnership		80.40%
Predecessor [Member]
Real Estate Properties [Line Items]
Number of office properties		12
Number of real estate funds | Fund		15
Predecessor [Member] | Primary Funds [Member]
Real Estate Properties [Line Items]
Number of real estate funds | Fund		9
Predecessor [Member] | Parallel Funds [Member]
Real Estate Properties [Line Items]
Number of real estate funds | Fund		6
Predecessor [Member] | Partially Owned Properties [Member]
Real Estate Properties [Line Items]
Number of office properties		3
IPO [Member]
Real Estate Properties [Line Items]
Common shares issued, initial public offering, shares | shares	150,650,000
Common stock, share price | $ / shares	$ 17.50

Basis of Presentation and Sig45

Basis of Presentation and Significant Accounting Policies - Additional Information (Details)	9 Months Ended
	Sep. 30, 2015Segment
Property Plant And Equipment [Line Items]
Number of reportable segments	1
Following the Formation Transactions
Property Plant And Equipment [Line Items]
Number of reportable segments	1
Predecessor [Member]
Property Plant And Equipment [Line Items]
Number of reportable segments	3
One Market Plaza [Member]
Property Plant And Equipment [Line Items]
Residual ownership interest	2.00%

Real Estate Fund Investments -

Real Estate Fund Investments - Summary of Fair Value of Fund Investment (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Real Estate Fund Disclosure [Abstract]
Property Funds	$ 195,262	$ 183,216
Alternative Investment Funds	141,131	140,171
Total	$ 336,393	$ 323,387

Real Estate Fund Investments 47

Real Estate Fund Investments - Schedule of Income from Fund Investment (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Investment Holdings [Line Items]
Income from real estate fund investments	$ 10,933	$ 30,226
Investment Income [Member]
Investment Holdings [Line Items]
Income from real estate fund investments	3,445	10,793
Investment Expenses [Member]
Investment Holdings [Line Items]
Income from real estate fund investments	239	430
Net Investment Income [Member]
Investment Holdings [Line Items]
Income from real estate fund investments	3,206	10,363
Net Realized Gains
Investment Holdings [Line Items]
Income from real estate fund investments	11,955	11,955
Previously recorded unrealized gains on exited investments
Investment Holdings [Line Items]
Income from real estate fund investments	(6,790)	(6,058)
Net Unrealized Gains [Member]
Investment Holdings [Line Items]
Income from real estate fund investments	$ 2,562	$ 13,966

Real Estate Fund Investments 48

Real Estate Fund Investments - Schedule of Investments of Property Funds (Details)	Sep. 30, 2015
60 Wall Street [Member]
Investment Holdings [Line Items]
Property funds, percentage	100.00%
One Market Plaza [Member]
Investment Holdings [Line Items]
Property funds, percentage	100.00%
50 Beale Street [Member]
Investment Holdings [Line Items]
Property funds, percentage	100.00%
Fund II [Member]
Investment Holdings [Line Items]
Property funds, percentage	10.00%
Fund II [Member] | 60 Wall Street [Member]
Investment Holdings [Line Items]
Property funds, percentage	46.30%
Fund III [Member]
Investment Holdings [Line Items]
Property funds, percentage	3.10%
Fund III [Member] | 60 Wall Street [Member]
Investment Holdings [Line Items]
Property funds, percentage	16.00%
Fund III [Member] | One Market Plaza [Member]
Investment Holdings [Line Items]
Property funds, percentage	2.00%
Fund VII and VII-H [Member]
Investment Holdings [Line Items]
Property funds, percentage	7.20%
Fund VII and VII-H [Member] | 50 Beale Street [Member]
Investment Holdings [Line Items]
Property funds, percentage	42.80%
Property Funds [Member] | 60 Wall Street [Member]
Investment Holdings [Line Items]
Property funds, percentage	62.30%
Property Funds [Member] | One Market Plaza [Member]
Investment Holdings [Line Items]
Property funds, percentage	2.00%
Property Funds [Member] | 50 Beale Street [Member]
Investment Holdings [Line Items]
Property funds, percentage	42.80%
Other Investors [Member] | 60 Wall Street [Member]
Investment Holdings [Line Items]
Property funds, percentage	37.70%
Other Investors [Member] | One Market Plaza [Member]
Investment Holdings [Line Items]
Property funds, percentage	98.00%
Other Investors [Member] | 50 Beale Street [Member]
Investment Holdings [Line Items]
Property funds, percentage	57.20%

Real Estate Fund Investments 49

Real Estate Fund Investments - Schedule of Investments of Property Funds (Parenthetical) (Details) - One Market Plaza [Member]	9 Months Ended
	Sep. 30, 2015
Investment Holdings [Line Items]
Ownership interest rate of property	49.00%
Other Investors [Member]
Investment Holdings [Line Items]
Ownership interest rate of property	49.00%

Real Estate Fund Investments 50

Real Estate Fund Investments - Additional Information (Details)	9 Months Ended
	Sep. 30, 2015USD ($)ft²	Dec. 31, 2014USD ($)
Investment Holdings [Line Items]
Aggregate committed capital	$ 580,200,000
Committed capital invested	$ 86,600,000
Area of office properties | ft²	10,400,000
PGRESS and PGRESS-H
Investment Holdings [Line Items]
Redemption of preferred equity investment	$ 42,475,000
Realized gain on investment	7,455,000
Property Fund VIII
Investment Holdings [Line Items]
Mezzanine loans	86,813,000	$ 45,947,000
Property Fund VIII | Second Mortgage | Mezzanine Secured Loan
Investment Holdings [Line Items]
Mezzanine loans	$ 40,000,000
Area of office properties | ft²	751,546
Loan maturity date	Oct. 31, 2019
Loan extension term	1 year
Subordinate to other debt	The loan is subordinate to $265,000,000 of other debt
Subordinate loan	$ 265,000,000
Property Fund VIII | Second Mortgage | Mezzanine Secured Loan | London Interbank Offered Rate L I B O R
Investment Holdings [Line Items]
Basis spread on variable rate	6.00%

Real Estate Fund Investments 51

Real Estate Fund Investments - Summary of Investments of Alternative Investment Funds (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Investment Holdings [Line Items]
Mezzanine Loans, Interest Rate	5.50%
Investment , total	$ 141,131	$ 140,171
Property Fund VIII
Investment Holdings [Line Items]
Mezzanine Loans, Ownership	1.70%
Mezzanine Loans, Initial Maturity	Oct. 31, 2019
Mezzanine Loans, Initial Maturity	Jan. 31, 2022
Mezzanine loans	$ 86,813	45,947
Property Fund VIII | Minimum
Investment Holdings [Line Items]
Mezzanine Loans, Interest Rate	6.00%
Property Fund VIII | Maximum
Investment Holdings [Line Items]
Mezzanine Loans, Interest Rate	8.30%
PGRESS Funds
Investment Holdings [Line Items]
Preferred Equity Investments, Ownership	4.90%
Preferred Equity Investments, Dividend Rate	10.30%
Preferred Equity Investments, Initial Maturity	2017-04
Preferred Equity Investments, Initial Maturity	2019-02
Preferred Equity Investments, Investment	$ 54,318	$ 94,224

Real Estate Fund Investments 52

Real Estate Fund Investments - Schedule of Realized and Unrealized Gains from Real Estate Fund Investment (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Investment Holdings [Line Items]
Realized and unrealized gains, net		$ 15,363
Predecessor [Member]
Investment Holdings [Line Items]
Realized and unrealized gains, net	$ 43,233		$ 123,150
Realized Gains on Real Estate Fund Investments [Member] | Predecessor [Member]
Investment Holdings [Line Items]
Realized and unrealized gains, net	33,432		33,432
Unrealized Gain on Real Estate Fund Investments [Member] | Predecessor [Member]
Investment Holdings [Line Items]
Realized and unrealized gains, net	$ 9,801		$ 89,718

Real Estate Fund Investments 53

Real Estate Fund Investments - Schedule of Asset Management Fees (Details) - Predecessor [Member] - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014
Investment Holdings [Line Items]
Gross asset management fees	$ 7,795	$ 22,731
Eliminated fees	(210)	(991)
Net asset management fees	$ 7,585	$ 21,740

Real Estate Fund Investments 54

Real Estate Fund Investments - Schedule of Amounts Recognized in Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Real Estate Properties [Line Items]
Rental income	$ 146,470		$ 435,630
Tenant reimbursement income	14,405		39,956
Fee and other income	6,851		16,294
Total revenues	167,726		491,880
Operating	63,354		183,019
Depreciation and amortization	70,654		223,658
General and administrative	6,666		28,412
Total expenses	141,159		444,921
Operating income (loss)	26,567		46,959
Unrealized gains on interest rate swaps	15,772		49,497
Interest and debt expense	(42,821)		(126,945)
Net income before income taxes	10,146		3,784
Income tax benefit (expense)	(789)		(2,706)
Net income	$ 9,357		$ 1,078
1633 Broadway [Member]
Real Estate Properties [Line Items]
Rental income		$ 39,105		$ 112,075
Tenant reimbursement income		4,667		10,580
Fee and other income		1,214		2,438
Total revenues		44,986		125,093
Building operating		15,441		42,320
Related party management fees		768		2,253
Operating		16,209		44,573
Depreciation and amortization		3,234		8,801
General and administrative		23		33
Total expenses		19,466		53,407
Operating income (loss)		25,520		71,686
Unrealized gains on interest rate swaps		10,946		23,891
Interest and debt expense		(13,005)		(38,630)
Net income before income taxes		23,461		56,947
Net income		23,461		56,947
900 Third Avenue [Member]
Real Estate Properties [Line Items]
Rental income		8,708		26,472
Tenant reimbursement income		800		2,314
Fee and other income		198		810
Total revenues		9,706		29,596
Building operating		4,249		12,332
Related party management fees		262		787
Operating		4,511		13,119
Depreciation and amortization		1,318		5,049
General and administrative		6		37
Total expenses		5,835		18,205
Operating income (loss)		3,871		11,391
Unrealized gains on interest rate swaps		2,833		5,768
Interest and debt expense		(3,735)		(11,088)
Net income before income taxes		2,969		6,071
Net income		2,969		6,071
31 West 52nd Street [Member]
Real Estate Properties [Line Items]
Rental income		19,885		56,106
Tenant reimbursement income		1,601		4,090
Fee and other income		489		3,104
Total revenues		21,975		63,300
Building operating		6,424		17,941
Related party management fees		353		1,008
Operating		6,777		18,949
Depreciation and amortization		8,886		19,960
General and administrative		25		59
Total expenses		15,688		38,968
Operating income (loss)		6,287		24,332
Unrealized gains on interest rate swaps		4,261		8,549
Interest and debt expense		(5,622)		(16,691)
Net income before income taxes		4,926		16,190
Net income		4,926		16,190
1301 Avenue of the Americas [Member]
Real Estate Properties [Line Items]
Rental income		30,117		83,866
Tenant reimbursement income		2,488		6,922
Fee and other income		870		2,527
Total revenues		33,475		93,315
Building operating		13,113		38,801
Related party management fees		427		1,264
Operating		13,540		40,065
Depreciation and amortization		12,342		30,897
General and administrative		45		96
Total expenses		25,927		71,058
Operating income (loss)		7,548		22,257
Unrealized gains on interest rate swaps		4,441		10,566
Interest and debt expense		(15,699)		(46,248)
Net income before income taxes		(3,710)		(13,425)
Net income		(3,710)		(13,425)
One Market Plaza [Member]
Real Estate Properties [Line Items]
Rental income		17,555		53,678
Tenant reimbursement income		346		1,007
Fee and other income		504		2,548
Total revenues		18,405		57,233
Building operating		7,264		21,265
Related party management fees		191		585
Operating		7,455		21,850
Depreciation and amortization		8,641		26,327
General and administrative		170		464
Total expenses		16,266		48,641
Operating income (loss)		2,139		8,592
Unrealized gains on interest rate swaps		10,765		21,209
Interest and debt expense		(13,491)		(40,563)
Net income before income taxes		(587)		(10,762)
Net income		(587)		(10,762)
Liberty Place [Member]
Real Estate Properties [Line Items]
Rental income		1,469		5,198
Tenant reimbursement income		475		1,659
Fee and other income		16		39
Total revenues		1,960		6,896
Building operating		1,161		3,329
Related party management fees		54		186
Operating		1,215		3,515
General and administrative		(4)		12
Total expenses		1,211		3,527
Operating income (loss)		749		3,369
Interest and debt expense		(945)		(2,835)
Unrealized depreciation on investment in real estate		(17)		(506)
Net income before income taxes		(213)		28
Income tax benefit (expense)		22		(4)
Net income		(191)		24
1899 Pennsylvania Avenue [Member]
Real Estate Properties [Line Items]
Rental income		2,027		6,071
Tenant reimbursement income		962		3,069
Fee and other income		45		101
Total revenues		3,034		9,241
Building operating		1,303		3,908
Related party management fees		68		209
Operating		1,371		4,117
Depreciation and amortization		998		2,921
General and administrative		(3)		13
Total expenses		2,366		7,051
Operating income (loss)		668		2,190
Interest and debt expense		(1,129)		(3,386)
Net income before income taxes		(461)		(1,196)
Income tax benefit (expense)		97		279
Net income		(364)		(917)
2099 Pennsylvania Avenue [Member]
Real Estate Properties [Line Items]
Rental income		51		127
Tenant reimbursement income		2		5
Fee and other income		9		19
Total revenues		62		151
Building operating		1,231		3,454
Related party management fees		19		21
Operating		1,250		3,475
General and administrative		340		739
Total expenses		1,590		4,214
Operating income (loss)		(1,528)		(4,063)
Interest and debt expense		(1,489)		(3,697)
Unrealized depreciation on investment in real estate		(5)		(535)
Net income before income taxes		(3,022)		(8,295)
Net income		(3,022)		(8,295)
425 Eye Street [Member]
Real Estate Properties [Line Items]
Rental income		2,639		7,939
Tenant reimbursement income		214		1,041
Total revenues		2,853		8,980
Building operating		1,415		4,319
Related party management fees		91		275
Operating		1,506		4,594
Depreciation and amortization		1,400		4,193
General and administrative		(30)		84
Total expenses		2,876		8,871
Operating income (loss)		(23)		109
Interest and debt expense		(1,277)		(3,797)
Net income before income taxes		(1,300)		(3,688)
Income tax benefit (expense)		21		(2,294)
Net income		$ (1,279)		$ (5,982)

Investments in Unconsolidated55

Investments in Unconsolidated Joint Ventures - Summary of Investments in Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Schedule Of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures	$ 6,537	$ 5,749
712 Fifth Avenue [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method ownership percentage	50.00%
Investments in unconsolidated joint ventures	$ 3,038	1,697
Oder-Center, Germany [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method ownership percentage	9.50%
Investments in unconsolidated joint ventures	$ 3,499	$ 4,052

Investments in Unconsolidated56

Investments in Unconsolidated Joint Ventures - Summary of Income from Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Schedule Of Equity Method Investments [Line Items]
Income from unconsolidated joint ventures	$ 1,458		$ 4,444
Predecessor [Member]
Schedule Of Equity Method Investments [Line Items]
Income from unconsolidated joint ventures		$ 1,777		$ 3,812
712 Fifth Avenue [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method ownership percentage	50.00%		50.00%
Income from unconsolidated joint ventures	$ 1,433		$ 4,358
712 Fifth Avenue [Member] | Predecessor [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method ownership percentage	50.00%		50.00%
Income from unconsolidated joint ventures		1,845		3,869
1325 Avenue of the Americas [Member] | Predecessor [Member]
Schedule Of Equity Method Investments [Line Items]
Income from unconsolidated joint ventures		$ (68)		$ (57)
Oder-Center, Germany [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method ownership percentage	9.50%		9.50%
Income from unconsolidated joint ventures	$ 25		$ 86

Investments in Unconsolidated57

Investments in Unconsolidated Joint Ventures - Additional Information (Details)	Sep. 30, 2015
712 Fifth Avenue [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method ownership percentage	50.00%

Investments in Unconsolidated58

Investments in Unconsolidated Joint Ventures - Summary of Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Schedule Of Equity Method Investments [Line Items]
Rental property, net	$ 214,741		$ 214,741		$ 221,827
Other assets	42,418		42,418		46,126
Total assets	257,159		257,159		267,953
Mortgage and notes payable	246,500		246,500		246,500
Other liabilities	16,843		16,843		30,321
Total liabilities	263,343		263,343		276,821
Equity	(6,184)		(6,184)		(8,868)
Total liabilities and equity	257,159		257,159		$ 267,953
712 Fifth Avenue [Member]
Schedule Of Equity Method Investments [Line Items]
Rental income	12,575		37,021
Tenant reimbursement income	1,059		3,795
Fee and other income	287		910
Total revenue	13,921		41,726
Operating	5,500		17,557
Depreciation and amortization	2,945		8,829
Total expenses	8,445		26,386
Operating income	5,476		15,340
Unrealized gain on interest rate swaps	74		2,094
Interest and other income, net	3		8
Interest and debt expense	(2,687)		(8,726)
Net income	$ 2,866		$ 8,716
712 Fifth Avenue [Member] | Predecessor [Member]
Schedule Of Equity Method Investments [Line Items]
Rental income		$ 11,920		$ 34,609
Tenant reimbursement income		1,116		3,385
Fee and other income		250		888
Total revenue		13,286		38,882
Operating		5,852		17,178
Depreciation and amortization		2,743		8,268
General and administrative		45		100
Total expenses		8,640		25,546
Operating income		4,646		13,336
Unrealized gain on interest rate swaps		2,692		5,337
Interest and debt expense		(3,650)		(10,936)
Net income		$ 3,688		$ 7,737

Investments in Unconsolidated59

Investments in Unconsolidated Joint Ventures - Summary of Financial Information (Parenthetical) (Details)	Sep. 30, 2015USD ($)
712 Fifth Avenue [Member]
Schedule Of Equity Method Investments [Line Items]
Difference between carrying amount of investment and equity	$ 6,131

Intangible Assets and Intangibl

Intangible Assets and Intangible Liabilities - Summary of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Intangible assets:
Gross amount	$ 663,367	$ 689,894
Accumulated amortization	(116,935)	(20,509)
Intangible assets, Net	546,432	669,385
Intangible liabilities:
Gross amount	222,772	222,985
Accumulated amortization	(29,730)	(3,757)
Intangible Liabilities, Net	$ 193,042	$ 219,228

Intangible Assets and Liabili61

Intangible Assets and Liabilities - Additional Information (Details) - USD ($)	3 Months Ended	6 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2015
Leases, Acquired-in-Place, Market Adjustment [Member]
Finite Lived Intangible Assets [Line Items]
Rental income	$ 1,477,000	$ 3,239,000
Leases, Acquired-in-Place [Member]
Finite Lived Intangible Assets [Line Items]
Amortization of acquired in-place leases	$ 29,376,000		$ 100,006,000

Intangible Assets and Intangi62

Intangible Assets and Intangible Liabilities - Schedule of Estimated Annual Amortization of Acquired Below-Market Leases, Net of Acquired Above-Market Leases (Details) $ in Thousands	Sep. 30, 2015USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
2,016	$ 20,130
2,017	6,926
2,018	8,832
2,019	8,051
2,020	$ 6,677

Intangible Assets and Intangi63

Intangible Assets and Intangible Liabilities - Schedule of Estimated Annual Amortization of Acquired In-Place Leases (Details) - Leases, Acquired-in-Place [Member] $ in Thousands	Sep. 30, 2015USD ($)
Finite Lived Intangible Assets [Line Items]
2,016	$ 87,347
2,017	55,475
2,018	49,128
2,019	44,516
2,020	$ 39,002

Debt - Summary of Outstanding D

Debt - Summary of Outstanding Debt (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Maturity Date	2017-10
Interest Rate	5.50%
Mortgages and notes payable	$ 2,853,735	$ 2,852,287
1633 Broadway [Member]
Debt Instrument [Line Items]
Interest Rate	5.35%
Mortgages and notes payable	$ 926,260	926,260
1633 Broadway [Member] | Mortgages and Notes Payable with Fixed Rate [Member]
Debt Instrument [Line Items]
Maturity Date	2016-12
Interest Rate	6.10%
Mortgages and notes payable	$ 772,100	772,100
1633 Broadway [Member] | Mortgages and Notes Payable with Variable Rate [Member]
Debt Instrument [Line Items]
Maturity Date	2016-12
Interest Rate	1.62%
Mortgages and notes payable	$ 154,160	154,160
900 Third Avenue [Member]
Debt Instrument [Line Items]
Interest Rate	5.10%
Mortgages and notes payable	$ 274,337	274,337
900 Third Avenue [Member] | Mortgages and Notes Payable with Fixed Rate [Member]
Debt Instrument [Line Items]
Maturity Date	2017-11
Interest Rate	5.35%
Mortgages and notes payable	$ 255,000	255,000
900 Third Avenue [Member] | Mortgages and Notes Payable with Variable Rate [Member]
Debt Instrument [Line Items]
Maturity Date	2017-11
Interest Rate	1.78%
Mortgages and notes payable	$ 19,337	19,337
31 West 52nd Street [Member]
Debt Instrument [Line Items]
Interest Rate	5.00%
Mortgages and notes payable	$ 413,490	413,490
31 West 52nd Street [Member] | Mortgages and Notes Payable with Fixed Rate [Member]
Debt Instrument [Line Items]
Maturity Date	2017-12
Interest Rate	5.74%
Mortgages and notes payable	$ 337,500	337,500
31 West 52nd Street [Member] | Mortgages and Notes Payable with Variable Rate [Member]
Debt Instrument [Line Items]
Maturity Date	2017-12
Interest Rate	1.70%
Mortgages and notes payable	$ 75,990	75,990
One Market Plaza [Member] | Mortgages and Notes Payable with Fixed Rate [Member]
Debt Instrument [Line Items]
Maturity Date	2019-12
Interest Rate	6.14%
Mortgages and notes payable	$ 856,183	853,711
Waterview [Member] | Mortgages and Notes Payable with Fixed Rate [Member]
Debt Instrument [Line Items]
Maturity Date	2017-06
Interest Rate	5.76%
Mortgages and notes payable	$ 210,000	210,000
1899 Pennsylvania Avenue [Member] | Mortgages and Notes Payable with Fixed Rate [Member]
Debt Instrument [Line Items]
Maturity Date	2020-11
Interest Rate	4.88%
Mortgages and notes payable	$ 89,465	90,489
Liberty Place [Member] | Mortgages and Notes Payable with Fixed Rate [Member]
Debt Instrument [Line Items]
Maturity Date	2018-06
Interest Rate	4.50%
Mortgages and notes payable	$ 84,000	$ 84,000

Debt - Summary of Outstanding65

Debt - Summary of Outstanding Debt (Parenthetical) (Details)	9 Months Ended
	Sep. 30, 2015
31 West 52nd Street [Member]
Debt Instrument [Line Items]
Ownership interest rate of property	64.20%
One Market Plaza [Member]
Debt Instrument [Line Items]
Ownership interest rate of property	49.00%

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Letter of credit	$ 200,000,000
Amount outstanding under credit facility	0	$ 0
Senior Unsecured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Amount outstanding under credit facility	$ 0

Derivatives Instruments and H67

Derivatives Instruments and Hedging Activities - Additional Information (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2015USD ($)Derivative	Sep. 30, 2015USD ($)Derivative	Sep. 16, 2015USD ($)Derivative
Derivative [Line Items]
Change in value of interest rate swaps		$ (18,602,000)
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Number of derivatives | Derivative	23	23
Aggregate notional amount	$ 2,200,000,000	$ 2,200,000,000
Unrealized gains on interest rate swaps	15,772,000	49,497,000
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | 1633 Broadway [Member]
Derivative [Line Items]
Aggregate notional amount	772,100,000	772,100,000
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedges [Member]
Derivative [Line Items]
Change in value of interest rate swaps	(18,602,000)	(18,602,000)
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | 1633 Broadway [Member] | Cash Flow Hedges [Member]
Derivative [Line Items]
Number of derivatives | Derivative			3
Aggregate notional amount	$ 1,000,000,000	$ 1,000,000,000	$ 1,000,000,000

Derivatives Instruments and H68

Derivatives Instruments and Hedging Activities - Summary of Outstanding Interest Rate Swaps (Details) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 16, 2015	Dec. 31, 2014
Derivative [Line Items]
Interest rate swap liabilities	$ 163,301,000		$ 194,196,000
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount	2,200,000,000
Interest rate swap liabilities	144,699,000		194,196,000
Not Designated as Hedging Instrument [Member] | 1633 Broadway [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount	$ 772,100,000
Maturity Date	2016-12
Strike Rate	4.92%
Interest rate swap liabilities	$ 40,043,000		60,191,000
Not Designated as Hedging Instrument [Member] | 1633 Broadway [Member] | Minimum | Interest Rate Swap [Member]
Derivative [Line Items]
Effective Dates	2006-12
Not Designated as Hedging Instrument [Member] | 1633 Broadway [Member] | Maximum | Interest Rate Swap [Member]
Derivative [Line Items]
Effective Dates	2008-06
Not Designated as Hedging Instrument [Member] | 900 Third Avenue [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount	$ 255,000,000
Strike Rate	4.15%
Interest rate swap liabilities	$ 14,495,000		19,158,000
Not Designated as Hedging Instrument [Member] | 900 Third Avenue [Member] | Minimum | Interest Rate Swap [Member]
Derivative [Line Items]
Effective Dates	2007-11
Maturity Date	2015-11
Not Designated as Hedging Instrument [Member] | 900 Third Avenue [Member] | Maximum | Interest Rate Swap [Member]
Derivative [Line Items]
Effective Dates	2012-11
Maturity Date	2017-12
Not Designated as Hedging Instrument [Member] | 31 West 52nd Street [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount	$ 337,500,000
Strike Rate	4.49%
Interest rate swap liabilities	$ 22,114,000		28,748,000
Not Designated as Hedging Instrument [Member] | 31 West 52nd Street [Member] | Minimum | Interest Rate Swap [Member]
Derivative [Line Items]
Effective Dates	2007-12
Maturity Date	2015-12
Not Designated as Hedging Instrument [Member] | 31 West 52nd Street [Member] | Maximum | Interest Rate Swap [Member]
Derivative [Line Items]
Effective Dates	2012-12
Maturity Date	2017-12
Not Designated as Hedging Instrument [Member] | One Market Plaza [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount	$ 840,000,000
Maturity Date	2017-08
Strike Rate	5.02%
Interest rate swap liabilities	$ 68,047,000		$ 86,099,000
Not Designated as Hedging Instrument [Member] | One Market Plaza [Member] | Minimum | Interest Rate Swap [Member]
Derivative [Line Items]
Effective Dates	2007-08
Not Designated as Hedging Instrument [Member] | One Market Plaza [Member] | Maximum | Interest Rate Swap [Member]
Derivative [Line Items]
Effective Dates	2012-08
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedges [Member]
Derivative [Line Items]
Interest rate swap liabilities	$ 18,602,000
Designated as Hedging Instrument [Member] | 1633 Broadway [Member] | Interest Rate Swap [Member] | Cash Flow Hedges [Member]
Derivative [Line Items]
Notional Amount	$ 1,000,000,000	$ 1,000,000,000
Effective Dates	2015-12
Strike Rate	1.79%
Designated as Hedging Instrument [Member] | 1633 Broadway [Member] | Minimum | Interest Rate Swap [Member] | Cash Flow Hedges [Member]
Derivative [Line Items]
Maturity Date	2020-12
Designated as Hedging Instrument [Member] | 1633 Broadway [Member] | Maximum | Interest Rate Swap [Member] | Cash Flow Hedges [Member]
Derivative [Line Items]
Maturity Date	2022-12

Accumulated Other Comprehensi69

Accumulated Other Comprehensive Income (“AOCI”) - Summary of Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
		Sep. 30, 2015	Sep. 30, 2015
Accumulated Other Comprehensive Income Loss [Line Items]
Balance as of June 30, 2015		$ (493)
OCI before reclassifications	[1]	(14,896)	$ (15,389)
Net current period OCI		(14,896)	(15,389)
Balance as of September 30, 2015		(15,389)	(15,389)
Pro Rata Share of OCI of Unconsolidated Joint Ventures [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance as of June 30, 2015		(493)
OCI before reclassifications	[1]	63	(430)
Net current period OCI		63	(430)
Balance as of September 30, 2015		(430)	(430)
Change in Value of Interest Rate Swaps [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
OCI before reclassifications	[1]	(14,959)	(14,959)
Net current period OCI		(14,959)	(14,959)
Balance as of September 30, 2015		$ (14,959)	$ (14,959)
[1]	Net of amounts attributable to the noncontrolling interests in the Operating Partnership.

Noncontrolling Interests - Addi

Noncontrolling Interests - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Noncontrolling Interest [Abstract]
Consolidated joint ventures and funds	$ 781,343	$ 685,888
Operating partnerships	897,680	$ 958,203
Redemption value	$ 867,889
Common units conversion basis	one-for-one

Variable Interest Entities ("71

Variable Interest Entities ("VIEs") - Summary of Assets and Liabilities of Variable Interest Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Variable Interest Entity [Line Items]
Cash and restricted cash	$ 92,696	$ 55,728
Accounts and other receivables	12,313	7,692
Total assets	8,986,806	9,030,441
Other liabilities	44,958	43,950
Total liabilities	3,451,940	3,475,488
Variable Interest Entity [Member]
Variable Interest Entity [Line Items]
Investments, at fair value	16,854	17,136
Investments, at cost	63,587	63,550
Cash and restricted cash	871	4,976
Accounts and other receivables	454
Total assets	81,766	85,662
Loans payable to noncontrolling interests	44,822	42,195
Other liabilities	309	131
Total liabilities	$ 45,131	$ 42,326

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Values of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments in Property Funds	$ 195,262	$ 183,216
Investments in Alternative Investment Funds	141,131	140,171
Total real estate fund investments	336,393	323,387
Marketable securities	20,365	20,159
Total assets	356,758	343,546
Interest rate swap liabilities	163,301	194,196
Total liabilities	163,301	194,196
Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	20,365	20,159
Total assets	20,365	20,159
Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap liabilities	163,301	194,196
Total liabilities	163,301	194,196
Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments in Property Funds	195,262	183,216
Investments in Alternative Investment Funds	141,131	140,171
Total real estate fund investments	336,393	323,387
Total assets	$ 336,393	$ 323,387

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - Property Funds [Member]	9 Months Ended
	Sep. 30, 2015Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Number of investments held by fund	3
Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value measurement anticipated investment holding period	1 year
Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value measurement anticipated investment holding period	10 years

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Significant Unobservable Quantitative Inputs Utilized in Determining Fair Value of Investments (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Property Funds [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Discount rates	7.00%
Property Funds [Member] | Minimum
Fair Value Inputs Assets Quantitative Information [Line Items]
Discount rates		6.50%
Terminal capitalization rates	5.00%	5.50%
Property Funds [Member] | Maximum
Fair Value Inputs Assets Quantitative Information [Line Items]
Discount rates		7.25%
Terminal capitalization rates	6.00%	6.00%
Property Funds [Member] | Weighted average (based on fair value of investments) [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Discount rates	7.00%	6.83%
Terminal capitalization rates	5.55%	5.72%
Alternative Investment Funds [Member] | Minimum
Fair Value Inputs Assets Quantitative Information [Line Items]
Preferred return	7.32%	8.50%
Alternative Investment Funds [Member] | Maximum
Fair Value Inputs Assets Quantitative Information [Line Items]
Preferred return	11.10%	14.00%
Alternative Investment Funds [Member] | Weighted average (based on fair value of investments) [Member]
Fair Value Inputs Assets Quantitative Information [Line Items]
Preferred return	9.14%	11.07%

Fair Value Measurements - Sum75

Fair Value Measurements - Summary of Changes in Fair Value of Real Estate Fund Investments in Level 3 (Details) - Real Estate Fund [Member] - Level 3 [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 335,545		$ 323,387
Purchases	40,096		40,118
Sales	(42,475)		(42,475)
Net realized gains	7,455		7,455
Previously recorded unrealized gains on exited investments	(6,790)		(6,058)
Net unrealized gains	2,562		13,966
Ending Balance	$ 336,393		$ 336,393
Predecessor [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance		$ 2,402,987		$ 2,158,889
Purchases		91,995		256,176
Sales		(221,661)		(221,661)
Net realized gains		33,432		33,432
Net unrealized gains		9,801		89,718
Ending Balance		$ 2,316,554		$ 2,316,554

Fair Value Measurements - Sum76

Fair Value Measurements - Summary of Carrying Amounts and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total Assets	$ 356,758	$ 343,546
Total liabilities	163,301	194,196
Carrying Amount [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents	36,408	401,215
Total Assets	36,408	401,215
Mortgage and notes payable	2,853,735	2,852,287
Total liabilities	2,853,735	2,852,287
Fair Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents	36,408	401,215
Total Assets	36,408	401,215
Mortgage and notes payable	2,802,234	2,796,842
Total liabilities	$ 2,802,234	$ 2,796,842

Fee and Other Income - Schedule

Fee and Other Income - Schedule of Fee and Other Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Fee income
Property management fees	$ 1,559		$ 4,274
Acquisition and disposition fees	400		400
Construction fees	36		147
Other fees	90		579
Total fee income	2,085		5,400
Other income	4,766		10,894
Total fee and other income	$ 6,851		$ 16,294
Predecessor [Member]
Fee income
Property management fees		$ 3,615		$ 11,630
Acquisition and disposition fees		6,270		7,308
Construction fees		1,872		4,302
Other fees		2,171		2,270
Total fee income		13,928		25,510
Total fee and other income		$ 13,928		$ 25,510

Interest and Other Income - Sch

Interest and Other Income - Schedule of Interest and Other Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Mark-to-market of investments in our deferred compensation plans	$ (1,940)		$ (845)
Interest and other income	177		448
Total interest and other income (loss)	$ (1,763)		$ (397)
Predecessor [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Mark-to-market of investments in our deferred compensation plans		$ (146)		$ 1,082
Interest and other income		147		625
Total interest and other income (loss)		$ 1		$ 1,707

Interest and Debt Expense - Det

Interest and Debt Expense - Details of Interest and Debt Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Interest And Debt Expense [Line Items]
Interest and debt expense	$ 42,237		$ 125,191
Amortization of deferred financing costs	584		1,754
Total interest and debt expense	$ 42,821		$ 126,945
Predecessor [Member]
Interest And Debt Expense [Line Items]
Interest and debt expense		$ 7,906		$ 23,477
Amortization of deferred financing costs		109		325
Total interest and debt expense		$ 8,015		$ 23,802

Incentive Compensation - Additi

Incentive Compensation - Additional Information (Details) - USD ($)	Apr. 01, 2015	Sep. 30, 2015	Sep. 30, 2015	Dec. 31, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense		$ 1,613,000	$ 6,018,000
Acceleration of vesting stock awards			$ 1,861,000
Equity Incentive Plan [Member] | Full Value Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for grant		14,375,241	14,375,241
Two Thousand Fifteen Performance Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance measurement period, term			3 years
Performance measurement period, start date			Apr. 1, 2015
Performance measurement period, end date			Mar. 31, 2018
Fair value of awards granted	$ 7,930,000
Vesting period	5 years
Two Thousand Fifteen Performance Program | Vesting on the date the Compensation Committee determines the awards earned
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of the awards that vest	50.00%
Two Thousand Fifteen Performance Program | Vesting on April 1, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of the awards that vest	25.00%
Two Thousand Fifteen Performance Program | Vesting on April 1, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of the awards that vest	25.00%
Two Thousand Fifteen Performance Program | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total return to stockholders for participants to start earning awards on absolute basis	21.00%
Percentage by which to exceed the performance of the SNL Office REIT Index for participants to start to earn awards on relative basis	1.00%
Total return to stockholders for participants to fully earn awards on absolute basis	40.00%
Percentage by which to exceed performance of the SNL office REIT index for participants to fully earn awards on relative basis	7.00%
1993 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Assets of deferred compensation plan		$ 27,894,000	$ 27,894,000	$ 28,148,000

Earnings Per Share - Summary of

Earnings Per Share - Summary of Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Numerator:
Net income (loss) attributable to Paramount Group, Inc. - basic and diluted	$ 1,116	$ (13,324)
Denominator:
Denominator for basic income (loss) per share - weighted average shares	212,106,718	212,106,718
Effect of dilutive employee stock options and restricted share awards	1,000
Denominator for diluted income (loss) per share - weighted average shares	212,108,079	212,106,718
Income (loss) per share - basic and diluted	$ 0.01	$ (0.06)

Earnings Per Share - Summary 82

Earnings Per Share - Summary of Computation of Earnings Per Share (Parenthetical) (Details) - shares shares in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Earnings Per Share [Abstract]
Effect of dilutive securities excluded from computation of earning per share	53,360	53,252

Related Party - Additional Info

Related Party - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Due to affiliates	$ 27,299,000	$ 27,299,000	$ 27,299,000
Maturity Date		2017-10
Note payable, fixed bearing interest rate		0.50%
CNBB-RDF Holdings, LP
Related Party Transaction [Line Items]
Due to affiliates	24,500,000	$ 24,500,000
Amount received for reimbursement of costs and expenses	121,000
CNBB-RDF Holdings, LP | Predecessor [Member] | Property Funds [Member]
Related Party Transaction [Line Items]
Amount received for reimbursement of costs and expenses	5,482,000
CNBB-RDF Holdings Otto Family
Related Party Transaction [Line Items]
Due to affiliates	$ 2,799,000	$ 2,799,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	9 Months Ended
	Sep. 30, 2015ft²
Other Commitments [Line Items]
Prime retail space of building	10,400,000
718 Fifth Avenue [Member]
Other Commitments [Line Items]
Put right exercise period after sale of interest	4 years
Put right notice period	12 months
Put right actual purchase period	5 years
712 Fifth Avenue [Member]
Other Commitments [Line Items]
Equity method ownership percentage	50.00%
Predecessor [Member] | 718 Fifth Avenue [Member]
Other Commitments [Line Items]
Percentage of tenancy-in-common interest in property	50.00%
Predecessor [Member] | 718 Fifth Avenue [Member] | Third Party Affiliate [Member]
Other Commitments [Line Items]
Equity method ownership percentage	25.00%
Predecessor [Member] | 712 Fifth Avenue [Member]
Other Commitments [Line Items]
Equity method ownership percentage	50.00%
Parent Company [Member] | Put Right Exercised [Member] | 718 Fifth Avenue [Member]
Other Commitments [Line Items]
Equity method ownership percentage	25.00%
Retail Type Space [Member] | Predecessor [Member] | 718 Fifth Avenue [Member]
Other Commitments [Line Items]
Prime retail space of building	19,050

Segments Disclosure - Additiona

Segments Disclosure - Additional Information (Details)	9 Months Ended
	Sep. 30, 2015Segment
Segment Reporting Information [Line Items]
Number of reportable segments	1
Predecessor [Member]
Segment Reporting Information [Line Items]
Number of reportable segments	3

Segments Disclosure - Schedule

Segments Disclosure - Schedule of Each Reportable Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Revenues
Rental income	$ 146,470	$ 435,630
Tenant reimbursement income	14,405	39,956
Fee and other income	6,851	16,294
Total revenues	167,726	491,880
Total expenses	141,159	444,921
Operating income (loss)	26,567	46,959
Income from real estate fund investments	10,933	30,226
Income from unconsolidated joint ventures	1,458	4,444
Unrealized gains on interest rate swaps	15,772	49,497
Interest and other (loss) income, net	(1,763)	(397)
Interest and debt expense	(42,821)	(126,945)
Net income before income taxes	10,146	3,784
Income tax benefit (expense)	(789)	(2,706)
Net income	9,357	1,078
Depreciation and amortization	70,654	223,658
General and administrative	6,666	28,412
Interest and debt expense	42,821	126,945
Transfer taxes due in connection with the sale of shares by a former joint venture partner		5,872
Acquisition and transaction related costs	485	3,960
Income tax (expense) benefit	789	2,706
Net Operating Income from unconsolidated joint ventures	4,303	12,362
Income from real estate fund investments	(10,933)	(30,226)
Income from unconsolidated joint ventures	(1,458)	(4,444)
Fee income	(2,085)	(5,400)
Unrealized (gains) losses on interest rate swaps	(15,772)	(49,497)
Interest and other (loss) income, net	1,763	397
Net Operating Income	106,590	315,823
Owned Properties [Member]
Revenues
Rental income	145,711	433,537
Tenant reimbursement income	14,405	39,956
Fee and other income	4,767	10,890
Total revenues	164,883	484,383
Total expenses	134,667	408,319
Operating income (loss)	30,216	76,064
Income from unconsolidated joint ventures	1,433	4,358
Unrealized gains on interest rate swaps	15,772	49,497
Interest and other (loss) income, net	119	304
Interest and debt expense	(41,811)	(120,684)
Net income before income taxes	5,729	9,539
Income tax benefit (expense)	275	282
Net income	6,004	9,821
Depreciation and amortization	70,366	222,822
Interest and debt expense	41,811	120,684
Income tax (expense) benefit	(275)	(282)
Net Operating Income from unconsolidated joint ventures	4,210	12,084
Income from unconsolidated joint ventures	(1,433)	(4,358)
Unrealized (gains) losses on interest rate swaps	(15,772)	(49,497)
Interest and other (loss) income, net	(119)	(304)
Net Operating Income	104,792	310,970
Other [Member]
Revenues
Rental income	759	2,093
Fee and other income	2,084	5,404
Total revenues	2,843	7,497
Total expenses	6,492	36,602
Operating income (loss)	(3,649)	(29,105)
Income from real estate fund investments	10,933	30,226
Income from unconsolidated joint ventures	25	86
Interest and other (loss) income, net	(1,882)	(701)
Interest and debt expense	(1,010)	(6,261)
Net income before income taxes	4,417	(5,755)
Income tax benefit (expense)	(1,064)	(2,988)
Net income	3,353	(8,743)
Depreciation and amortization	288	836
General and administrative	6,666	28,412
Interest and debt expense	1,010	6,261
Transfer taxes due in connection with the sale of shares by a former joint venture partner		5,872
Acquisition and transaction related costs	485	3,960
Income tax (expense) benefit	1,064	2,988
Net Operating Income from unconsolidated joint ventures	93	278
Income from real estate fund investments	(10,933)	(30,226)
Income from unconsolidated joint ventures	(25)	(86)
Fee income	(2,085)	(5,400)
Interest and other (loss) income, net	1,882	701
Net Operating Income	$ 1,798	$ 4,853

Segments Disclosure - Schedul87

Segments Disclosure - Schedule of Each Reportable Segment Information of Predecessor (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues
Rental income	$ 146,470		$ 435,630
Tenant reimbursement income	14,405		39,956
Fee and other income	6,851		16,294
Total revenues	167,726		491,880
Total expenses	141,159		444,921
Operating income (loss)	26,567		46,959
Income from unconsolidated joint ventures	1,458		4,444
Unrealized gain (loss) on interest rate swaps	15,772		49,497
Interest and other income (loss), net	(1,763)		(397)
Interest and debt expense	(42,821)		(126,945)
Net income before income taxes	10,146		3,784
Income tax expense	(789)		(2,706)
Net income	9,357		1,078
Net income (loss) attributable to common stockholders	1,116		(13,324)
Owned Properties [Member]
Revenues
Rental income	145,711		433,537
Tenant reimbursement income	14,405		39,956
Fee and other income	4,767		10,890
Total revenues	164,883		484,383
Total expenses	134,667		408,319
Operating income (loss)	30,216		76,064
Income from unconsolidated joint ventures	1,433		4,358
Unrealized gain (loss) on interest rate swaps	15,772		49,497
Interest and other income (loss), net	119		304
Interest and debt expense	(41,811)		(120,684)
Net income before income taxes	5,729		9,539
Income tax expense	275		282
Net income	$ 6,004		$ 9,821
Predecessor [Member]
Revenues
Rental income		$ 8,775		$ 25,087
Tenant reimbursement income		370		1,266
Distributions from real estate fund investments		5,086		16,333
Realized and unrealized gains, net		43,233		123,150
Fee and other income		13,928		25,510
Total revenues		71,392		191,346
Total expenses		17,706		55,606
Operating income (loss)		53,686		135,740
Income from unconsolidated joint ventures		1,777		3,812
Unrealized gain (loss) on interest rate swaps		(477)		(673)
Interest and other income (loss), net		1		1,707
Interest and debt expense		(8,015)		(23,802)
Net income before income taxes		46,972		116,784
Income tax expense		(820)		(7,925)
Net income		46,152		108,859
Net income attributable to noncontrolling interests		(33,248)		(86,381)
Net income (loss) attributable to common stockholders		12,904		22,478
Predecessor [Member] | Operating Segments [Member] | Owned Properties [Member]
Revenues
Rental income		7,765		23,229
Tenant reimbursement income		370		1,266
Total revenues		8,135		24,495
Total expenses		6,511		20,013
Operating income (loss)		1,624		4,482
Income from unconsolidated joint ventures		1,777		3,812
Interest and other income (loss), net		(89)		1,258
Interest and debt expense		(3,983)		(11,648)
Net income before income taxes		(671)		(2,096)
Net income		(671)		(2,096)
Net income (loss) attributable to common stockholders		(671)		(2,096)
Predecessor [Member] | Operating Segments [Member] | Managed Funds [Member]
Revenues
Rental income		1,010		1,858
Distributions from real estate fund investments		5,086		16,333
Realized and unrealized gains, net		43,233		123,150
Total revenues		49,329		141,341
Total expenses		8,107		25,108
Operating income (loss)		41,222		116,233
Unrealized gain (loss) on interest rate swaps		(477)		(673)
Interest and other income (loss), net		75		431
Interest and debt expense		(4,032)		(12,115)
Net income before income taxes		36,788		103,876
Net income		36,788		103,876
Net income attributable to noncontrolling interests		(33,248)		(86,381)
Net income (loss) attributable to common stockholders		3,540		17,495
Predecessor [Member] | Operating Segments [Member] | Management Company [Member]
Revenues
Fee and other income		21,976		49,886
Total revenues		21,976		49,886
Total expenses		11,136		34,861
Operating income (loss)		10,840		15,025
Income from unconsolidated joint ventures		17,726		43,584
Interest and other income (loss), net		15		18
Interest and debt expense				(39)
Net income before income taxes		28,581		58,588
Income tax expense		(820)		(7,925)
Net income		27,761		50,663
Net income (loss) attributable to common stockholders		27,761		50,663
Predecessor [Member] | Eliminations [Member]
Revenues
Fee and other income		(8,048)		(24,376)
Total revenues		(8,048)		(24,376)
Total expenses		(8,048)		(24,376)
Income from unconsolidated joint ventures		(17,726)		(43,584)
Net income before income taxes		(17,726)		(43,584)
Net income		(17,726)		(43,584)
Net income (loss) attributable to common stockholders		$ (17,726)		$ (43,584)

Subsequent Events - Additional

Subsequent Events - Additional Information (Details)	Oct. 29, 2015USD ($)ft²	Oct. 01, 2015USD ($)	Sep. 30, 2015ft²
Subsequent Event [Line Items]
Area of office properties | ft²			10,400,000
Subsequent Events [Member] | Fund VII and VII-H [Member] | 670 Broadway [Member]
Subsequent Event [Line Items]
Business acquisition, consideration amount	$ 112,000,000
Business acquisition, consideration cash	$ 42,000,000
Area of office properties | ft²	77,480
Subsequent Events [Member] | Mortgage Debt [Member] | Fund VII and VII-H [Member] | 670 Broadway [Member]
Subsequent Event [Line Items]
Business acquisition, consideration debt	$ 70,000,000
Subsequent Events [Member] | 31 West 52nd Street [Member]
Subsequent Event [Line Items]
Business acquisition of remaining ownership interest percentage		35.80%
Business acquisition, consideration amount		$ 378,000,000
Business acquisition, consideration cash		230,000,000
Business acquisition, consideration debt		$ 148,000,000