Paramount (PGRE) 10-K 15 Feb 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Jan. 31, 2018	Jun. 30, 2017
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
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	Large Accelerated Filer
Entity Well Known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Common Stock, Shares Outstanding		240,427,944
Entity Public Float			$ 3,270,819,000

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2017	Dec. 31, 2016
Real estate, at cost
Land		$ 2,209,506	$ 2,091,535
Buildings and improvements		6,119,969	5,757,558
Rental property, at cost		8,329,475	7,849,093
Accumulated depreciation and amortization		(487,945)	(318,161)
Real estate, net		7,841,530	7,530,932
Cash and cash equivalents		219,381	162,965
Restricted cash		31,044	29,374
Investments in unconsolidated joint ventures		44,762	6,411
Investments in unconsolidated real estate funds		7,253	28,173
Preferred equity investments, net of allowance of $19,588 and $0		35,817	55,051
Marketable securities		29,039	22,393
Accounts and other receivables, net of allowance of $277 and $202		17,082	15,251
Deferred rent receivable		220,826	163,695
Deferred charges, net of accumulated amortization of $19,412 and $9,832		98,645	71,184
Intangible assets, net of accumulated amortization of $200,857 and $166,841		352,206	412,225
Assets held for sale			346,685
Other assets		20,076	22,829
Total assets	[1]	8,917,661	8,867,168
LIABILITIES AND EQUITY
Notes and mortgages payable, net of deferred financing costs of $41,800 and $43,281		3,541,300	3,364,898
Revolving credit facility			230,000
Due to affiliates		27,299	27,299
Accounts payable and accrued expenses		117,630	103,896
Dividends and distributions payable		25,211	25,151
Intangible liabilities, net of accumulated amortization of $75,073 and $55,349		130,028	153,018
Other liabilities		54,109	76,959
Total liabilities	[1]	3,895,577	3,981,221
Commitments and contingencies
Paramount Group, Inc. equity:
Common stock $0.01 par value per share; authorized 900,000,000 shares; issued and outstanding 240,427,022 and 230,015,356 shares in 2017 and 2016, respectively		2,403	2,300
Additional paid-in-capital		4,297,948	4,116,987
Earnings less than distributions		(133,693)	(129,654)
Accumulated other comprehensive income		10,083	372
Paramount Group, Inc. equity		4,176,741	3,990,005
Noncontrolling interests in:
Consolidated joint ventures		404,997	253,788
Consolidated real estate fund		14,549	64,793
Operating Partnership (24,620,279 and 34,511,214 units outstanding)		425,797	577,361
Total equity		5,022,084	4,885,947
Total liabilities and equity		$ 8,917,661	$ 8,867,168
[1]	Represents the consolidated assets and liabilities of Paramount Group Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”). The Operating Partnership is a consolidated variable interest entity (“VIE”), of which we are the sole general partner and own approximately 90.7%, as of December 31, 2017. The assets and liabilities of the Operating Partnership, as of December 31, 2017, include $1,956,020 and $1,264,338 of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 13, Variable Interest Entities.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016
Preferred equity investments, allowance		$ 19,588	$ 0
Accounts and other receivables, allowance		277	202
Deferred charges, accumulated amortization		19,412	9,832
Intangible assets, accumulated amortization		200,857	166,841
Notes and mortgages payable, deferred financing costs		41,800	43,281
Intangible liabilities, accumulated amortization		$ 75,073	$ 55,349
Common stock, par value		$ 0.01	$ 0.01
Common stock, shares authorized		900,000,000	900,000,000
Common stock, shares issued		240,427,022	230,015,356
Common stock, shares outstanding		240,427,022	230,015,356
Operating partnership, units outstanding		24,620,279	34,511,214
Percentage of ownership in operating partnership		90.70%
Total assets	[1]	$ 8,917,661	$ 8,867,168
Total liabilities	[1]	$ 3,895,577	3,981,221
Variable Interest Entities [Member]
Percentage of ownership in operating partnership		90.70%
Total assets		$ 1,956,020	1,514,292
Total liabilities		$ 1,264,338	$ 970,473
[1]	Represents the consolidated assets and liabilities of Paramount Group Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”). The Operating Partnership is a consolidated variable interest entity (“VIE”), of which we are the sole general partner and own approximately 90.7%, as of December 31, 2017. The assets and liabilities of the Operating Partnership, as of December 31, 2017, include $1,956,020 and $1,264,338 of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 13, Variable Interest Entities.

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
REVENUES:
Rental income	$ 628,883	$ 590,161	$ 586,530
Tenant reimbursement income	52,418	44,943	50,885
Fee and other income	37,666	48,237	24,993
Total revenues	718,967	683,341	662,408
EXPENSES:
Operating	266,136	250,040	244,754
Depreciation and amortization	266,037	269,450	294,624
General and administrative	61,577	53,510	42,056
Transaction related costs	2,027	2,404	10,355
Total expenses	595,777	575,404	591,789
Operating income	123,190	107,937	70,619
Income from unconsolidated joint ventures	20,185	7,413	6,850
Loss from unconsolidated real estate funds	(6,143)	(498)
Income from real estate fund investments			37,975
Interest and other (loss) income, net	(9,031)	6,934	871
Interest and debt expense	(143,762)	(153,138)	(168,366)
Loss on early extinguishment of debt	(7,877)	(4,608)
Gain on sale of real estate	133,989
Unrealized gain on interest rate swaps	1,802	39,814	75,760
Net income before income taxes	112,353	3,854	23,709
Income tax expense	(5,177)	(1,785)	(2,566)
Net income	107,176	2,069	21,143
Less net (income) loss attributable to noncontrolling interests in:
Consolidated joint ventures	10,365	(15,423)	(5,459)
Consolidated real estate funds	(19,797)	1,316	(21,173)
Operating Partnership	(11,363)	2,104	1,070
Net income (loss) attributable to common stockholders	$ 86,381	$ (9,934)	$ (4,419)
INCOME (LOSS) PER COMMON SHARE - BASIC:
Income (loss) per common share	$ 0.37	$ (0.05)	$ (0.02)
Weighted average shares outstanding	236,372,801	218,053,062	212,106,718
INCOME (LOSS) PER COMMON SHARE - DILUTED:
Income (loss) per common share	$ 0.37	$ (0.05)	$ (0.02)
Weighted average shares outstanding	236,401,548	218,053,062	212,106,718
DIVIDENDS PER COMMON SHARE	$ 0.380	$ 0.380	$ 0.419	[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 (Parentheticals) - $ / shares	Jan. 13, 2017	Jan. 15, 2016	Dec. 31, 2014	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Statement [Abstract]
Cash dividend	$ 0.095	$ 0.095	$ 0.039	$ 0.380	$ 0.380	$ 0.324

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 107,176	$ 2,069	$ 21,143
Other comprehensive income (loss):
Change in value of interest rate swaps	10,618	8,161	(9,241)
Pro rata share of other comprehensive income (loss) of unconsolidated joint ventures	160	17	(512)
Comprehensive income	117,954	10,247	11,390
Less comprehensive (income) loss attributable to noncontrolling interests in:
Consolidated joint ventures	10,365	(15,423)	(5,459)
Consolidated real estate funds	(19,797)	1,316	(21,173)
Operating Partnership	(12,430)	2,141	2,980
Comprehensive income (loss) attributable to common stockholders	$ 96,092	$ (1,719)	$ (12,262)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in-Capital [Member]	Earnings (Less than) In Excess of Distributions [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Noncontrolling Interest [Member]Consolidated Joint Ventures [Member]	Noncontrolling Interest [Member]Consolidated Real Estate Funds [Member]	Noncontrolling Interest [Member]Operating Partnership [Member]
Beginning balance (Scenario, Previously Reported) at Dec. 31, 2014	$ 5,554,953	$ 2,122	$ 3,851,432	$ 57,308		$ 347,818	$ 338,070	$ 958,203
Common stock, shares outstanding (Scenario, Previously Reported) at Dec. 31, 2014		212,107,000
Net income (loss) | Scenario, Previously Reported	21,143			(4,419)		5,459	21,173	(1,070)
Net income (loss)	21,143
Common units issued under Omnibus share plan | Scenario, Previously Reported	4		(2,127)					2,131
Common shares issued under Omnibus share plan | Scenario, Previously Reported		5,000
Dividends and distributions | Scenario, Previously Reported	(110,525)			(88,874)				(21,651)
Contributions from noncontrolling interests | Scenario, Previously Reported	167,929					2,530	165,399
Distributions to noncontrolling interests | Scenario, Previously Reported	(56,636)					(731)	(55,905)
Change in value of interest rate swaps | Scenario, Previously Reported	(9,241)				$ (7,431)			(1,810)
Change in value of interest rate swaps	(9,241)
Pro rata share of other comprehensive income (loss) of unconsolidated joint ventures | Scenario, Previously Reported	(512)				(412)			(100)
Pro rata share of other comprehensive income (loss) of unconsolidated joint ventures	(512)
Acquisition of noncontrolling interests' in consolidated joint ventures and funds | Scenario, Previously Reported	(263,416)		(91,417)			(118,227)	(53,772)
Adjustments to noncontrolling interests | Scenario, Previously Reported			43,981					(43,981)
Amortization of equity awards | Scenario, Previously Reported	7,784		1,459					6,325
Other | Scenario, Previously Reported	(933)		(470)	(135)			(328)
Ending balance (Scenario, Previously Reported) at Dec. 31, 2015	5,310,550	$ 2,122	3,802,858	(36,120)	(7,843)	236,849	414,637	898,047
Ending balance (Scenario, Adjustment, Deconsolidation of real estate fund investments upon adoption of ASU 2015-02) at Dec. 31, 2015	(351,035)						(351,035)
Ending balance at Dec. 31, 2015	4,959,515	$ 2,122	3,802,858	(36,120)	(7,843)	236,849	63,602	898,047
Common stock, shares outstanding (Scenario, Previously Reported) at Dec. 31, 2015		212,112,000
Common stock, shares outstanding at Dec. 31, 2015		212,112,000
Net income (loss)	2,069			(9,934)		15,423	(1,316)	(2,104)
Common shares issued upon redemption of common units		$ 178	312,079
Common shares issued upon redemption of common units		17,808,000
Redemption of minority interest in operating partnerships								(312,257)
Common shares issued under Omnibus share plan		95,000
Dividends and distributions	(100,601)			(83,805)				(16,796)
Contributions from noncontrolling interests	7,651					5,151	2,500
Distributions to noncontrolling interests	(3,636)					(3,636)
Change in value of interest rate swaps	8,161				8,203			(42)
Pro rata share of other comprehensive income (loss) of unconsolidated joint ventures	17				12			5
Amortization of equity awards	12,528		2,034					10,494
Other	243		16	205		1	7	14
Ending balance at Dec. 31, 2016	$ 4,885,947	$ 2,300	4,116,987	(129,654)	372	253,788	64,793	577,361
Common stock, shares outstanding at Dec. 31, 2016	230,015,356	230,015,000
Net income (loss)	$ 107,176			86,381		(10,365)	19,797	11,363
Common shares issued upon redemption of common units		$ 103	172,625
Common shares issued upon redemption of common units		10,359,000
Redemption of minority interest in operating partnerships								(172,728)
Common units issued under Omnibus share plan	(154)			(154)
Common shares issued under Omnibus share plan		53,000
Dividends and distributions	(100,840)			(90,266)				(10,574)
Contributions from noncontrolling interests	100,777					96,472	4,305
Distributions to noncontrolling interests	(119,251)					(44,905)	(74,346)
Consolidation of 50 Beale	110,007					110,007
Change in value of interest rate swaps	10,618				9,559			1,059
Pro rata share of other comprehensive income (loss) of unconsolidated joint ventures	160				152			8
Amortization of equity awards	18,790		3,085					15,705
Other	8,854		5,251					3,603
Ending balance at Dec. 31, 2017	$ 5,022,084	$ 2,403	$ 4,297,948	$ (133,693)	$ 10,083	$ 404,997	$ 14,549	$ 425,797
Common stock, shares outstanding at Dec. 31, 2017	240,427,022	240,427,000

CONSOLIDATED STATEMENTS OF CHA8

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement Of Stockholders Equity [Abstract]
Dividends and distributions, Per share and unit	$ 0.380	$ 0.380	$ 0.419	[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 STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 107,176	$ 2,069	$ 21,143
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	266,037	269,450	294,624
Amortization of deferred financing costs	11,188	6,804	2,565
Gain on sale of real estate	(133,989)
Straight-lining of rental income	(54,453)	(82,568)	(69,522)
Amortization of above and below-market leases, net	(19,523)	(9,536)	(9,917)
Loss on early extinguishment of debt	7,877	4,608
Unrealized gain on interest rate swaps	(1,802)	(39,814)	(75,760)
Realized and unrealized (gains) losses on marketable securities	(4,664)	(494)	119
Realized and unrealized gains on real estate fund investments			(21,201)
Distributions of earnings from unconsolidated joint ventures	5,700	8,121	4,985
Income from unconsolidated joint ventures	(20,185)	(7,413)	(6,850)
Distributions of earnings from unconsolidated real estate funds	342	392
Loss from unconsolidated real estate funds	6,143	498
Amortization of stock-based compensation expense	15,922	11,278	7,309
Other non-cash adjustments	452	2,628	5,824
Valuation allowance on preferred equity investment	19,588
Changes in operating assets and liabilities:
Real estate fund investments			(127,743)
Accounts and other receivables	(1,000)	(4,521)	(3,152)
Deferred charges	(33,295)	(15,701)	(40,510)
Other assets	10,243	(12,037)	6,465
Accounts payable and accrued expenses	6,305	11,479	(6,152)
Deferred income taxes	(922)	(1,662)	(328)
Other liabilities	2,971	4,702	1,151
Net cash provided by (used in) operating activities	190,111	148,283	(16,950)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of real estate	540,333
Acquisitions of real estate	(161,184)	(517,823)
Additions to real estate	(86,434)	(132,686)	(107,859)
Purchases of marketable securities	(29,248)	(2,722)	(8,553)
Sales of marketable securities	27,261	2,353	7,072
Investment in unconsolidated joint ventures	(28,791)
Distributions of capital from unconsolidated joint ventures	20,000
Distributions of capital from unconsolidated real estate funds	14,584
Contributions of capital to unconsolidated real estate funds	(790)	(1,780)
Net cash provided by (used in) by investing activities	295,731	(652,658)	(109,340)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of notes and mortgages payable	(1,044,821)	(689,269)	(927,633)
Proceeds from notes and mortgages payable	991,556	1,362,414	1,013,544
Repayment of borrowings under revolving credit facility	(290,000)	(130,000)
Borrowings under revolving credit facility	60,000	340,000	20,000
Distributions to noncontrolling interests	(119,251)	(3,636)	(56,636)
Contributions from noncontrolling interests	100,777	7,651	167,929
Dividends paid to common stockholders	(89,276)	(82,105)	(68,723)
Distributions paid to common unitholders	(11,504)	(18,412)	(16,735)
Settlement of interest rate swap liabilities	(19,425)	(23,654)	(33,741)
Transfer tax refund in connection with the acquisition of noncontrolling interests	9,555
Loss on early extinguishment of debt	(7,877)	(4,608)
Debt issuance costs	(7,344)	(29,387)	(18,871)
Other	(146)
Purchase of marketable securities in connection with the defeasance of notes and mortgages payable		(210,000)
Acquisition of noncontrolling interest in consolidated joint ventures			(261,464)
Net cash (used in) provided by financing activities	(427,756)	518,994	(182,330)
Net increase (decrease) in cash and cash equivalents and restricted cash	58,086	14,619	(308,620)
Cash and cash equivalents and restricted cash at beginning of period	192,339	185,707	494,327
Decrease in cash due to deconsolidation of real estate fund investments		(7,987)
Cash and cash equivalents and restricted cash at end of period	250,425	192,339	185,707
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:
Cash and cash equivalents at beginning of period	162,965	143,884	438,599
Restricted cash at beginning of period	29,374	41,823	55,728
Cash and cash equivalents and restricted cash at beginning of period	192,339	185,707	494,327
Cash and cash equivalents at end of period	219,381	162,965	143,884
Restricted cash at end of period	31,044	29,374	41,823
Cash and cash equivalents and restricted cash at end of period	250,425	192,339	185,707
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash payments for interest	132,361	140,111	159,186
Cash payments for income taxes, net of refunds	5,048	2,095	2,798
NON-CASH TRANSACTIONS:
Common shares issued upon redemption of commons units	172,728	312,257
Dividends and distributions declared but not yet paid	25,211	25,151	25,067
Write-off of fully amortized and/or depreciated assets	9,684	11,431	1,399
Additions to real estate included in accounts payable and accrued expenses	10,413	12,104	32,009
Change in fair value of interest rate swaps	(10,618)	(8,161)	$ 9,241
Consolidation (deconsolidation) of real estate and real estate fund investments	102,512	(396,697)
Assumption of notes and mortgages payable	$ 228,000
Transfer of real estate to assets held for sale		(346,685)
Marketable securities transferred in connection with the defeasance of notes and mortgages payable		214,608
Defeasance of notes and mortgages payable		$ (210,000)

Organization and Business

Organization and Business	12 Months Ended
	Dec. 31, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization And Business	1. Organization and Business As used in these consolidated financial statements, unless otherwise indicated, all references to “we,” “us,” “our,” the “Company,” and “Paramount” refer to Paramount Group, Inc., a Maryland corporation, and its consolidated subsidiaries, including Paramount Group Operating Partnership LP (the “Operating Partnership”), a Delaware limited partnership. 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 December 31, 2017, our portfolio consisted of 14 Class A office properties aggregating approximately 12.5 million square feet. We conduct our business through, and substantially all of our interests in properties and investments are held by, the Operating Partnership. We are the sole general partner of, and owned approximately 90.7% of, the Operating Partnership as of December 31, 2017.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
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 financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and with the rules and regulations of the Securities and Exchange Commission (the “SEC”). These consolidated financial statements include the accounts of Paramount and its wholly owned subsidiaries, including the Operating Partnership. All significant intercompany balances and transactions have been eliminated in consolidation . Significant Accounting Policies Real Estate Real estate is carried at cost less accumulated depreciation and amortization. Betterments, major renovations and certain costs directly related to the improvement of rental properties are capitalized. Maintenance and repair expenses are charged to expense as incurred. Depreciation is recognized on a straight-line basis over estimated useful lives of the assets, which range from 5 to 40 years. Tenant improvements are amortized on a straight-line basis over the lives of the related leases, which approximate the useful lives of the assets. Upon the acquisition of real estate, we assess the fair value of acquired assets (including land, buildings and improvements, identified intangibles, such as acquired above-market leases and acquired in-place leases) and acquired liabilities (such as acquired below-market leases) and allocate the purchase price based on these assessments. We assess fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known trends, and market/economic conditions. We record acquired intangible assets (including acquired above-market leases and acquired in-place leases) and acquired intangible liabilities (including below-market leases) at their estimated fair value. We amortize acquired above-market and below-market leases as a decrease or increase to rental income, respectively, over the lives of the respective leases. Amortization of acquired in-place leases is included as a component of “depreciation and amortization”. Our properties, including any related intangible assets, are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis. An impairment loss is measured based on the excess of the property’s carrying amount over its estimated fair value. Impairment analyses are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. If our estimates of the projected future cash flows, anticipated holding periods, or market conditions change, our evaluation of impairment losses may be different and such differences could be material to our consolidated financial statements. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. Real estate and related intangibles are classified as held for sale when all the necessary criteria are met. The criteria include (i) management, having the authority to approve action, commits to a plan to sell the property in its present condition, (ii) the sale of the property is at a price reasonable in relation to its current fair value and (iii) the sale is probable and expected to be completed within one year. Real estate and the related intangibles held for sale are carried at the lower of carrying amounts or estimated fair value less disposal costs. Depreciation and amortization is not recognized on real estate and related intangibles classified as assets held for sale. Variable Interest Entities and Investments in Unconsolidated Joint Ventures and Funds We consolidate variable interest entities (“VIEs”) in which we are considered to be the primary beneficiary. Entities are considered to be the primary beneficiary if they have both of the following characteristics: (i) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance, and (ii) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. We consolidate entities that are not VIEs where we have significant decision making control over operations. Our judgment with respect to our level of influence or control of an entity involves the consideration of various factors including the form of our ownership interest, our representation in the entity’s governance, the size of our investment, estimates of future cash flows, our ability to participate in policy making decisions and the rights of the other investors to participate in the decision making process and to replace us as manager and/or liquidate the joint venture, if applicable. We account for investments under the equity method when the requirements for consolidation are not met, and we have significant influence over the operations of the investee. Equity method investments, which consists of investments in unconsolidated joint ventures and funds are initially recorded at cost and subsequently adjusted for our share of net income or loss and cash contributions and distributions each period. The agreements that govern our equity method investments may designate different percentage allocations among investors for profits and losses; however, our recognition of income or loss generally follows the investment’s distribution priorities, which may change upon the achievement of certain investment return thresholds. We account for cash distributions in excess of our basis in the equity method investments as income when we have neither the requirement, nor the intent to provide financial support to the joint venture. Investments that do not qualify for consolidation or equity method accounting are accounted for under the cost method. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and short-term highly liquid investments with original maturities of three months or less. The majority of our cash and cash equivalents are held at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit. To date, we have not experienced any losses on our invested cash. Restricted Cash Restricted cash consists primarily of security deposits held on behalf of our tenants, cash escrowed under loan agreements for debt service, real estate taxes, property insurance and capital improvements and cash restricted in connection with our deferred compensation plan. Preferred Equity Investments Preferred equity investments are comprised of investments in certain partnerships that own real estate. We evaluate the collectibility of preferred equity investments when changes in events or circumstances, including delinquencies, loss experience and collateral quality, indicate that it is probable we will be unable to collect all amounts due under the contractual terms. If a preferred equity investment is considered impaired, a valuation allowance is measured and recorded based on the excess of the carrying amount of the investment over the net realizable value of the collateral. Marketable Securities Marketable securities consists of investments in trading securities that are held in our deferred compensation plan for which there is an offsetting liability. These investments are initially recorded at cost and subsequently measured at fair value at the end of each reporting period, with gains or losses resulting from changes in fair value recognized in earnings, which are included as a component of “interest and other (loss) income, net” on our consolidated statements of income and the earnings are entirely offset by expenses from the mark-to-market of plan liabilities, which are included as a component of “general and administrative” expenses on our consolidated statements of income. Allowance for Doubtful Accounts We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under the lease agreements. We also maintain an allowance for deferred rent receivable, as needed. This receivable arises from earnings recognized in excess of amounts currently due under the lease agreements. Management exercises judgment in establishing these allowances and considers payment history and current credit status in developing these estimates. Deferred Charges Deferred charges include deferred leasing costs and deferred financing costs related to our revolving credit facility. Deferred leasing costs consist of fees and direct costs related to successful leasing activities. Such costs are amortized on a straight-line basis over the lives of the related leases and recognized in our consolidated statements of income as a component of “depreciation and amortization”. Deferred financing costs consist of fees and direct costs incurred in obtaining our revolving credit facility. Such costs are amortized over the term of the revolving credit facility and are recognized as a component of “interest and debt expense” on our consolidated statements of income. Deferred Financing Costs Related to Notes and Mortgages Payable Deferred financing costs related to notes and mortgages payable consists of fees and direct costs incurred in obtaining such financing and are recorded as a reduction of our notes and mortgages payable. Such costs are amortized over the terms of the related debt agreements and recognized as a component of “interest and debt expense” on our consolidated statements of income. Derivative Instruments and Hedging Activities We record all derivatives on our consolidated balance sheets at fair value in accordance with ASC Topic 815, Derivatives and Hedging Fair Value of Financial Instruments Accounting Standard Codification (“ASC”) Topic 820, Fair Value Measurement and Disclosures , defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC Topic 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining the fair value of our financial and non-financial assets and liabilities. Accordingly, our fair value estimates, which are made at the end of each reporting period, may be different than the amounts that may ultimately be realized upon sale or disposition of these assets or settlement of these liabilities. We use the following methods and assumptions in estimating fair value for financial instruments that are presented at fair value on our consolidated balance sheets: Interest Rate Swaps Interest rate swaps are valued by a third-party specialist using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each swap. This analysis reflects the contractual terms of the interest rate swaps and uses observable market-based inputs, including interest rate curves and implied volatilities. Interest rate swaps are classified as Level 2 in the fair value hierarchy. We use the following methods and assumptions in estimating fair value for financial instruments that are not presented at fair value on our consolidated balance sheets, but are disclosed in the notes to our consolidated financial statements: Preferred Equity Investments Preferred equity investments are valued by a third-party specialist using the standard practice of modeling the contractual cash flows required under the instrument and discounting them back to their present value. We use significant unobservable inputs in determining the discount rate used in the fair value measurement of these investments, including a credit spread and preferred rate of return. Preferred equity investments are classified as Level 3 in the fair value hierarchy. Notes and Mortgages Payable Notes and mortgages payable are valued by a third-party specialist using 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. For floating rate debt, we use forward rates derived from observable market yield curves to project the expected cash payments we would be required to make under the instrument. The notes and mortgages payable are classified as Level 2 in fair value hierarchy. The carrying values of all other financial instruments on our consolidated balance sheets, including cash and cash equivalents, restricted cash, accounts and other receivable and accounts payable and accrued expenses, approximate their fair values due to the short-term nature of these instruments. Revenue Recognition Rental Income Rental income includes base rents that each tenant pays in accordance with the terms of its respective lease and is reported on a straight-line basis over the non-cancellable term of the lease, which includes the effects of rent steps and rent abatements under the leases. We commence rental revenue recognition when the tenant takes possession of the leased space or controls the physical use of the leased space and the leased space is substantially ready for its intended use. Differences between rental income recognized and amounts due under the respective lease agreements are recorded as an increase or decrease to “deferred rent receivable” on our consolidated balance sheets. Rental income also includes the amortization of acquired above-and below-market leases, net. Tenant Reimbursement Income Tenant reimbursement income includes revenue arising from tenant leases, which provide for the recovery of all or a portion of the operating expenses and real estate taxes of the property. This revenue is earned in the same period as the expenses are incurred. Fee and Other Income Fee and other income includes management fees earned pursuant to contractual agreements. This revenue is recognized as the related services are performed. Fee and other income also includes lease termination and income from tenant requested services, including overtime heating and cooling. Gains on Sale of Real Estate Gains on the sale of real estate are recognized pursuant to ASC Topic 360, Property, Plant, and Equipment Stock-based Compensation We account for stock-based compensation in accordance with ASC Topic 718, Compensation – Stock Compensation Income Taxes We operate and have been organized in conformity with the requirements for qualification and taxation as a REIT for U.S. federal income tax purposes. So long as we qualify as a REIT, we generally will not be subject to U.S. federal income tax on our net income that we distribute currently to our stockholders. In order to maintain our qualification as a REIT, we are required under the Internal Revenue Code of 1986, as amended, to distribute at least 90% of our taxable income (without regard to the deduction for dividends paid and excluding net capital gains) to our stockholders and meet certain other requirements. If, with respect to any taxable year, we fail to maintain our qualification as a REIT, and we are not entitled to relief under the relevant statutory provisions, we would be subject to income tax at regular corporate tax rates. Even if we qualify as a REIT, we may also be subject to certain state, local and franchise taxes. Under certain circumstances, U.S. federal income tax may be due on our undistributed taxable income. We treat certain consolidated subsidiaries, and may in the future elect to treat newly formed subsidiaries, as taxable REIT subsidiaries (“TRSs”). TRSs may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to federal and state income tax at regular corporate tax rates. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “TCJA”), which among other items, reduces the current corporate federal income tax rate to 21% from 35%, effective January 1, 2018. As a result of the rate reduction under the TCJA, we have revalued the deferred tax assets of our TRSs as of December 31, 2017. Deferred income taxes result from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, that will result in taxable or deductible amounts in future years. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through income tax expense. The tax rate reduction decreased our deferred tax assets by $405,000, which was recorded as additional income tax expense on our consolidated statement of income for the year ended December 31, 2017. Our TRSs had a combined current income tax expense of approximately $5,758,000, $780,000 and $2,545,000, and deferred income tax benefit of $922,000, $479,000 and $1,186,000, for the years ended December 31, 2017, 2016 and 2015, respectively. The following table reconciles net income (loss) attributable to Paramount Group, Inc. to estimated taxable income for the years ended December 31, 2017, 2016 and 2015. For the Year Ended December 31, (Amounts in thousands) 2017 2016 2015 Net income (loss) attributable to Paramount Group, Inc. $ 86,381 $ (9,934 ) $ (4,419 ) Book to tax differences: Straight-lining of rents and amortization of above and below-market leases, net (44,083 ) (51,880 ) (36,131 ) Depreciation and amortization 96,991 95,489 104,399 Stock-based compensation 14,441 9,673 5,794 Gain on sale of real estate (95,182 ) - - Swap breakage costs (1,487 ) (25,367 ) (27,147 ) Unrealized gain on interest rate swaps (860 ) (4,651 ) (29,586 ) Valuation allowance on preferred equity investment 4,327 - - Earnings of unconsolidated joint ventures, including real estate investments (8,600 ) (3,513 ) (12,909 ) Other, net 1,885 13,295 7,356 Estimated taxable income $ 53,813 $ 23,112 $ 7,357 The following table sets forth the characterization of dividend distributions for federal income tax purposes for the years ended December 31, 2017, 2016 and 2015. For the Year Ended December 31, 2017 2016 2015 Amount % Amount % Amount % Return of capital $ 0.185 48.7 % $ 0.273 71.8 % $ 0.289 89.2 % Ordinary income 0.195 51.3 % 0.107 28.2 % 0.035 10.8 % Total $ 0.380 (1) 100.0 % $ 0.380 (2) 100.0 % $ 0.324 (3) 100.0 % (1) Excludes the fourth quarter 2017 dividend of $0.095 per share, which was paid on January 12, 2018 and is allocable to 2018 for federal income tax purposes. (2) Excludes the fourth quarter 2016 dividend of $0.095 per share, which was paid on January 13, 2017 and is allocable to 2017 for federal income tax purposes. (3) Excludes the fourth quarter 2015 dividend of $0.095 per share, which was paid on January 15, 2016 and is allocable to 2016 for federal income tax purposes and includes a dividend of $0.039 per share, which was for the 38-day period following the completion of our initial public offering and ending on December 31, 2014. Segments Our reportable segments are separated by region based on the three regions in which we conduct our business: New York, Washington, D.C. and San Francisco. Our determination of segments is aligned with our method of internal reporting and the way our Chief Executive Officer, who is also our Chief Operating Decision Maker, makes key operating decisions, evaluates financial results and manages our business. See Note 24, Segments . Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and the notes thereto. Actual results could differ from these estimates. Reclassification Certain prior year balances have been reclassified to conform to current year presentation. Recently Issued Accounting Pronouncements Not Materially Impacting Our Financial Statements In May 2014, the FASB issued ASU 2014-09, an update to ASC Topic 606, Revenue from Contracts with Customers In March 2016, the Financial Accounting Standard’s Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, an update to ASC Topic 718, Compensation – Stock Compensation In June 2016, the FASB issued ASU 2016-13, an update to ASC Topic 326, Financial Instruments – Credit Losses In August 2016, the FASB issued ASU 2016-15, an update to ASC Topic 230, Statement of Cash Flows, In October 2016, the FASB issued ASU 2016-17, an update to ASC Topic 810, Consolidation In May 2017, the FASB issued ASU 2017-09, an update to ASC Topic 718, Compensation – Stock Compensation In August 2017, the FASB issued ASU 2017-12, an update to ASC Topic 815, Derivatives and Hedging Recently Issued Accounting Pronouncements Impacting or Potentially Impacting Our Financial Statements In February 2016, the FASB issued ASU 2016-02, an update to ASC Topic 842, Leases In November 2016, the FASB issued ASU 2016-18, an update to ASC Topic 230, Statement of Cash Flows, In January 2017, the FASB issued ASU 2017-01, an update to ASC Topic 805, Business Combinations In February 2017, the FASB issued ASU 2017-05, an update to ASC Topic 610, Other Income Investments in Unconsolidated Joint Ventures

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
Acquisitions	3. Acquisitions 50 Beale Street Prior to July 17, 2017, we owned a 3.1% economic interest in 50 Beale Street, a 660,625 square foot Class A office building in San Francisco, California (“50 Beale”) through two real estate funds that owned 42.8% of the property (See Note 6, Real Estate Fund Investments The acquisition valued the property at $517,500,000 and included the assumption of $228,000,000 of existing debt that bears interest at a fixed rate of 3.65% and is scheduled to mature in October 2021. The following table summarizes the allocation of purchase price between the assets acquired and liabilities assumed on the date of acquisition. (Amounts in thousands) Purchase price allocation: Land $ 141,097 Building and improvements 343,819 In-place lease intangible assets 27,965 Above-market lease intangible assets 2,976 Accounts receivable and other assets 1,338 Below-market lease intangible liabilities (11,472 ) Accounts payable and other liabilities (6,532 ) Notes and mortgages payable (228,000 ) Net assets acquired $ 271,191

Dispositions

Dispositions	12 Months Ended
	Dec. 31, 2017
Assets Of Disposal Group Including Discontinued Operation [Abstract]
Dispositions	4. Dispositions Waterview On May 3, 2017, we completed the sale of Waterview, a 636,768 square foot, Class A office building in Rosslyn, Virginia for $460,000,000 and recognized a net gain of $110,583,000, which is included as a component of “gain on sale of real estate” on our consolidated statement of income for the year ended December 31, 2017. The following table sets forth the details of the assets of Waterview that were classified as held-for-sale as of December 31, 2016. (Amounts in thousands) Land $ 78,300 Building and improvements, net 251,671 Deferred charges 14,512 Deferred rent receivable 2,202 Assets held for sale $ 346,685

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	12 Months Ended
	Dec. 31, 2017
Equity Method Investments And Joint Ventures [Abstract]
Investments in Unconsolidated Joint Ventures	5. Investments in Unconsolidated Joint Ventures On January 24, 2017, a joint venture in which we have a 5.0% ownership interest, acquired 60 Wall Street, a 1.6 million square foot office tower in Manhattan, for $1.04 billion from certain of our real estate funds and the other investors (see Note 6, Real Estate Fund Investments Prior to May 5, 2017, our consolidated Residential Development Fund (“RDF”) owned 100% of the equity interests in 75 Howard Street, a fully-entitled residential condominium land parcel (“75 Howard”) in San Francisco, California. On May 5, 2017, RDF sold 80.0% of the equity interest in 75 Howard for $88,000,000 and recognized a $23,406,000 net gain on sale, of which our share, net of income taxes, was $1,661,000. Subsequent to the sale, RDF deconsolidated its investment in 75 Howard and began accounting for the remaining 20.0% under the equity method of accounting, however, we continue to consolidate our interest in RDF. We now have a 7.4% ownership interest in RDF; accordingly, our economic interest in 75 Howard is 1.5%. The following tables summarize our investments in unconsolidated joint ventures as of December 31, 2017 and 2016 and income from these investments for the years ended December 31, 2017, 2016 and 2015. (Amounts in thousands) Paramount As of December 31, Our Share of Investments: Ownership 2017 2016 712 Fifth Avenue 50.0% $ - (1) $ 2,912 60 Wall Street (2) 5.0% 25,083 - 75 Howard 20.0% (3) 16,031 - Oder-Center, Germany (2) 9.5% 3,648 3,499 Investments in unconsolidated joint ventures $ 44,762 $ 6,411 (Amounts in thousands) Paramount For the Year Ended December 31, Our Share of Net Income: Ownership 2017 2016 2015 712 Fifth Avenue 50.0% $ 20,072 (1) $ 7,335 $ 6,734 60 Wall Street (2) 5.0% (152 ) - - 75 Howard 20.0% (3) 182 - - Oder-Center, Germany (2) 9.5% 83 78 116 Income from unconsolidated joint ventures $ 20,185 $ 7,413 $ 6,850 (1) Prior to June 30, 2017, the basis of our investment in the property was $4,928. On June 30, 2017, we received a $20,000 distribution for our 50.0% share of net proceeds from refinancing the property. Because the distributions resulted in our basis becoming negative and because we have no further obligation to fund additional capital to the venture, we can no longer recognize our proportionate share of earnings for the venture until our basis is above zero. Accordingly, we are only recognizing income to the extent we receive cash distributions from the venture. As of December 31, 2017, the carrying amount of our investment in 712 Fifth Avenue is greater than our share of its equity by $20,336. (2) As of December 31, 2017, the carrying amount of our investments in 60 Wall Street and Oder-Center is greater than our share of equity in these investments by $2,869 and $5,166, respectively. (3) Represents RDF’s ownership interest in the property. We own a 7.4% ownership interest in RDF; accordingly, our economic interest in 75 Howard is 1.5%.

Real Estate Fund Investments

Real Estate Fund Investments	12 Months Ended
	Dec. 31, 2017
Real Estate Fund [Abstract]
Real Estate Fund Investments	6. Real Estate Fund Investments Unconsolidated Real Estate Funds Alternative Investment Fund We are the general partner and investment manager of Paramount Group Real Estate Fund VIII L.P. (“Fund VIII”), an Alternative Investment Fund, which invests in mortgage and mezzanine loans and preferred equity investments. Fund VIII completed its final closing in April 2016 with $775,200,000 in capital commitments, of which $369,950,000 has been called and substantially invested as of December 31, 2017. These investments have various stated interest rates ranging from 5.50% to 9.61% and maturities ranging from October 2018 to December 2027. Fund VIII’s investment period is scheduled to end in April 2019, unless extended by us until April 2020. As of December 31, 2017, our ownership interest in Fund VIII was approximately 1.3%. Property Funds We are the general partner and investment manager of Paramount Group Real Estate Fund VII, L.P. (“Fund VII”) and its parallel fund, Paramount Group Real Estate Fund VII-H, L.P. (“Fund VII-H”). During 2017, certain other property funds, of which we were the general partner and investment manager, sold their interests in the underlying properties as more fully described below. The following is a summary of the property funds, our ownership interests in these funds and the funds’ ownership interest in the underlying properties as of December 31, 2017 and 2016. As of December 31, 2017 2016 Paramount 0 Bond Street 60 Wall Street (1) One Market Plaza (2) 50 Beale Street (3) 0 Bond Street Ownership Fund II 10.0% - 46.3 % - - - Fund III 3.1% - 16.0 % 2.0 % - - Fund VII/VII-H 7.2% 100.0 % - - 42.8 % 100.0 % Total Property Funds 100.0 % 62.3 % 2.0 % 42.8 % 100.0 % Other Investors - 37.7 % 98.0 % 57.2 % - Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % (1) On January 24, 2017, Fund II and Fund III, together with the other investors sold their interest in 60 Wall Street to a newly formed joint venture, in which we have a 5.0% ownership interest. Accordingly, beginning on January 24, 2017, we account for our investment in 60 Wall Street under the equity method. See Note 5, Investments in Unconsolidated Joint Ventures (2) On December 13, 2017, Fund III sold its 2.0% interest in One Market Plaza to a third party investor. (3) On July 17, 2017, Fund VII and Fund VII-H completed the sale of their 42.8% interest in 50 Beale to us and a new joint venture, in which we have a 36.6% ownership interest. See Note 3, Acquisitions The following tables summarize our investments in these unconsolidated real estate funds as of December 31, 2017 and 2016, and income or loss recognized from these investments for the years ended December 31, 2017 and 2016. As of December 31, (Amounts in thousands) 2017 2016 Our Share of Investments: Property funds $ 2,429 $ 22,811 Alternative investment fund 4,824 5,362 Investments in unconsolidated real estate funds $ 7,253 $ 28,173 For the Year Ended December 31, (Amounts in thousands) 2017 2016 Our Share of Net Loss: Net investment income (loss) $ 236 $ (324 ) Net realized loss (126 ) - Net unrealized loss (663 ) (1,706 ) Carried interest (5,590 ) 1,532 Loss from unconsolidated real estate funds (1) $ (6,143 ) $ (498 ) (1) Excludes asset management and other fee income from real estate funds, which is included as a component of “fee and other income” on our consolidated statements of income for the years ended December 31, 2017 and 2016. The following tables provide the summarized financial information of our unconsolidated real estate funds as of the dates and for the periods set forth below. (Amounts in thousands) As of December 31, Balance Sheets: 2017 2016 Real estate investments $ 405,931 $ 639,609 Cash and cash equivalents 5,076 7,608 Other assets 74 152 Total assets $ 411,081 $ 647,369 Other liabilities $ 1,308 $ 1,931 Total liabilities 1,308 1,931 Equity 409,773 645,438 Total liabilities and equity $ 411,081 $ 647,369 (Amounts in thousands) For the Year Ended December 31, Income Statements: 2017 2016 Investment income $ 29,013 $ 20,484 Investment expenses 7,086 7,466 Net investment income 21,927 13,018 Net realized losses (72,134 ) - Previously recorded unrealized losses 35,682 - Net unrealized (losses) gains (6,266 ) 14,275 (Loss) income from real estate fund investments $ (20,791 ) $ 27,293 Consolidated Real Estate Funds Prior to January 1, 2016, our real estate funds were consolidated into our consolidated financial statements and accordingly 100% of the income or loss from our real estate funds was reported as “income from real estate fund investments” and the noncontrolling share of such income or loss was reflected as “net (income) loss attributable to noncontrolling interests in consolidated real estate funds”. On January 1, 2016, we adopted ASU 2015-02 using the modified retrospective method, which required us to deconsolidate all of our real estate funds that were previously accounted for at fair value, except for RDF, which is accounted for at historical cost and continues to be consolidated into our consolidated financial statements. The following table sets forth the details of income from these funds, including our share thereof. For the Year Ended (Amounts in thousands) December 31, 2015 Net investment income $ 12,274 Net realized gains 13,884 Previously recorded unrealized gains on exited investments (6,584 ) Net unrealized gains 18,401 Income from real estate fund investments (1) 37,975 Less: noncontrolling interests in consolidated real estate funds (2) (24,896 ) Income from real estate fund investments attributable to Paramount Group, Inc. $ 13,079 (1) Represents income from our real estate funds that were consolidated during 2015, including Fund II, Fund III, Fund VII, Fund VII-H, Fund VIII, Paramount Group Real Estate Special Situations Fund L.P., Paramount Group Real Estate Special Situations Fund-A L.P. and Paramount Group Real Estate Special Situations Fund-H L.P. (2) Includes $5,481 of asset management fee income that was reflected as a reduction of the amounts attributable to noncontrolling interests for the year ended December 31, 2015.

Preferred Equity Investments

Preferred Equity Investments	12 Months Ended
	Dec. 31, 2017
Schedule Of Investments [Abstract]
Preferred Equity Investments	7. Preferred Equity Investments We own a 24.4% interest in PGRESS Equity Holdings L.P., an entity that owns certain preferred equity investments that are consolidated into our consolidated financial statements. On April 11, 2017, the partnership that owns 2 Herald Square defaulted on the obligation to extend the maturity date or redeem the preferred equity investment, together with accrued and unpaid dividends. While we have had ongoing discussions with the borrower, we believe, based on current facts and circumstances, that it is probable we may be unable to redeem the preferred equity investment, together with accrued and unpaid dividends. Accordingly, we have recorded a $19,588,000 valuation allowance, which is included as a component of “interest and other (loss) income, net” on our consolidated statement of income for the year ended December 31, 2017. The following is a summary of the preferred equity investments. (Amounts in thousands, except square feet) Paramount Dividend Initial As of December 31, Preferred Equity Investment Ownership Rate Maturity 2017 2016 470 Vanderbilt Avenue (1) 24.4% 10.3% Feb-2019 $ 35,817 $ 35,613 2 Herald Square (2) 24.4% 10.3% Apr-2017 19,588 19,438 55,405 55,051 Less: valuation allowance (19,588 ) - Total preferred equity investments, net $ 35,817 $ 55,051 (1) Represents a $33,750 preferred equity investment in a partnership that owns 470 Vanderbilt Avenue, a 650,000 square foot office building in Brooklyn, New York. The preferred equity has a dividend rate of 10.3%, of which 8.0% was paid in cash through February 2016 and the unpaid portion accreted to the balance of the investment. Subsequent to February 2016, the entire 10.3% dividend is being paid in cash. (2) Represents a $17,500 preferred equity investment in a partnership that owns 2 Herald Square, a 369,000 square foot office retail property in Manhattan. The preferred equity investment had a dividend rate of 10.3%, of which 7.0% was paid in cash and the remainder accreted to the balance of the investment. The preferred equity investment had two one-year extension options.

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	12 Months Ended
	Dec. 31, 2017
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets and Liabilities	8. Intangible Assets and Liabilities The following table summarizes our intangible assets (acquired above-market leases and acquired in-place leases) and intangible liabilities (acquired below-market leases) as of December 31, 2017 and 2016. As of December 31, (Amounts in thousands) 2017 2016 Intangible assets: Gross amount $ 553,063 $ 579,066 Accumulated amortization (200,857 ) (166,841 ) $ 352,206 $ 412,225 Intangible liabilities: Gross amount $ 205,101 $ 208,367 Accumulated amortization (75,073 ) (55,349 ) $ 130,028 $ 153,018 Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to “rental income” of $19,523,000, $9,536,000 and $9,917,000 for the years ended December 31, 2017, 2016 and 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, 2018 is as follows. (Amounts in thousands) 2018 $ 16,803 2019 13,965 2020 8,660 2021 4,404 2022 1,006 Amortization of acquired in-place leases (a component of “depreciation and amortization” expense) was $76,016,000, $94,935,000 and $128,603,000 for the years ended December 31, 2017, 2016 and 2015, respectively. Estimated annual amortization of acquired in-place leases for each of the five succeeding years commencing January 1, 2018 is as follows. (Amounts in thousands) 2018 $ 59,880 2019 54,122 2020 42,347 2021 30,159 2022 24,049

Debt

Debt	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Debt	9. Debt On January 19, 2017, we completed a $975,000,000 refinancing of One Market Plaza, a 1.6 million square foot Class A office and retail property in San Francisco, California. The new seven-year interest-only loan matures in February 2024 and has a fixed rate of 4.03%. In connection therewith, we incurred $2,715,000 of prepayment costs, which is included as a component of “loss on early extinguishment of debt” on our consolidated statement of income for the year ended December 31, 2017. The following is a summary of our outstanding debt. Maturity Fixed/ Interest Rate as of As of December 31, (Amounts in thousands) Date Variable Rate December 31, 2017 2017 2016 Notes and mortgages payable: 1633 Broadway Dec-2022 Fixed (1) 3.54 % $ 1,000,000 $ 1,000,000 Dec-2022 L + 175 bps 3.11 % 30,100 (2) 13,544 (2) 3.53 % 1,030,100 1,013,544 One Market Plaza (49.0% interest) Feb-2024 Fixed 4.03 % 975,000 860,546 n/a n/a n/a - 12,414 4.03 % 975,000 872,960 1301 Avenue of the Americas Nov-2021 Fixed 3.05 % 500,000 500,000 Nov-2021 L + 180 bps 3.18 % 350,000 350,000 3.10 % 850,000 850,000 31 West 52nd Street May-2026 Fixed 3.80 % 500,000 500,000 50 Beale (31.1% interest) (3) Oct-2021 Fixed 3.65 % 228,000 - 1899 Pennsylvania Avenue (4) n/a n/a n/a - 87,675 Liberty Place (4) n/a n/a n/a - 84,000 Total notes and mortgages payable 3.61 % 3,583,100 3,408,179 Less: deferred financing costs (41,800 ) (43,281 ) Total notes and mortgages payable, net $ 3,541,300 $ 3,364,898 $800 Million Revolving Credit Facility (5) Nov-2018 L + 125 bps n/a $ - $ 230,000 (1) Represents loans with variable interest rates that have been fixed by interest rate swaps. See Note 10, Derivative Instruments and Hedging Activities. (2) Represents amounts outstanding under an option to increase the loan balance up to $250,000 at LIBOR plus 175 basis points, if certain performance hurdles related to the property are satisfied. (3) Assumed in connection with the acquisition of 50 Beale on July 17, 2017. See Note 3, Acquisitions (4) These loans were repaid on May 3, 2017. In connection with the repayment, we incurred an aggregate of $5,162 of prepayment costs, which are included in “loss on early extinguishment of debt” on our consolidated statement of income for the year ended December 31, 2017. (5) On January 10, 2018, we amended and extended our revolving credit facility. See Note 25, Subsequent Events As of December 31, 2017, principal repayments required for the next five years and thereafter Notes and Revolving (Amounts in thousands) Total Mortgages Payable Credit Facility 2018 $ - $ - $ - 2019 1,052 1,052 - 2020 4,304 4,304 - 2021 1,072,644 1,072,644 - 2022 1,030,100 1,030,100 - Thereafter 1,475,000 1,475,000 -

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	12 Months Ended
	Dec. 31, 2017
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	10. Derivative Instruments and Hedging Activities Interest Rate Swaps – Designated as Cash Flow Hedges As of December 31, 2017, we had interest rate swaps with an aggregate notional amount of $1.0 billion that were designated as cash flow hedges. We also have entered into forward starting interest rate swaps with an aggregate notional amount of $400,000,000 to extend the maturity of certain swaps for an additional year. Changes in the fair value of interest rate swaps that are designated as cash flow hedges are recognized in “other comprehensive income (loss)” (outside of earnings). We recognized other comprehensive income of $10,618,000 and $8,161,000 for the years ended December 31, 2017 and 2016 and other comprehensive loss of $9,241,000 for the year ended December 31, 2015, from the changes in fair value of these interest rate swaps. See Note 11, Accumulated Other Comprehensive Income The table below summarizes the fair value of our interest rate swaps that are designated as cash flow hedges. Fair Value as of December 31, 2017 2016 Interest rate swap assets designated as cash flow hedges (included in "other assets") $ 9,855 $ 139 Interest rate swap liabilities designated as cash flow hedges (included in "other liabilities") $ 317 $ 1,219 We have agreements with various derivative counterparties that contain provisions wherein a default on our indebtedness could be deemed a default on our derivative obligations, which would require us to either post collateral up to the fair value of our derivative obligations or settle the obligations for cash. As of December 31, 2017, we did not have any obligations relating to our swaps that contained such provisions. Interest Rate Swaps – Non-designated Hedges As of December 31, 2017, we did not have any interest rate swaps that were not designated as hedges. As of December 31, 2016, we had interest rate swap liabilities that had a fair value of $21,227,000, which were terminated on January 19, 2017 in connection with the refinancing of One Market Plaza. See Note 9, Debt

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	12 Months Ended
	Dec. 31, 2017
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Accumulated Other Comprehensive Income	11. Accumulated Other Comprehensive Income The following table sets forth changes in accumulated other comprehensive income (loss) by component for the years ended December 31, 2017, 2016 and 2015, net of amounts attributable to the noncontrolling interests in the Operating Partnership. For the Year Ended December 31, (Amounts in thousands) 2017 2016 2015 Amount of income (loss) related to the effective portion of cash flow hedges recognized in other comprehensive income $ 3,110 $ (2,774 ) $ (8,501 ) Amounts reclassified from accumulated other comprehensive income into interest and debt expense 6,449 10,977 1,070 Amount of income (loss) related to unconsolidated joint ventures recognized in other comprehensive income (1) 152 12 (412 ) Amount of gain (loss) related to the ineffective portion of cash flow hedges and amount excluded from effectiveness testing - - - (1) Represents foreign currency translation adjustments. No amounts were reclassified from accumulated other comprehensive income (loss) during any of the periods set forth above.

Noncontrolling Interests

Noncontrolling Interests	12 Months Ended
	Dec. 31, 2017
Noncontrolling Interest [Abstract]
Noncontrolling Interests	12. Noncontrolling Interests Consolidated Joint Ventures Noncontrolling interests in consolidated joint ventures consist of equity interests held by third parties in One Market Plaza, 50 Beale and PGRESS Equity Holdings L.P. As of December 31, 2017 and 2016, noncontrolling interests in our consolidated joint ventures aggregated $404,997,000 and $253,788,000, respectively. Consolidated Real Estate Fund Noncontrolling interests in our consolidated real estate fund consists of equity interests held by third parties in RDF. As of December 31, 2017 and 2016, the noncontrolling interest in our consolidated real estate fund aggregated $14,549,000 and $64,793,000, respectively. Operating Partnership Noncontrolling interests in the Operating Partnership represent 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 December 31, 2017 and 2016, noncontrolling interests in the Operating Partnership on our consolidated balance sheets had a carrying amount of $425,797,000 and $577,361,000, respectively, and a redemption value of $390,231,000 and $551,834,000, respectively.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2017
Variable Interest Entities [Abstract]
Variable Interest Entities	1 3. Variable Interest Entities In the normal course of business, we are the general partner of various types of investment vehicles, which may be considered VIEs. We may, from time to time, own equity or debt securities through vehicles, each of which are considered variable interests. Our involvement in financing the operations of the VIEs is generally limited to our investments in the entity. We consolidate these entities when we are determined to be the primary beneficiary. Consolidated VIEs We are the sole general partner of, and own approximately 90.7% of, the Operating Partnership as of December 31, 2017. The Operating Partnership is considered a VIE and is consolidated in our consolidated financial statements. Since we conduct our business through and substantially all of our interests are held by the Operating Partnership, the assets and liabilities on our consolidated financial statements represent the assets and liabilities of the Operating Partnership. As of December 31, 2017 and 2016, the Operating Partnership held interests in consolidated VIEs owning properties, a real estate fund and preferred equity investments that were determined to be VIEs. The assets of these consolidated VIEs may only be used to settle the obligations of the entities and such obligations are secured only by the assets of the entities and are non-recourse to the Operating Partnership or us. The table below summarizes the assets and liabilities of consolidated VIEs of the Operating Partnership. As of December 31, (Amounts in thousands) 2017 2016 Real estate, net $ 1,726,800 $ 1,336,810 Cash and restricted cash 55,658 17,054 Investments in unconsolidated joint ventures 16,031 - Preferred equity investments, net 35,817 55,051 Accounts and other receivables, net 2,550 695 Deferred rent receivable 44,000 32,103 Deferred charges, net 8,123 5,966 Intangible assets, net 66,112 52,139 Other assets 929 14,474 Total VIE assets $ 1,956,020 $ 1,514,292 Notes and mortgages payable, net $ 1,196,607 $ 872,960 Accounts payable and other accrued expenses 21,211 21,077 Intangible liabilities, net 46,365 48,654 Other liabilities 155 27,782 Total VIE liabilities $ 1,264,338 $ 970,473 Unconsolidated VIEs As of December 31, 2017, the Operating Partnership held variable interests in entities that own our unconsolidated real estate funds that were deemed to be VIEs. The table below summarizes our investments in these unconsolidated real estate funds and the maximum risk of loss from these investments. Unconsolidated Real Estate Funds As of December 31, (Amounts in thousands) 2017 2016 Investments $ 7,253 $ 28,173 Asset Management Fees and Other Receivables $ 597 $ 1,680 Maximum Risk of Loss $ 7,850 $ 29,853

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	1 4. Fair Value Measurements Financial Assets and Liabilities Measured at Fair Value Financial assets and liabilities that are measured at fair value on our consolidated balance sheets consist of marketable securities and interest rate swaps. The table below aggregates the fair values of these financial assets and liabilities as of December 31, 2017 and 2016, based on their levels in the fair value hierarchy. As of December 31, 2017 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities $ 29,039 $ 29,039 $ - $ - Interest rate swap assets (included in "other assets") 9,855 - 9,855 - Total assets $ 38,894 $ 29,039 $ 9,855 $ - Interest rate swap liabilities (included in "other liabilities") $ 317 $ - $ 317 $ - Total liabilities $ 317 $ - $ 317 $ - As of December 31, 2016 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities $ 22,393 $ 22,393 $ - $ - Interest rate swap assets (included in "other assets") 139 - 139 - Total assets $ 22,532 $ 22,393 $ 139 $ - Interest rate swap liabilities (included in "other liabilities") $ 22,446 $ - $ 22,446 $ - Total liabilities $ 22,446 $ - $ 22,446 $ - Financial Assets and Liabilities Not Measured at Fair Value Financial assets and liabilities not measured at fair value on our consolidated balance sheets consists of preferred equity investments, notes and mortgages payable and the revolving credit facility. The following is a summary of the carrying amounts and fair value of these financial instruments as of December 31, 2017 and 2016. As of December 31, 2017 As of December 31, 2016 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Preferred equity investments $ 35,817 $ 36,112 $ 55,051 $ 55,300 Total assets $ 35,817 $ 36,112 $ 55,051 $ 55,300 As of December 31, 2017 As of December 31, 2016 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Notes and mortgages payable $ 3,583,100 $ 3,596,953 $ 3,408,179 $ 3,371,262 Revolving credit facility - - 230,000 230,018 Total liabilities $ 3,583,100 $ 3,596,953 $ 3,638,179 $ 3,601,280

Leases

Leases	12 Months Ended
	Dec. 31, 2017
Leases [Abstract]
Leases	1 5. Leases We lease office, retail and storage space to tenants under non-cancellable operating leases. These leases provide for the payment of fixed minimum rents over the terms of the respective lease and generally require tenants to reimburse us for operating costs and real estate taxes above their base year costs. The following is a schedule of future minimum rents under non-cancelable operating leases as of December 31, 2017, for each of the five succeeding years commencing January 1, 2018. (Amounts in thousands) 2018 $ 589,949 2019 606,003 2020 575,990 2021 511,003 2022 467,944 Thereafter 2,615,260 Total $ 5,366,149

Fee and Other Income

Fee and Other Income	12 Months Ended
	Dec. 31, 2017
Fee And Other Income [Abstract]
Fee and Other Income	1 6. Fee and Other Income The following table sets forth the details of our fee and other income. For the Year Ended December 31, (Amounts in thousands) 2017 2016 2015 Fee income Property management $ 6,336 $ 5,948 $ 5,763 Asset management (1) 8,581 7,754 - Acquisition and disposition 7,770 2,026 1,760 Other 1,525 1,203 2,725 Total fee income 24,212 16,931 10,248 Lease termination income 2,189 17,010 (2) 871 Other income (3) 11,265 14,296 13,874 Total fee and other income $ 37,666 $ 48,237 $ 24,993 (1) As a result of deconsolidating our real estate funds that were accounted for at fair value, starting January 1, 2016, asset management fees are now included in fee income as opposed to a reduction of income attributable to noncontrolling interests in consolidated real estate funds in the prior periods. See Note 6, Real Estate Fund Investments (2) Includes $10,861 from the termination of a lease with a tenant at 1633 Broadway. (3) Primarily comprised of income from tenant requested services, including overtime heating and cooling.

Interest and Other (Loss) Incom

Interest and Other (Loss) Income, net	12 Months Ended
	Dec. 31, 2017
Interest And Other Income [Abstract]
Interest and Other (Loss) Income, net	1 7. Interest and Other (Loss) Income, net The following table sets forth the details of interest and other (loss) income. For the Year Ended December 31, (Amounts in thousands) 2017 2016 2015 Valuation allowance on preferred equity investment $ (19,588 ) (1) $ - $ - Preferred equity investment income (2) 4,187 5,716 - Interest and other income 1,256 774 674 Mark-to-market of investments in our deferred compensation plans (3) 5,114 444 197 Total interest and other (loss) income, net $ (9,031 ) $ 6,934 $ 871 (1) Represents the valuation allowance on 2 Herald Square, our preferred equity investment in PGRESS Equity Holdings L.P., of which our 24.4% share is $4,780 and $14,808 was attributable to the noncontrolling interests. (2) Represents income from our preferred equity investments in PGRESS Equity Holdings L.P., which was acquired in December 2015, of which our 24.4% share is $1,029 and $1,393 for the years ended December 31, 2017 and 2016, respectively. See Note 7, Preferred Equity Investments (3) The change resulting from the mark-to-market of the deferred compensation plan assets is entirely offset by the change in deferred compensation plan liabilities, which is included as a component of “general and administrative” expenses on our consolidated statements of income.

Interest and Debt Expense

Interest and Debt Expense	12 Months Ended
	Dec. 31, 2017
Interest And Debt Expense [Abstract]
Interest and Debt Expense	1 8. Interest and Debt Expense The following table sets forth the details of interest and debt expense. For the Year Ended December 31, (Amounts in thousands) 2017 2016 2015 Interest and debt expense $ 132,574 $ 146,334 $ 165,801 Amortization of deferred financing costs 11,188 6,804 2,565 Total interest and debt expense $ 143,762 $ 153,138 $ 168,366

Incentive Compensation

Incentive Compensation	12 Months Ended
	Dec. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Incentive Compensation	19. Incentive Compensation Stock-Based Compensation Our 2014 Equity Incentive Plan (the “Plan”), provides for grants of equity incentive awards to our executive officers, non-employee directors, eligible employees and other key persons in order to attract, motivate and retain the talent for which we compete. Under the Plan, awards may be granted up to a maximum of 17,142,857 shares, if all awards granted are “full value awards,” as defined, and up to 34,285,714 shares, if all of the awards granted are “not full value awards,” as defined. “Full value awards” are awards such as restricted stock or long-term incentive plan (“LTIP”) units that do not require the payment of an exercise price. “Not full value awards” are awards such as stock options or stock appreciation rights that require the payment of an exercise price. As of December 31, 2017, we have 10,376,577 shares available for future grants under the Plan, if all awards granted are full value awards, as defined in the Plan. We account for all stock-based compensation in accordance with ASC 718, Compensation – Stock Compensation For the Year Ended December 31, (Amounts in thousands) 2017 2016 2015 Stock options $ 2,214 $ 1,590 $ 1,241 LTIP units 6,572 5,617 4,507 Restricted stock 715 391 142 Performance programs 6,421 3,680 1,110 Total stock-based compensation expense $ 15,922 $ 11,278 $ 7,000 Stock Options We grant certain of our executive officers and other employees stock options which vest over periods ranging from three to five years and expire 10 years from the date of grant. The stock options granted in the years ended December 31, 2017, 2016 and 2015 had grant date fair values of $4.02, $3.40 and $4.44 per stock option, respectively, which are being amortized into expense on a straight-line basis over the vesting period. The fair value of the option is estimated using an option-pricing model with the following weighted-average assumptions for grants in the years ended December 31, 2017, 2016 and 2015. For the Year Ended December 31, 2017 2016 2015 Expected volatility 29.0% 29.0% 27.0% Expected life 5.9 years 5.9 years 6.5 years Risk free interest rate 2.2% 1.5% 1.8% Expected dividend yield 2.3% 2.3% 2.0% As of December 31, 2017, there was $3,324,000 of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted-average period of 1.6 years. Below is a summary of our stock option activity for year ended December 31, 2017. Shares Weighted-Average Exercise Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding as of December 31, 2016 1,844,121 $ 17.34 Granted 627,722 16.81 Exercised - - Cancelled or expired (23,100 ) 17.50 Outstanding as of December 31, 2017 2,448,743 $ 17.20 7.6 $ 217,464 Options vested and expected to vest as of December 31, 2017 2,363,524 $ 17.20 7.6 $ 208,330 Options exercisable as of December 31, 2017 1,185,738 $ 17.48 7.0 $ 86,985 LTIP Units We grant our executive officers, non-employee directors and other employees LTIP units which vest over a period of three to five years and are subject to a taxable book-up event, as defined. The LTIP units granted in the years ended December 31, 2017, 2016, and 2015 had grant date fair values of $7,467,000, $10,106,000, and $2,081,000, respectively, which are being amortized into expense on a straight-line basis over the vesting period. As of December 31, 2017, there was $12,545,000 of total unrecognized compensation cost related to unvested LTIP units, which is expected to be recognized over a weighted-average period of 2.3 years. Below is a summary of our LTIP unit activity for the year ended December 31, 2017. Units Weighted-Average Grant-Date Unvested as of December 31, 2016 1,092,855 $ 15.68 Granted 473,724 15.76 Vested (469,918 ) 15.71 Cancelled or expired (5,897 ) 15.10 Unvested as of December 31, 2017 1,090,764 $ 15.70 Restricted Stock We grant shares of restricted stock to a non-employee director and certain other employees which vest over four years. The shares of restricted stock granted in the years ended December 31, 2017, 2016 and 2015 had grant date fair values of $1,309,000, $1,600,000 and $100,000, respectively, which are being amortized into expense on a straight-line basis over the vesting period. As of December 31, 2017, there was $1,657,000 of total unrecognized compensation cost related to restricted stock, which is expected to be recognized over a weighted-average period of 2.6 years. Below is a summary of restricted stock activity for the year ended December 31, 2017. Shares Weighted-Average Grant-Date Unvested as of December 31, 2016 94,823 $ 15.90 Granted 78,417 16.70 Vested (27,971 ) 15.88 Cancelled or expired (16,264 ) 16.36 Unvested as of December 31, 2017 129,005 $ 16.33 2017 Performance Program On January 30, 2017, the Compensation Committee approved the 2017 Performance Program, a multiyear performance-based long-term equity (“LTE”) compensation program. The purpose of the 2017 Performance Program is to further align the interests of our stockholders with that of management by encouraging our senior officers to create stockholder value in a “pay for performance” structure. Under the 2017 Performance Program, participants may earn awards in the form of Long Term Incentive Plan (“LTIP”) units of our Operating Partnership based on our Total Shareholder Return (“TSR”) over a three-year performance measurement period beginning on January 1, 2017 and continuing through December 31, 2019, on both an absolute basis and relative basis. 25.0% of the award is earned if we outperform a predetermined absolute TSR and the remaining 75.0% is earned if we outperform a predetermined relative TSR. Specifically, participants begin to earn awards under the 2017 Performance Program if our TSR for the performance measurement period equals or exceeds 18.0% on an absolute basis and is in the 30th percentile of the performance of the SNL Office REIT Index constituents on a relative basis, and awards will be fully earned if our TSR for the performance measurement period equals or exceeds 30.0% on an absolute basis and exceeds the 80th percentile of the performance of the SNL Office REIT Index constituents on a relative basis. Participants will not earn any awards under the 2017 Performance Program if our TSR during the performance measurement period does not meet either of 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 distributions equal to one-tenth of the per share dividends otherwise payable to our 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 additional amount the participants would have received if per unit distributions during the performance measurement periods for the earned LTIP units had equaled per share dividends paid to our 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 2017 Performance Program will also be subject to vesting based on continued employment with us through December 31, 2020, with 50.0% of each award vesting following the conclusion of the performance measurement period, and the remaining 50.0% vesting on December 31, 2020. Our named executive officers, as defined, are required to hold earned awards for an additional one-year following vesting. The fair value of the awards granted under the 2017 Performance Program on the date of the grant was $10,520,000 and is being amortized into expense over the four-year vesting period using a graded vesting attribution method.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share	20. 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 and diluted income (loss) per common share, which includes the weighted average number of common shares outstanding and the effect of dilutive potential common shares, if any. For the Year Ended December 31, (Amounts in thousands, except per share amounts) 2017 2016 2015 Numerator: Net income (loss) attributable to common stockholders $ 86,381 $ (9,934 ) $ (4,419 ) Earnings allocated to unvested participating securities (98 ) (37 ) - Numerator for income (loss) per common share - basic and diluted $ 86,283 $ (9,971 ) $ (4,419 ) Denominator: Denominator for basic income (loss) per common share - weighted average shares 236,373 218,053 212,107 Effect of dilutive employee stock options and restricted share awards (1) 29 - - Denominator for diluted income (loss) per common share - weighted average shares 236,402 218,053 212,107 Income (loss) per common share - basic and diluted $ 0.37 $ (0.05 ) $ (0.02 ) (1) The effect of dilutive securities for the years ended December 31, 2017, 2016 and 2015 excludes 30,848, 48,113 and 53,281 weighted average share equivalents, respectively, as their effect was anti-dilutive.

Summary of Quarterly Results (u

Summary of Quarterly Results (unaudited)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Summary of Quarterly Results (unaudited)	21. Summary of Quarterly Results (unaudited) The following table provides a summary of our quarterly results of operations for the years ended December 31, 2017 and 2016. Net (loss) income attributable to the (Loss) Income Per Common Share (Amounts in thousands, except per share amounts) Revenues common stockholders Basic Diluted 2017 December 31 $ 180,257 $ (6,793 ) $ (0.03 ) $ (0.03 ) September 30 179,770 (10,214 ) (0.04 ) (0.04 ) June 30 177,704 103,016 0.44 0.44 March 31 181,236 372 0.00 0.00 2016 December 31 $ 166,802 $ (6,489 ) $ (0.03 ) $ (0.03 ) September 30 171,318 (139 ) (0.00 ) (0.00 ) June 30 172,303 3,188 0.01 0.01 March 31 172,918 (6,494 ) (0.03 ) (0.03 )

Related Parties

Related Parties	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Related Parties	22 . Related Parties Due to Affiliates As of December 31, 2017 and 2016, 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 partially owned by Katharina Otto-Bernstein (a member of our Board of Directors), 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 our initial public offering. The notes, which bore interest at a fixed rate of 0.50%, were due in October 2017. We amended the agreements to extend the maturity of these notes to November 2018. The notes bear interest at a fixed rate of 1.40% during the extended term. For the years ended December 31, 2017, 2016 and 2015, we recognized $197,000, $139,000 and $136,000 of interest expense, respectively, in connection with these notes. Management Agreements We provide property management, leasing and other related services to certain properties owned by members of the Otto Family. We recognized an aggregate of $824,000, $795,000 and $776,000 for the years ended December 31, 2017, 2016 and 2015, respectively, of fee income, in connection with these agreements, which is included as a component of “fee and other income” on our consolidated statements of income. As of December 31, 2017, there were no amounts owed to us under these agreements. We also provide property management, asset management, leasing and other related services to our unconsolidated joint ventures and real estate funds. For the years ended December 31, 2017, 2016 and 2015, we recognized $20,263,000, $9,920,000 and $2,308,000, respectively, of fee income in connection with these agreements. As of December 31, 2017, amounts owed to us under these agreements aggregated $1,627,000, which are included as a component of “accounts and other receivables, net” on our consolidated balance sheet. Hamburg Trust Consulting GMBH (“HTC”) We have an agreement with HTC, a licensed broker in Germany, to supervise selling efforts for our private equity real estate funds (or investments in feeder vehicles for these funds) to investors in Germany, including distribution of securitized notes of a feeder vehicle for Fund VIII. Pursuant to this agreement, we have agreed to pay HTC for the costs incurred to sell investments in this feeder vehicle, which primarily consist of commissions paid to third party agents, and other incremental costs incurred by HTC as a result of the engagement, plus, in each case, a mark-up of 10%. HTC is 100% owned by Albert Behler, our Chairman, Chief Executive Officer and President. For the years ended December 31, 2017, 2016 and 2015, we incurred $247,000, $625,000 and $349,000 of expense, respectively, in connection with these agreements, which is included as a component of “transaction related costs” on our consolidated statements of income. As of December 31, 2017, we owed $51,000 to HTC under this agreement, which is included as a component of “accounts payable and accrued expenses” on our consolidated balance sheet. Mannheim Trust Dr. Martin Bussmann (a member of our Board of Directors) is also a trustee and a director of Mannheim Trust, a subsidiary of which leases office space at 712 Fifth Avenue, our 50.0% owned unconsolidated joint venture. The Mannheim Trust is for the benefit of Dr. Bussmann’s children. Prior to December 5, 2016, the Mannheim Trust leased 6,790 square feet. On December 5, 2016, the joint venture entered into a new lease agreement for 5,593 square feet, which became effective in January 2017. The new lease expires in April 2023. For the years ended December 31, 2017 and 2016, our share of rental income from these leases was $358,000 and $416,000, respectively. Acquisitions from Unconsolidated Real Estate Funds On January 24, 2017, Fund II and Fund III sold their 62.3% interest in 60 Wall Street to a newly formed joint venture, in which we have a 5.0% ownership interest. See Note 5, Investments in Unconsolidated Joint Ventures On July 17, 2017, Fund VII and Fund VII-H completed the sale of their 42.8% interest in 50 Beale to us and a newly formed joint venture, in which we have a 36.6% ownership interest. See Note 3, Acquisitions

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2017
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	23. 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 such as floods, earthquakes and windstorms. 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 consultation with our insurance advisors, we believe 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, in connection with our initial public offering, 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. In addition, certain litigation or the resolution of certain litigation may affect the availability or cost of some of our insurance coverage, which could adversely impact our results of operations and cash flow, expose us to increased risks that would be uninsured, and/or adversely impact our ability to attract officers and directors. 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 require compliance with certain debt yield, debt service coverage and loan to value ratios. In addition, our revolving credit facility contains representations, warranties, covenants, other agreements and events of default customary for agreements of this type with comparable companies. As of December 31, 2017, 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 joint venture partner in 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 then 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 September 10, 2018 with 12 months written notice and the actual purchase occurring no earlier than 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 by our joint venture partner, we will own a 25.0% interest in 718 Fifth Avenue based on current ownership interests.

Segments

Segments	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Segments	24. Segments Our reportable segments are separated by region based on the three regions in which we conduct our business: New York, Washington, D.C. and San Francisco. Our determination of segments is aligned with our method of internal reporting and the way our Chief Executive Officer, who is also our Chief Operating Decision Maker, makes key operating decisions, evaluates financial results and manages our business. The following tables provide NOI for each reportable segment for years ended December 31, 2017, 2016 and 2015. For the Year Ended December 31, 2017 (Amounts in thousands) Total New York Washington, D.C. San Francisco Other Property-related revenues $ 694,755 $ 430,548 $ 72,143 $ 191,677 $ 387 Property-related operating expenses (266,136 ) (180,855 ) (27,342 ) (50,906 ) (7,033 ) NOI from unconsolidated joint ventures 19,643 19,143 - - 500 NOI (1) $ 448,262 $ 268,836 $ 44,801 $ 140,771 $ (6,146 ) For the Year Ended December 31, 2016 (Amounts in thousands) Total New York Washington, D.C. San Francisco Other Property-related revenues $ 666,410 $ 449,794 $ 86,389 $ 127,813 $ 2,414 Property-related operating expenses (250,040 ) (176,445 ) (32,721 ) (30,889 ) (9,985 ) NOI from unconsolidated joint ventures 17,195 16,874 - - 321 NOI (1) $ 433,565 $ 290,223 $ 53,668 $ 96,924 $ (7,250 ) For the Year Ended December 31, 2015 (Amounts in thousands) Total New York Washington, D.C. San Francisco Other Property-related revenues $ 652,160 $ 452,842 $ 82,366 $ 114,472 $ 2,480 Property-related operating expenses (244,754 ) (174,273 ) (32,482 ) (29,277 ) (8,722 ) NOI from unconsolidated joint ventures 16,580 16,210 - - 370 NOI (1) $ 423,986 $ 294,779 $ 49,884 $ 85,195 $ (5,872 ) (1) Net Operating Income (“NOI”) is used to measure the operating performance of our properties. NOI consists of property-related revenue (which includes rental income, tenant reimbursement income and certain other income) less operating expenses (which includes building expenses such as cleaning, security, repairs and maintenance, utilities, property administration and real estate taxes). We use NOI internally as a performance measure and believe it provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Other real estate companies may use different methodologies for calculating NOI and, accordingly, our presentation of NOI may not be comparable to other real estate companies. The following table provides a reconciliation of NOI to net income (loss) attributable to common stockholders for the years ended December 31, 2017, 2016 and 2015. For the Year Ended December 31, (Amounts in thousands) 2017 2016 2015 NOI $ 448,262 $ 433,565 $ 423,986 Add (subtract) adjustments to arrive to net income (loss): Fee income 24,212 16,931 10,248 Depreciation and amortization expense (266,037 ) (269,450 ) (294,624 ) General and administrative expenses (61,577 ) (53,510 ) (42,056 ) Transaction related costs (2,027 ) (2,404 ) (4,483 ) Transfer taxes due in connection with the sale of shares by a former joint venture partner - - (5,872 ) NOI from unconsolidated joint ventures (19,643 ) (17,195 ) (16,580 ) Income from unconsolidated joint ventures 20,185 7,413 6,850 Income from real estate fund investments - - 37,975 Loss from unconsolidated real estate funds (6,143 ) (498 ) - Interest and other (loss) income, net (9,031 ) 6,934 871 Interest and debt expense (143,762 ) (153,138 ) (168,366 ) Loss on extinguishment of debt (7,877 ) (4,608 ) - Gain on sale of real estate 133,989 - - Unrealized gain on interest rate swaps 1,802 39,814 75,760 Net income before income taxes 112,353 3,854 23,709 Income tax expense (5,177 ) (1,785 ) (2,566 ) Net income 107,176 2,069 21,143 Less: net (income) loss attributable to noncontrolling interests in: Consolidated joint ventures 10,365 (15,423 ) (5,459 ) Consolidated real estate funds (19,797 ) 1,316 (21,173 ) Operating Partnership (11,363 ) 2,104 1,070 Net income (loss) attributable to common stockholders $ 86,381 $ (9,934 ) $ (4,419 ) Total Assets as of: Total New York Washington, D.C. San Francisco Other December 31, 2017 $ 8,917,661 $ 5,511,061 $ 693,408 $ 2,421,173 $ 292,019 December 31, 2016 8,867,168 5,617,344 1,075,350 1,913,747 260,727 December 31, 2015 8,794,143 5,702,288 1,082,093 1,391,725 618,037

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	25. Subsequent Events On January 10, 2018, we amended and restated the credit agreement governing our revolving credit facility. The maturity date of the revolving credit facility was extended from November 2018 to January 2022, with two six-month extension options, and the capacity was increased to $1,000,000,000 from $800,000,000. The interest rate on the revolving credit facility, at current leverage levels, was lowered by 10 basis points from LIBOR plus 125 basis points to LIBOR plus 115 basis points, and the facility fee was reduced by 5 basis points from 25 basis points to 20 basis points.

Schedule-II - Valuation and Qua

Schedule-II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2017
Valuation And Qualifying Accounts [Abstract]
Schedule of Valuation and Qualifying Accounts	COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E Additions Balance at Charged Uncollectible Balance Beginning Against accounts at End (Amounts in thousands) of Year Operations Written-off of Year For the Year Ended December 31, 2017 Allowance for doubtful accounts $ 202 $ 123 $ (48 ) $ 277 Allowance for preferred equity investments - 19,588 - 19,588 Total valuation allowance $ 202 $ 19,711 $ (48 ) $ 19,865 For the Year Ended December 31, 2016 Allowance for doubtful accounts $ 365 $ 315 $ (478 ) $ 202 For the Year Ended December 31, 2015 Allowance for doubtful accounts $ 333 $ 87 $ (55 ) $ 365

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2017
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	PARAMOUNT GROUP, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I (Amounts in thousands) Life on which Costs capitalized depreciation subsequent Gross amount at which Accumulated in latest Initial cost to company to acquisition carried at close of period depreciation income Building and Building and Buildings and and Date of Date statement Description Encumbrances Land Improvements Land Improvements Land Improvements Total (1) amortization construction acquired is computed 1633 Broadway $ 1,030,100 $ 502,846 $ 1,398,341 $ - $ 74,427 $ 502,846 $ 1,472,768 $ 1,975,614 $ (123,730 ) 1971 11/2014 5 to 40 Years 1301 Avenue of the Americas 850,000 406,039 1,051,697 - 74,934 406,039 1,126,631 1,532,670 (93,817 ) 1963 11/2014 5 to 40 Years 31 West 52nd Street 500,000 221,318 604,994 - 8,529 221,318 613,523 834,841 (51,908 ) 1987 11/2014 5 to 40 Years 1325 Avenue of the Americas - 174,688 370,553 - 18,494 174,688 389,047 563,735 (33,663 ) 1989 11/2014 5 to 40 Years 900 Third Avenue - 103,741 296,031 - 11,905 103,741 307,936 411,677 (29,407 ) 1983 11/2014 5 to 40 Years Total New York 2,380,100 1,408,632 3,721,616 - 188,289 1,408,632 3,909,905 5,318,537 (332,525 ) 425 Eye Street - 93,669 98,088 - 5,476 93,669 103,564 197,233 (11,771 ) 1973 11/2014 5 to 40 Years Liberty Place - 46,401 96,422 - 11,675 46,401 108,097 154,498 (10,569 ) 1993 11/2014 5 to 40 Years 1899 Pennsylvania Avenue - 52,568 94,874 - 4,160 52,568 99,034 151,602 (9,263 ) 1915 11/2014 5 to 40 Years 2099 Pennsylvania Avenue - 50,631 103,992 - 17,230 50,631 121,222 171,853 (11,014 ) 2001 11/2014 5 to 40 Years Total Washington, D.C. - 243,269 393,376 - 38,541 243,269 431,917 675,186 (42,617 ) One Market Plaza 975,000 288,743 988,014 - 62,007 288,743 1,050,021 1,338,764 (93,860 ) 1976 11/2014 5 to 40 Years One Front Street - 127,765 376,919 - 3,293 127,765 380,212 507,977 (13,113 ) 1979 12/2016 5 to 40 Years 50 Beale Street 228,000 141,097 343,819 - 567 141,097 344,386 485,483 (5,111 ) 1968 07/2017 5 to 40 Years Total San Francisco 1,203,000 557,605 1,708,752 - 65,867 557,605 1,774,619 2,332,224 (112,084 ) Other - - - - 3,528 - 3,528 3,528 (719 ) 11/2014 5 to 40 Years Total $ 3,583,100 $ 2,209,506 $ 5,823,744 $ - $ 296,225 $ 2,209,506 $ 6,119,969 $ 8,329,475 $ (487,945 ) (1) The basis of the Company’s assets for tax purposes is approximately $1.6 billion lower than the amount reported for financial statement purposes. For the Year Ended December 31, (Amounts in thousands) 2017 2016 2015 Real Estate: Beginning balance $ 7,849,093 $ 7,652,117 $ 7,530,239 Acquisitions 484,916 504,684 Additions during the year: Land - - - Buildings and improvements 82,862 116,038 123,277 Assets held for sale - (412,315 ) - Assets sold and written-off (87,396 ) (11,431 ) (1,399 ) Ending balance $ 8,329,475 $ 7,849,093 $ 7,652,117 Accumulated Depreciation: Beginning balance $ 318,161 $ 243,089 $ 81,050 Additions charged to expense 182,732 168,847 163,438 Assets held for sale - (82,344 ) - Accumulated depreciation related to assets sold and written-off (12,948 ) (11,431 ) (1,399 ) Ending balance $ 487,945 $ 318,161 $ 243,089

Basis of Presentation and Sig37

Basis of Presentation and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and with the rules and regulations of the Securities and Exchange Commission (the “SEC”). These consolidated financial statements include the accounts of Paramount and its wholly owned subsidiaries, including the Operating Partnership. All significant intercompany balances and transactions have been eliminated in consolidation .
Real Estate	Real Estate Real estate is carried at cost less accumulated depreciation and amortization. Betterments, major renovations and certain costs directly related to the improvement of rental properties are capitalized. Maintenance and repair expenses are charged to expense as incurred. Depreciation is recognized on a straight-line basis over estimated useful lives of the assets, which range from 5 to 40 years. Tenant improvements are amortized on a straight-line basis over the lives of the related leases, which approximate the useful lives of the assets. Upon the acquisition of real estate, we assess the fair value of acquired assets (including land, buildings and improvements, identified intangibles, such as acquired above-market leases and acquired in-place leases) and acquired liabilities (such as acquired below-market leases) and allocate the purchase price based on these assessments. We assess fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known trends, and market/economic conditions. We record acquired intangible assets (including acquired above-market leases and acquired in-place leases) and acquired intangible liabilities (including below-market leases) at their estimated fair value. We amortize acquired above-market and below-market leases as a decrease or increase to rental income, respectively, over the lives of the respective leases. Amortization of acquired in-place leases is included as a component of “depreciation and amortization”. Our properties, including any related intangible assets, are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis. An impairment loss is measured based on the excess of the property’s carrying amount over its estimated fair value. Impairment analyses are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. If our estimates of the projected future cash flows, anticipated holding periods, or market conditions change, our evaluation of impairment losses may be different and such differences could be material to our consolidated financial statements. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. Real estate and related intangibles are classified as held for sale when all the necessary criteria are met. The criteria include (i) management, having the authority to approve action, commits to a plan to sell the property in its present condition, (ii) the sale of the property is at a price reasonable in relation to its current fair value and (iii) the sale is probable and expected to be completed within one year. Real estate and the related intangibles held for sale are carried at the lower of carrying amounts or estimated fair value less disposal costs. Depreciation and amortization is not recognized on real estate and related intangibles classified as assets held for sale.
Variable Interest Entities and Investments in Unconsolidated Joint Ventures and Funds	Variable Interest Entities and Investments in Unconsolidated Joint Ventures and Funds We consolidate variable interest entities (“VIEs”) in which we are considered to be the primary beneficiary. Entities are considered to be the primary beneficiary if they have both of the following characteristics: (i) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance, and (ii) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. We consolidate entities that are not VIEs where we have significant decision making control over operations. Our judgment with respect to our level of influence or control of an entity involves the consideration of various factors including the form of our ownership interest, our representation in the entity’s governance, the size of our investment, estimates of future cash flows, our ability to participate in policy making decisions and the rights of the other investors to participate in the decision making process and to replace us as manager and/or liquidate the joint venture, if applicable. We account for investments under the equity method when the requirements for consolidation are not met, and we have significant influence over the operations of the investee. Equity method investments, which consists of investments in unconsolidated joint ventures and funds are initially recorded at cost and subsequently adjusted for our share of net income or loss and cash contributions and distributions each period. The agreements that govern our equity method investments may designate different percentage allocations among investors for profits and losses; however, our recognition of income or loss generally follows the investment’s distribution priorities, which may change upon the achievement of certain investment return thresholds. We account for cash distributions in excess of our basis in the equity method investments as income when we have neither the requirement, nor the intent to provide financial support to the joint venture. Investments that do not qualify for consolidation or equity method accounting are accounted for under the cost method.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and short-term highly liquid investments with original maturities of three months or less. The majority of our cash and cash equivalents are held at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit. To date, we have not experienced any losses on our invested cash.
Restricted Cash	Restricted Cash Restricted cash consists primarily of security deposits held on behalf of our tenants, cash escrowed under loan agreements for debt service, real estate taxes, property insurance and capital improvements and cash restricted in connection with our deferred compensation plan.
Preferred Equity Investments	Preferred Equity Investments Preferred equity investments are comprised of investments in certain partnerships that own real estate. We evaluate the collectibility of preferred equity investments when changes in events or circumstances, including delinquencies, loss experience and collateral quality, indicate that it is probable we will be unable to collect all amounts due under the contractual terms. If a preferred equity investment is considered impaired, a valuation allowance is measured and recorded based on the excess of the carrying amount of the investment over the net realizable value of the collateral.
Marketable Securities	Marketable Securities Marketable securities consists of investments in trading securities that are held in our deferred compensation plan for which there is an offsetting liability. These investments are initially recorded at cost and subsequently measured at fair value at the end of each reporting period, with gains or losses resulting from changes in fair value recognized in earnings, which are included as a component of “interest and other (loss) income, net” on our consolidated statements of income and the earnings are entirely offset by expenses from the mark-to-market of plan liabilities, which are included as a component of “general and administrative” expenses on our consolidated statements of income.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under the lease agreements. We also maintain an allowance for deferred rent receivable, as needed. This receivable arises from earnings recognized in excess of amounts currently due under the lease agreements. Management exercises judgment in establishing these allowances and considers payment history and current credit status in developing these estimates.
Deferred Charges	Deferred Charges Deferred charges include deferred leasing costs and deferred financing costs related to our revolving credit facility. Deferred leasing costs consist of fees and direct costs related to successful leasing activities. Such costs are amortized on a straight-line basis over the lives of the related leases and recognized in our consolidated statements of income as a component of “depreciation and amortization”. Deferred financing costs consist of fees and direct costs incurred in obtaining our revolving credit facility. Such costs are amortized over the term of the revolving credit facility and are recognized as a component of “interest and debt expense” on our consolidated statements of income.
Deferred Financing Costs Related to Notes and Mortgages Payable	Deferred Financing Costs Related to Notes and Mortgages Payable Deferred financing costs related to notes and mortgages payable consists of fees and direct costs incurred in obtaining such financing and are recorded as a reduction of our notes and mortgages payable. Such costs are amortized over the terms of the related debt agreements and recognized as a component of “interest and debt expense” on our consolidated statements of income.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities We record all derivatives on our consolidated balance sheets at fair value in accordance with ASC Topic 815, Derivatives and Hedging
Fair Value of Financial Instruments	Fair Value of Financial Instruments Accounting Standard Codification (“ASC”) Topic 820, Fair Value Measurement and Disclosures , defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC Topic 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining the fair value of our financial and non-financial assets and liabilities. Accordingly, our fair value estimates, which are made at the end of each reporting period, may be different than the amounts that may ultimately be realized upon sale or disposition of these assets or settlement of these liabilities. We use the following methods and assumptions in estimating fair value for financial instruments that are presented at fair value on our consolidated balance sheets: Interest Rate Swaps Interest rate swaps are valued by a third-party specialist using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each swap. This analysis reflects the contractual terms of the interest rate swaps and uses observable market-based inputs, including interest rate curves and implied volatilities. Interest rate swaps are classified as Level 2 in the fair value hierarchy. We use the following methods and assumptions in estimating fair value for financial instruments that are not presented at fair value on our consolidated balance sheets, but are disclosed in the notes to our consolidated financial statements: Preferred Equity Investments Preferred equity investments are valued by a third-party specialist using the standard practice of modeling the contractual cash flows required under the instrument and discounting them back to their present value. We use significant unobservable inputs in determining the discount rate used in the fair value measurement of these investments, including a credit spread and preferred rate of return. Preferred equity investments are classified as Level 3 in the fair value hierarchy. Notes and Mortgages Payable Notes and mortgages payable are valued by a third-party specialist using 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. For floating rate debt, we use forward rates derived from observable market yield curves to project the expected cash payments we would be required to make under the instrument. The notes and mortgages payable are classified as Level 2 in fair value hierarchy. The carrying values of all other financial instruments on our consolidated balance sheets, including cash and cash equivalents, restricted cash, accounts and other receivable and accounts payable and accrued expenses, approximate their fair values due to the short-term nature of these instruments.
Revenue Recognition	Revenue Recognition Rental Income Rental income includes base rents that each tenant pays in accordance with the terms of its respective lease and is reported on a straight-line basis over the non-cancellable term of the lease, which includes the effects of rent steps and rent abatements under the leases. We commence rental revenue recognition when the tenant takes possession of the leased space or controls the physical use of the leased space and the leased space is substantially ready for its intended use. Differences between rental income recognized and amounts due under the respective lease agreements are recorded as an increase or decrease to “deferred rent receivable” on our consolidated balance sheets. Rental income also includes the amortization of acquired above-and below-market leases, net. Tenant Reimbursement Income Tenant reimbursement income includes revenue arising from tenant leases, which provide for the recovery of all or a portion of the operating expenses and real estate taxes of the property. This revenue is earned in the same period as the expenses are incurred. Fee and Other Income Fee and other income includes management fees earned pursuant to contractual agreements. This revenue is recognized as the related services are performed. Fee and other income also includes lease termination and income from tenant requested services, including overtime heating and cooling.
Gains on Sale of Real Estate	Gains on Sale of Real Estate Gains on the sale of real estate are recognized pursuant to ASC Topic 360, Property, Plant, and Equipment
Stock-based Compensation	Stock-based Compensation We account for stock-based compensation in accordance with ASC Topic 718, Compensation – Stock Compensation
Income Taxes	Income Taxes We operate and have been organized in conformity with the requirements for qualification and taxation as a REIT for U.S. federal income tax purposes. So long as we qualify as a REIT, we generally will not be subject to U.S. federal income tax on our net income that we distribute currently to our stockholders. In order to maintain our qualification as a REIT, we are required under the Internal Revenue Code of 1986, as amended, to distribute at least 90% of our taxable income (without regard to the deduction for dividends paid and excluding net capital gains) to our stockholders and meet certain other requirements. If, with respect to any taxable year, we fail to maintain our qualification as a REIT, and we are not entitled to relief under the relevant statutory provisions, we would be subject to income tax at regular corporate tax rates. Even if we qualify as a REIT, we may also be subject to certain state, local and franchise taxes. Under certain circumstances, U.S. federal income tax may be due on our undistributed taxable income. We treat certain consolidated subsidiaries, and may in the future elect to treat newly formed subsidiaries, as taxable REIT subsidiaries (“TRSs”). TRSs may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to federal and state income tax at regular corporate tax rates. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “TCJA”), which among other items, reduces the current corporate federal income tax rate to 21% from 35%, effective January 1, 2018. As a result of the rate reduction under the TCJA, we have revalued the deferred tax assets of our TRSs as of December 31, 2017. Deferred income taxes result from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, that will result in taxable or deductible amounts in future years. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through income tax expense. The tax rate reduction decreased our deferred tax assets by $405,000, which was recorded as additional income tax expense on our consolidated statement of income for the year ended December 31, 2017. Our TRSs had a combined current income tax expense of approximately $5,758,000, $780,000 and $2,545,000, and deferred income tax benefit of $922,000, $479,000 and $1,186,000, for the years ended December 31, 2017, 2016 and 2015, respectively. The following table reconciles net income (loss) attributable to Paramount Group, Inc. to estimated taxable income for the years ended December 31, 2017, 2016 and 2015. For the Year Ended December 31, (Amounts in thousands) 2017 2016 2015 Net income (loss) attributable to Paramount Group, Inc. $ 86,381 $ (9,934 ) $ (4,419 ) Book to tax differences: Straight-lining of rents and amortization of above and below-market leases, net (44,083 ) (51,880 ) (36,131 ) Depreciation and amortization 96,991 95,489 104,399 Stock-based compensation 14,441 9,673 5,794 Gain on sale of real estate (95,182 ) - - Swap breakage costs (1,487 ) (25,367 ) (27,147 ) Unrealized gain on interest rate swaps (860 ) (4,651 ) (29,586 ) Valuation allowance on preferred equity investment 4,327 - - Earnings of unconsolidated joint ventures, including real estate investments (8,600 ) (3,513 ) (12,909 ) Other, net 1,885 13,295 7,356 Estimated taxable income $ 53,813 $ 23,112 $ 7,357 The following table sets forth the characterization of dividend distributions for federal income tax purposes for the years ended December 31, 2017, 2016 and 2015. For the Year Ended December 31, 2017 2016 2015 Amount % Amount % Amount % Return of capital $ 0.185 48.7 % $ 0.273 71.8 % $ 0.289 89.2 % Ordinary income 0.195 51.3 % 0.107 28.2 % 0.035 10.8 % Total $ 0.380 (1) 100.0 % $ 0.380 (2) 100.0 % $ 0.324 (3) 100.0 % (1) Excludes the fourth quarter 2017 dividend of $0.095 per share, which was paid on January 12, 2018 and is allocable to 2018 for federal income tax purposes. (2) Excludes the fourth quarter 2016 dividend of $0.095 per share, which was paid on January 13, 2017 and is allocable to 2017 for federal income tax purposes. (3) Excludes the fourth quarter 2015 dividend of $0.095 per share, which was paid on January 15, 2016 and is allocable to 2016 for federal income tax purposes and includes a dividend of $0.039 per share, which was for the 38-day period following the completion of our initial public offering and ending on December 31, 2014.
Segments	Segments Our reportable segments are separated by region based on the three regions in which we conduct our business: New York, Washington, D.C. and San Francisco. Our determination of segments is aligned with our method of internal reporting and the way our Chief Executive Officer, who is also our Chief Operating Decision Maker, makes key operating decisions, evaluates financial results and manages our business. See Note 24, Segments .
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and the notes thereto. Actual results could differ from these estimates.
Reclassification	Reclassification Certain prior year balances have been reclassified to conform to current year presentation.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Not Materially Impacting Our Financial Statements In May 2014, the FASB issued ASU 2014-09, an update to ASC Topic 606, Revenue from Contracts with Customers In March 2016, the Financial Accounting Standard’s Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, an update to ASC Topic 718, Compensation – Stock Compensation In June 2016, the FASB issued ASU 2016-13, an update to ASC Topic 326, Financial Instruments – Credit Losses In August 2016, the FASB issued ASU 2016-15, an update to ASC Topic 230, Statement of Cash Flows, In October 2016, the FASB issued ASU 2016-17, an update to ASC Topic 810, Consolidation In May 2017, the FASB issued ASU 2017-09, an update to ASC Topic 718, Compensation – Stock Compensation In August 2017, the FASB issued ASU 2017-12, an update to ASC Topic 815, Derivatives and Hedging Recently Issued Accounting Pronouncements Impacting or Potentially Impacting Our Financial Statements In February 2016, the FASB issued ASU 2016-02, an update to ASC Topic 842, Leases In November 2016, the FASB issued ASU 2016-18, an update to ASC Topic 230, Statement of Cash Flows, In January 2017, the FASB issued ASU 2017-01, an update to ASC Topic 805, Business Combinations In February 2017, the FASB issued ASU 2017-05, an update to ASC Topic 610, Other Income Investments in Unconsolidated Joint Ventures

Basis of Presentation and Sig38

Basis of Presentation and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Summary of Reconciliation Net Income (Loss) Attributable to Estimated Taxable Income	The following table reconciles net income (loss) attributable to Paramount Group, Inc. to estimated taxable income for the years ended December 31, 2017, 2016 and 2015. For the Year Ended December 31, (Amounts in thousands) 2017 2016 2015 Net income (loss) attributable to Paramount Group, Inc. $ 86,381 $ (9,934 ) $ (4,419 ) Book to tax differences: Straight-lining of rents and amortization of above and below-market leases, net (44,083 ) (51,880 ) (36,131 ) Depreciation and amortization 96,991 95,489 104,399 Stock-based compensation 14,441 9,673 5,794 Gain on sale of real estate (95,182 ) - - Swap breakage costs (1,487 ) (25,367 ) (27,147 ) Unrealized gain on interest rate swaps (860 ) (4,651 ) (29,586 ) Valuation allowance on preferred equity investment 4,327 - - Earnings of unconsolidated joint ventures, including real estate investments (8,600 ) (3,513 ) (12,909 ) Other, net 1,885 13,295 7,356 Estimated taxable income $ 53,813 $ 23,112 $ 7,357
Summary of Characterization of Dividend Distributions for Federal Income Tax Purposes	The following table sets forth the characterization of dividend distributions for federal income tax purposes for the years ended December 31, 2017, 2016 and 2015. For the Year Ended December 31, 2017 2016 2015 Amount % Amount % Amount % Return of capital $ 0.185 48.7 % $ 0.273 71.8 % $ 0.289 89.2 % Ordinary income 0.195 51.3 % 0.107 28.2 % 0.035 10.8 % Total $ 0.380 (1) 100.0 % $ 0.380 (2) 100.0 % $ 0.324 (3) 100.0 % (1) Excludes the fourth quarter 2017 dividend of $0.095 per share, which was paid on January 12, 2018 and is allocable to 2018 for federal income tax purposes. (2) Excludes the fourth quarter 2016 dividend of $0.095 per share, which was paid on January 13, 2017 and is allocable to 2017 for federal income tax purposes. (3) Excludes the fourth quarter 2015 dividend of $0.095 per share, which was paid on January 15, 2016 and is allocable to 2016 for federal income tax purposes and includes a dividend of $0.039 per share, which was for the 38-day period following the completion of our initial public offering and ending on December 31, 2014.

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
Summary of Allocation of Purchase Price Between Assets Acquired and Liabilities Assumed	The following table summarizes the allocation of purchase price between the assets acquired and liabilities assumed on the date of acquisition. (Amounts in thousands) Purchase price allocation: Land $ 141,097 Building and improvements 343,819 In-place lease intangible assets 27,965 Above-market lease intangible assets 2,976 Accounts receivable and other assets 1,338 Below-market lease intangible liabilities (11,472 ) Accounts payable and other liabilities (6,532 ) Notes and mortgages payable (228,000 ) Net assets acquired $ 271,191

Dispositions (Tables)

Dispositions (Tables)	12 Months Ended
	Dec. 31, 2017
Assets Of Disposal Group Including Discontinued Operation [Abstract]
Summary of Assets of Waterview Classified as Held For Sale	The following table sets forth the details of the assets of Waterview that were classified as held-for-sale as of December 31, 2016. (Amounts in thousands) Land $ 78,300 Building and improvements, net 251,671 Deferred charges 14,512 Deferred rent receivable 2,202 Assets held for sale $ 346,685

Investments in Unconsolidated41

Investments in Unconsolidated Joint Ventures (Tables)	12 Months Ended
	Dec. 31, 2017
Equity Method Investments And Joint Ventures [Abstract]
Summary of Investments and Income from Investments In Unconsolidated Joint Ventures	The following tables summarize our investments in unconsolidated joint ventures as of December 31, 2017 and 2016 and income from these investments for the years ended December 31, 2017, 2016 and 2015. (Amounts in thousands) Paramount As of December 31, Our Share of Investments: Ownership 2017 2016 712 Fifth Avenue 50.0% $ - (1) $ 2,912 60 Wall Street (2) 5.0% 25,083 - 75 Howard 20.0% (3) 16,031 - Oder-Center, Germany (2) 9.5% 3,648 3,499 Investments in unconsolidated joint ventures $ 44,762 $ 6,411 (Amounts in thousands) Paramount For the Year Ended December 31, Our Share of Net Income: Ownership 2017 2016 2015 712 Fifth Avenue 50.0% $ 20,072 (1) $ 7,335 $ 6,734 60 Wall Street (2) 5.0% (152 ) - - 75 Howard 20.0% (3) 182 - - Oder-Center, Germany (2) 9.5% 83 78 116 Income from unconsolidated joint ventures $ 20,185 $ 7,413 $ 6,850 (1) Prior to June 30, 2017, the basis of our investment in the property was $4,928. On June 30, 2017, we received a $20,000 distribution for our 50.0% share of net proceeds from refinancing the property. Because the distributions resulted in our basis becoming negative and because we have no further obligation to fund additional capital to the venture, we can no longer recognize our proportionate share of earnings for the venture until our basis is above zero. Accordingly, we are only recognizing income to the extent we receive cash distributions from the venture. As of December 31, 2017, the carrying amount of our investment in 712 Fifth Avenue is greater than our share of its equity by $20,336. (2) As of December 31, 2017, the carrying amount of our investments in 60 Wall Street and Oder-Center is greater than our share of equity in these investments by $2,869 and $5,166, respectively. (3) Represents RDF’s ownership interest in the property. We own a 7.4% ownership interest in RDF; accordingly, our economic interest in 75 Howard is 1.5%.

Real Estate Fund Investments (T

Real Estate Fund Investments (Tables)	12 Months Ended
	Dec. 31, 2017
Real Estate Investments [Abstract]
Summary of Property Funds Ownership Interests in These Funds and Funds Ownership Interest in Underlying Properties	The following is a summary of the property funds, our ownership interests in these funds and the funds’ ownership interest in the underlying properties as of December 31, 2017 and 2016. As of December 31, 2017 2016 Paramount 0 Bond Street 60 Wall Street (1) One Market Plaza (2) 50 Beale Street (3) 0 Bond Street Ownership Fund II 10.0% - 46.3 % - - - Fund III 3.1% - 16.0 % 2.0 % - - Fund VII/VII-H 7.2% 100.0 % - - 42.8 % 100.0 % Total Property Funds 100.0 % 62.3 % 2.0 % 42.8 % 100.0 % Other Investors - 37.7 % 98.0 % 57.2 % - Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % (1) On January 24, 2017, Fund II and Fund III, together with the other investors sold their interest in 60 Wall Street to a newly formed joint venture, in which we have a 5.0% ownership interest. Accordingly, beginning on January 24, 2017, we account for our investment in 60 Wall Street under the equity method. See Note 5, Investments in Unconsolidated Joint Ventures (2) On December 13, 2017, Fund III sold its 2.0% interest in One Market Plaza to a third party investor. (3) On July 17, 2017, Fund VII and Fund VII-H completed the sale of their 42.8% interest in 50 Beale to us and a new joint venture, in which we have a 36.6% ownership interest. See Note 3, Acquisitions
Summary of Investment in Property Funds and an Alternative Investment Fund and Income or Loss from Fund Investments	The following tables summarize our investments in these unconsolidated real estate funds as of December 31, 2017 and 2016, and income or loss recognized from these investments for the years ended December 31, 2017 and 2016. As of December 31, (Amounts in thousands) 2017 2016 Our Share of Investments: Property funds $ 2,429 $ 22,811 Alternative investment fund 4,824 5,362 Investments in unconsolidated real estate funds $ 7,253 $ 28,173 For the Year Ended December 31, (Amounts in thousands) 2017 2016 Our Share of Net Loss: Net investment income (loss) $ 236 $ (324 ) Net realized loss (126 ) - Net unrealized loss (663 ) (1,706 ) Carried interest (5,590 ) 1,532 Loss from unconsolidated real estate funds (1) $ (6,143 ) $ (498 ) (1) Excludes asset management and other fee income from real estate funds, which is included as a component of “fee and other income” on our consolidated statements of income for the years ended December 31, 2017 and 2016.
Summarized Financial Information of Investments in Unconsolidated Real Estate Funds	The following tables provide the summarized financial information of our unconsolidated real estate funds as of the dates and for the periods set forth below. (Amounts in thousands) As of December 31, Balance Sheets: 2017 2016 Real estate investments $ 405,931 $ 639,609 Cash and cash equivalents 5,076 7,608 Other assets 74 152 Total assets $ 411,081 $ 647,369 Other liabilities $ 1,308 $ 1,931 Total liabilities 1,308 1,931 Equity 409,773 645,438 Total liabilities and equity $ 411,081 $ 647,369 (Amounts in thousands) For the Year Ended December 31, Income Statements: 2017 2016 Investment income $ 29,013 $ 20,484 Investment expenses 7,086 7,466 Net investment income 21,927 13,018 Net realized losses (72,134 ) - Previously recorded unrealized losses 35,682 - Net unrealized (losses) gains (6,266 ) 14,275 (Loss) income from real estate fund investments $ (20,791 ) $ 27,293
Summary of Consolidated Real Estate Funds	The following table sets forth the details of income from these funds, including our share thereof. For the Year Ended (Amounts in thousands) December 31, 2015 Net investment income $ 12,274 Net realized gains 13,884 Previously recorded unrealized gains on exited investments (6,584 ) Net unrealized gains 18,401 Income from real estate fund investments (1) 37,975 Less: noncontrolling interests in consolidated real estate funds (2) (24,896 ) Income from real estate fund investments attributable to Paramount Group, Inc. $ 13,079 (1) Represents income from our real estate funds that were consolidated during 2015, including Fund II, Fund III, Fund VII, Fund VII-H, Fund VIII, Paramount Group Real Estate Special Situations Fund L.P., Paramount Group Real Estate Special Situations Fund-A L.P. and Paramount Group Real Estate Special Situations Fund-H L.P. (2) Includes $5,481 of asset management fee income that was reflected as a reduction of the amounts attributable to noncontrolling interests for the year ended December 31, 2015.

Preferred Equity Investments (T

Preferred Equity Investments (Tables)	12 Months Ended
	Dec. 31, 2017
Schedule Of Investments [Abstract]
Schedule of Preferred Equity Investments	The following is a summary of the preferred equity investments. (Amounts in thousands, except square feet) Paramount Dividend Initial As of December 31, Preferred Equity Investment Ownership Rate Maturity 2017 2016 470 Vanderbilt Avenue (1) 24.4% 10.3% Feb-2019 $ 35,817 $ 35,613 2 Herald Square (2) 24.4% 10.3% Apr-2017 19,588 19,438 55,405 55,051 Less: valuation allowance (19,588 ) - Total preferred equity investments, net $ 35,817 $ 55,051 (1) Represents a $33,750 preferred equity investment in a partnership that owns 470 Vanderbilt Avenue, a 650,000 square foot office building in Brooklyn, New York. The preferred equity has a dividend rate of 10.3%, of which 8.0% was paid in cash through February 2016 and the unpaid portion accreted to the balance of the investment. Subsequent to February 2016, the entire 10.3% dividend is being paid in cash. (2) Represents a $17,500 preferred equity investment in a partnership that owns 2 Herald Square, a 369,000 square foot office retail property in Manhattan. The preferred equity investment had a dividend rate of 10.3%, of which 7.0% was paid in cash and the remainder accreted to the balance of the investment. The preferred equity investment had two one-year extension options.

Intangible Assets and Liabili44

Intangible Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2017
Summary of Intangible Assets and Liabilities	The following table summarizes our intangible assets (acquired above-market leases and acquired in-place leases) and intangible liabilities (acquired below-market leases) as of December 31, 2017 and 2016. As of December 31, (Amounts in thousands) 2017 2016 Intangible assets: Gross amount $ 553,063 $ 579,066 Accumulated amortization (200,857 ) (166,841 ) $ 352,206 $ 412,225 Intangible liabilities: Gross amount $ 205,101 $ 208,367 Accumulated amortization (75,073 ) (55,349 ) $ 130,028 $ 153,018
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, 2018 is as follows. (Amounts in thousands) 2018 $ 16,803 2019 13,965 2020 8,660 2021 4,404 2022 1,006
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, 2018 is as follows. (Amounts in thousands) 2018 $ 59,880 2019 54,122 2020 42,347 2021 30,159 2022 24,049

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Summary of Outstanding Debt	The following is a summary of our outstanding debt. Maturity Fixed/ Interest Rate as of As of December 31, (Amounts in thousands) Date Variable Rate December 31, 2017 2017 2016 Notes and mortgages payable: 1633 Broadway Dec-2022 Fixed (1) 3.54 % $ 1,000,000 $ 1,000,000 Dec-2022 L + 175 bps 3.11 % 30,100 (2) 13,544 (2) 3.53 % 1,030,100 1,013,544 One Market Plaza (49.0% interest) Feb-2024 Fixed 4.03 % 975,000 860,546 n/a n/a n/a - 12,414 4.03 % 975,000 872,960 1301 Avenue of the Americas Nov-2021 Fixed 3.05 % 500,000 500,000 Nov-2021 L + 180 bps 3.18 % 350,000 350,000 3.10 % 850,000 850,000 31 West 52nd Street May-2026 Fixed 3.80 % 500,000 500,000 50 Beale (31.1% interest) (3) Oct-2021 Fixed 3.65 % 228,000 - 1899 Pennsylvania Avenue (4) n/a n/a n/a - 87,675 Liberty Place (4) n/a n/a n/a - 84,000 Total notes and mortgages payable 3.61 % 3,583,100 3,408,179 Less: deferred financing costs (41,800 ) (43,281 ) Total notes and mortgages payable, net $ 3,541,300 $ 3,364,898 $800 Million Revolving Credit Facility (5) Nov-2018 L + 125 bps n/a $ - $ 230,000 (1) Represents loans with variable interest rates that have been fixed by interest rate swaps. See Note 10, Derivative Instruments and Hedging Activities. (2) Represents amounts outstanding under an option to increase the loan balance up to $250,000 at LIBOR plus 175 basis points, if certain performance hurdles related to the property are satisfied. (3) Assumed in connection with the acquisition of 50 Beale on July 17, 2017. See Note 3, Acquisitions (4) These loans were repaid on May 3, 2017. In connection with the repayment, we incurred an aggregate of $5,162 of prepayment costs, which are included in “loss on early extinguishment of debt” on our consolidated statement of income for the year ended December 31, 2017. (5) On January 10, 2018, we amended and extended our revolving credit facility. See Note 25, Subsequent Events
Principal Repayments Required For Notes and Mortgages Payable and Revolving Credit Facility	As of December 31, 2017, principal repayments required for the next five years and thereafter Notes and Revolving (Amounts in thousands) Total Mortgages Payable Credit Facility 2018 $ - $ - $ - 2019 1,052 1,052 - 2020 4,304 4,304 - 2021 1,072,644 1,072,644 - 2022 1,030,100 1,030,100 - Thereafter 1,475,000 1,475,000 -

Derivative Instruments and He46

Derivative Instruments and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 2017
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Summary of Fair Value of Interest Rate Swaps	The table below summarizes the fair value of our interest rate swaps that are designated as cash flow hedges. Fair Value as of December 31, 2017 2016 Interest rate swap assets designated as cash flow hedges (included in "other assets") $ 9,855 $ 139 Interest rate swap liabilities designated as cash flow hedges (included in "other liabilities") $ 317 $ 1,219

Accumulated Other Comprehensi47

Accumulated Other Comprehensive Income (Tables)	12 Months Ended
	Dec. 31, 2017
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Summary of Changes in Accumulated Other Comprehensive Income (Loss) by Component	The following table sets forth changes in accumulated other comprehensive income (loss) by component for the years ended December 31, 2017, 2016 and 2015, net of amounts attributable to the noncontrolling interests in the Operating Partnership. For the Year Ended December 31, (Amounts in thousands) 2017 2016 2015 Amount of income (loss) related to the effective portion of cash flow hedges recognized in other comprehensive income $ 3,110 $ (2,774 ) $ (8,501 ) Amounts reclassified from accumulated other comprehensive income into interest and debt expense 6,449 10,977 1,070 Amount of income (loss) related to unconsolidated joint ventures recognized in other comprehensive income (1) 152 12 (412 ) Amount of gain (loss) related to the ineffective portion of cash flow hedges and amount excluded from effectiveness testing - - - (1) Represents foreign currency translation adjustments. No amounts were reclassified from accumulated other comprehensive income (loss) during any of the periods set forth above.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2017
Consolidated VIEs [Member]
Summary of Assets and Liabilities of Consolidated Variable Interest Entities	The table below summarizes the assets and liabilities of consolidated VIEs of the Operating Partnership. As of December 31, (Amounts in thousands) 2017 2016 Real estate, net $ 1,726,800 $ 1,336,810 Cash and restricted cash 55,658 17,054 Investments in unconsolidated joint ventures 16,031 - Preferred equity investments, net 35,817 55,051 Accounts and other receivables, net 2,550 695 Deferred rent receivable 44,000 32,103 Deferred charges, net 8,123 5,966 Intangible assets, net 66,112 52,139 Other assets 929 14,474 Total VIE assets $ 1,956,020 $ 1,514,292 Notes and mortgages payable, net $ 1,196,607 $ 872,960 Accounts payable and other accrued expenses 21,211 21,077 Intangible liabilities, net 46,365 48,654 Other liabilities 155 27,782 Total VIE liabilities $ 1,264,338 $ 970,473
Unconsolidated VIEs [Member]
Summary of Investments in Unconsolidated Real Estate Funds and Maximum Risk of Loss from Investments	The table below summarizes our investments in these unconsolidated real estate funds and the maximum risk of loss from these investments. Unconsolidated Real Estate Funds As of December 31, (Amounts in thousands) 2017 2016 Investments $ 7,253 $ 28,173 Asset Management Fees and Other Receivables $ 597 $ 1,680 Maximum Risk of Loss $ 7,850 $ 29,853

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
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 as of December 31, 2017 and 2016, based on their levels in the fair value hierarchy. As of December 31, 2017 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities $ 29,039 $ 29,039 $ - $ - Interest rate swap assets (included in "other assets") 9,855 - 9,855 - Total assets $ 38,894 $ 29,039 $ 9,855 $ - Interest rate swap liabilities (included in "other liabilities") $ 317 $ - $ 317 $ - Total liabilities $ 317 $ - $ 317 $ - As of December 31, 2016 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities $ 22,393 $ 22,393 $ - $ - Interest rate swap assets (included in "other assets") 139 - 139 - Total assets $ 22,532 $ 22,393 $ 139 $ - Interest rate swap liabilities (included in "other liabilities") $ 22,446 $ - $ 22,446 $ - Total liabilities $ 22,446 $ - $ 22,446 $ -
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 December 31, 2017 and 2016. As of December 31, 2017 As of December 31, 2016 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Preferred equity investments $ 35,817 $ 36,112 $ 55,051 $ 55,300 Total assets $ 35,817 $ 36,112 $ 55,051 $ 55,300 As of December 31, 2017 As of December 31, 2016 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Notes and mortgages payable $ 3,583,100 $ 3,596,953 $ 3,408,179 $ 3,371,262 Revolving credit facility - - 230,000 230,018 Total liabilities $ 3,583,100 $ 3,596,953 $ 3,638,179 $ 3,601,280

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2017
Leases [Abstract]
Schedule of Future Minimum Rents Under Non-Cancelable Operating Leases	The following is a schedule of future minimum rents under non-cancelable operating leases as of December 31, 2017, for each of the five succeeding years commencing January 1, 2018. (Amounts in thousands) 2018 $ 589,949 2019 606,003 2020 575,990 2021 511,003 2022 467,944 Thereafter 2,615,260 Total $ 5,366,149

Fee and Other Income (Tables)

Fee and Other Income (Tables)	12 Months Ended
	Dec. 31, 2017
Fee And Other Income [Abstract]
Schedule of Fee and Other Income	The following table sets forth the details of our fee and other income. For the Year Ended December 31, (Amounts in thousands) 2017 2016 2015 Fee income Property management $ 6,336 $ 5,948 $ 5,763 Asset management (1) 8,581 7,754 - Acquisition and disposition 7,770 2,026 1,760 Other 1,525 1,203 2,725 Total fee income 24,212 16,931 10,248 Lease termination income 2,189 17,010 (2) 871 Other income (3) 11,265 14,296 13,874 Total fee and other income $ 37,666 $ 48,237 $ 24,993 (1) As a result of deconsolidating our real estate funds that were accounted for at fair value, starting January 1, 2016, asset management fees are now included in fee income as opposed to a reduction of income attributable to noncontrolling interests in consolidated real estate funds in the prior periods. See Note 6, Real Estate Fund Investments (2) Includes $10,861 from the termination of a lease with a tenant at 1633 Broadway. (3) Primarily comprised of income from tenant requested services, including overtime heating and cooling.

Interest and Other (Loss) Inc52

Interest and Other (Loss) Income, net (Tables)	12 Months Ended
	Dec. 31, 2017
Interest And Other Income [Abstract]
Schedule Of Interest And Other (Loss) Income, net	The following table sets forth the details of interest and other (loss) income. For the Year Ended December 31, (Amounts in thousands) 2017 2016 2015 Valuation allowance on preferred equity investment $ (19,588 ) (1) $ - $ - Preferred equity investment income (2) 4,187 5,716 - Interest and other income 1,256 774 674 Mark-to-market of investments in our deferred compensation plans (3) 5,114 444 197 Total interest and other (loss) income, net $ (9,031 ) $ 6,934 $ 871 (1) Represents the valuation allowance on 2 Herald Square, our preferred equity investment in PGRESS Equity Holdings L.P., of which our 24.4% share is $4,780 and $14,808 was attributable to the noncontrolling interests. (2) Represents income from our preferred equity investments in PGRESS Equity Holdings L.P., which was acquired in December 2015, of which our 24.4% share is $1,029 and $1,393 for the years ended December 31, 2017 and 2016, respectively. See Note 7, Preferred Equity Investments (3) The change resulting from the mark-to-market of the deferred compensation plan assets is entirely offset by the change in deferred compensation plan liabilities, which is included as a component of “general and administrative” expenses on our consolidated statements of income.

Interest and Debt Expense (Tabl

Interest and Debt Expense (Tables)	12 Months Ended
	Dec. 31, 2017
Interest And Debt Expense [Abstract]
Details of Interest and Debt Expense	The following table sets forth the details of interest and debt expense. For the Year Ended December 31, (Amounts in thousands) 2017 2016 2015 Interest and debt expense $ 132,574 $ 146,334 $ 165,801 Amortization of deferred financing costs 11,188 6,804 2,565 Total interest and debt expense $ 143,762 $ 153,138 $ 168,366

Incentive Compensation (Tables)

Incentive Compensation (Tables)	12 Months Ended
	Dec. 31, 2017
Summary of Components of Stock-Based Compensation Expense	Below are the components of stock-based compensation expense for the years ended December 31, 2017, 2016 and 2015. For the Year Ended December 31, (Amounts in thousands) 2017 2016 2015 Stock options $ 2,214 $ 1,590 $ 1,241 LTIP units 6,572 5,617 4,507 Restricted stock 715 391 142 Performance programs 6,421 3,680 1,110 Total stock-based compensation expense $ 15,922 $ 11,278 $ 7,000
Summary of Weighted-average assumptions for grants using Option-pricing model	The fair value of the option is estimated using an option-pricing model with the following weighted-average assumptions for grants in the years ended December 31, 2017, 2016 and 2015. For the Year Ended December 31, 2017 2016 2015 Expected volatility 29.0% 29.0% 27.0% Expected life 5.9 years 5.9 years 6.5 years Risk free interest rate 2.2% 1.5% 1.8% Expected dividend yield 2.3% 2.3% 2.0%
LTIP Units
Summary of LTIP Unit and Restricted Stock Activity	Below is a summary of our LTIP unit activity for the year ended December 31, 2017. Units Weighted-Average Grant-Date Unvested as of December 31, 2016 1,092,855 $ 15.68 Granted 473,724 15.76 Vested (469,918 ) 15.71 Cancelled or expired (5,897 ) 15.10 Unvested as of December 31, 2017 1,090,764 $ 15.70
Employee Stock Option
Summary of Stock Option Activity	Below is a summary of our stock option activity for year ended December 31, 2017. Shares Weighted-Average Exercise Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding as of December 31, 2016 1,844,121 $ 17.34 Granted 627,722 16.81 Exercised - - Cancelled or expired (23,100 ) 17.50 Outstanding as of December 31, 2017 2,448,743 $ 17.20 7.6 $ 217,464 Options vested and expected to vest as of December 31, 2017 2,363,524 $ 17.20 7.6 $ 208,330 Options exercisable as of December 31, 2017 1,185,738 $ 17.48 7.0 $ 86,985
Restricted Stock
Summary of LTIP Unit and Restricted Stock Activity	Below is a summary of restricted stock activity for the year ended December 31, 2017. Shares Weighted-Average Grant-Date Unvested as of December 31, 2016 94,823 $ 15.90 Granted 78,417 16.70 Vested (27,971 ) 15.88 Cancelled or expired (16,264 ) 16.36 Unvested as of December 31, 2017 129,005 $ 16.33

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2017
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 and diluted income (loss) per common share, which includes the weighted average number of common shares outstanding and the effect of dilutive potential common shares, if any. For the Year Ended December 31, (Amounts in thousands, except per share amounts) 2017 2016 2015 Numerator: Net income (loss) attributable to common stockholders $ 86,381 $ (9,934 ) $ (4,419 ) Earnings allocated to unvested participating securities (98 ) (37 ) - Numerator for income (loss) per common share - basic and diluted $ 86,283 $ (9,971 ) $ (4,419 ) Denominator: Denominator for basic income (loss) per common share - weighted average shares 236,373 218,053 212,107 Effect of dilutive employee stock options and restricted share awards (1) 29 - - Denominator for diluted income (loss) per common share - weighted average shares 236,402 218,053 212,107 Income (loss) per common share - basic and diluted $ 0.37 $ (0.05 ) $ (0.02 ) (1) The effect of dilutive securities for the years ended December 31, 2017, 2016 and 2015 excludes 30,848, 48,113 and 53,281 weighted average share equivalents, respectively, as their effect was anti-dilutive.

Summary of Quarterly Results 56

Summary of Quarterly Results (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Summary of Quarterly Results of Operations	The following table provides a summary of our quarterly results of operations for the years ended December 31, 2017 and 2016. Net (loss) income attributable to the (Loss) Income Per Common Share (Amounts in thousands, except per share amounts) Revenues common stockholders Basic Diluted 2017 December 31 $ 180,257 $ (6,793 ) $ (0.03 ) $ (0.03 ) September 30 179,770 (10,214 ) (0.04 ) (0.04 ) June 30 177,704 103,016 0.44 0.44 March 31 181,236 372 0.00 0.00 2016 December 31 $ 166,802 $ (6,489 ) $ (0.03 ) $ (0.03 ) September 30 171,318 (139 ) (0.00 ) (0.00 ) June 30 172,303 3,188 0.01 0.01 March 31 172,918 (6,494 ) (0.03 ) (0.03 )

Segments (Tables)

Segments (Tables)	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Schedule of NOI for Each Reportable Segment Information	The following tables provide NOI for each reportable segment for years ended December 31, 2017, 2016 and 2015. For the Year Ended December 31, 2017 (Amounts in thousands) Total New York Washington, D.C. San Francisco Other Property-related revenues $ 694,755 $ 430,548 $ 72,143 $ 191,677 $ 387 Property-related operating expenses (266,136 ) (180,855 ) (27,342 ) (50,906 ) (7,033 ) NOI from unconsolidated joint ventures 19,643 19,143 - - 500 NOI (1) $ 448,262 $ 268,836 $ 44,801 $ 140,771 $ (6,146 ) For the Year Ended December 31, 2016 (Amounts in thousands) Total New York Washington, D.C. San Francisco Other Property-related revenues $ 666,410 $ 449,794 $ 86,389 $ 127,813 $ 2,414 Property-related operating expenses (250,040 ) (176,445 ) (32,721 ) (30,889 ) (9,985 ) NOI from unconsolidated joint ventures 17,195 16,874 - - 321 NOI (1) $ 433,565 $ 290,223 $ 53,668 $ 96,924 $ (7,250 ) For the Year Ended December 31, 2015 (Amounts in thousands) Total New York Washington, D.C. San Francisco Other Property-related revenues $ 652,160 $ 452,842 $ 82,366 $ 114,472 $ 2,480 Property-related operating expenses (244,754 ) (174,273 ) (32,482 ) (29,277 ) (8,722 ) NOI from unconsolidated joint ventures 16,580 16,210 - - 370 NOI (1) $ 423,986 $ 294,779 $ 49,884 $ 85,195 $ (5,872 ) (1) Net Operating Income (“NOI”) is used to measure the operating performance of our properties. NOI consists of property-related revenue (which includes rental income, tenant reimbursement income and certain other income) less operating expenses (which includes building expenses such as cleaning, security, repairs and maintenance, utilities, property administration and real estate taxes). We use NOI internally as a performance measure and believe it provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Other real estate companies may use different methodologies for calculating NOI and, accordingly, our presentation of NOI may not be comparable to other real estate companies.
Schedule of Reconciliation of NOI to Net Income (Loss) Income Attributable to Common Stockholders	The following table provides a reconciliation of NOI to net income (loss) attributable to common stockholders for the years ended December 31, 2017, 2016 and 2015. For the Year Ended December 31, (Amounts in thousands) 2017 2016 2015 NOI $ 448,262 $ 433,565 $ 423,986 Add (subtract) adjustments to arrive to net income (loss): Fee income 24,212 16,931 10,248 Depreciation and amortization expense (266,037 ) (269,450 ) (294,624 ) General and administrative expenses (61,577 ) (53,510 ) (42,056 ) Transaction related costs (2,027 ) (2,404 ) (4,483 ) Transfer taxes due in connection with the sale of shares by a former joint venture partner - - (5,872 ) NOI from unconsolidated joint ventures (19,643 ) (17,195 ) (16,580 ) Income from unconsolidated joint ventures 20,185 7,413 6,850 Income from real estate fund investments - - 37,975 Loss from unconsolidated real estate funds (6,143 ) (498 ) - Interest and other (loss) income, net (9,031 ) 6,934 871 Interest and debt expense (143,762 ) (153,138 ) (168,366 ) Loss on extinguishment of debt (7,877 ) (4,608 ) - Gain on sale of real estate 133,989 - - Unrealized gain on interest rate swaps 1,802 39,814 75,760 Net income before income taxes 112,353 3,854 23,709 Income tax expense (5,177 ) (1,785 ) (2,566 ) Net income 107,176 2,069 21,143 Less: net (income) loss attributable to noncontrolling interests in: Consolidated joint ventures 10,365 (15,423 ) (5,459 ) Consolidated real estate funds (19,797 ) 1,316 (21,173 ) Operating Partnership (11,363 ) 2,104 1,070 Net income (loss) attributable to common stockholders $ 86,381 $ (9,934 ) $ (4,419 )
Schedule of Selected Balance Sheet Data for Each Reportable Segments Information	Total Assets as of: Total New York Washington, D.C. San Francisco Other December 31, 2017 $ 8,917,661 $ 5,511,061 $ 693,408 $ 2,421,173 $ 292,019 December 31, 2016 8,867,168 5,617,344 1,075,350 1,913,747 260,727 December 31, 2015 8,794,143 5,702,288 1,082,093 1,391,725 618,037

Organization and Business - Add

Organization and Business - Additional Information (Details) ft² in Millions	12 Months Ended
	Dec. 31, 2017ft²Properties
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of office properties | Properties	14
Area of office and retail properties | ft²	12.5
Percentage of ownership in operating partnership	90.70%

Basis of Presentation and Sig59

Basis of Presentation and Significant Accounting Policies - Additional Information (Details)	Jan. 01, 2018USD ($)	Feb. 29, 2016	Dec. 31, 2017USD ($)Segment	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Property Plant And Equipment [Line Items]
Minimum percentage of taxable income distributed to shareholders			90.00%
Federal income tax rate			35.00%
Decrease in deferred tax assets due to tax rate reduction			$ 405,000
Income tax expense			$ 5,177,000	$ 1,785,000	$ 2,566,000
Number of reportable segments | Segment			3
ASU 2016-02 [Member]
Property Plant And Equipment [Line Items]
Lease term, in months		12 months
ASU 2016-18 [Member]
Property Plant And Equipment [Line Items]
Increase in cash provided by used in operating activities continuing operations				3,000,000
Increase in cash provided by used in investing activities continuing operations				15,449,000	13,905,000
Subsequent Event [Member]
Property Plant And Equipment [Line Items]
Federal income tax rate	21.00%
Subsequent Event [Member] | ASU 2017-05 [Member] | RDF [Member] | 75 Howard [Member]
Property Plant And Equipment [Line Items]
Adjustment to investments in unconsolidated joint ventures	$ 7,086,000
Taxable REIT Subsidiaries [Member]
Property Plant And Equipment [Line Items]
Income tax expense			$ 5,758,000	780,000	2,545,000
Deferred income tax benefit			$ 922,000	$ 479,000	$ 1,186,000
Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives of the assets, years			5
Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives of the assets, years			40

Basis of Presentation and Sig60

Basis of Presentation and Significant Accounting Policies - Summary of Reconciliation Net Income (Loss) Attributable to Estimated Taxable Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Net income (loss) attributable to Paramount Group, Inc.	$ (6,793)	$ (10,214)	$ 103,016	$ 372	$ (6,489)	$ (139)	$ 3,188	$ (6,494)	$ 86,381	$ (9,934)	$ (4,419)
Book to tax differences:
Straight-lining of rents and amortization of above and below-market leases, net									(44,083)	(51,880)	(36,131)
Depreciation and amortization									96,991	95,489	104,399
Stock-based compensation									14,441	9,673	5,794
Gain on sale of real estate									(95,182)
Swap breakage costs									(1,487)	(25,367)	(27,147)
Unrealized gain on interest rate swaps									(860)	(4,651)	(29,586)
Valuation allowance on preferred equity investment									4,327
Earnings of unconsolidated joint ventures, including real estate investments									(8,600)	(3,513)	(12,909)
Other, net									1,885	13,295	7,356
Estimated taxable income									$ 53,813	$ 23,112	$ 7,357

Basis of Presentation and Sig61

Basis of Presentation and Significant Accounting Policies - Summary of Characterization of Dividend Distributions for Federal Income Tax Purposes (Details) - $ / shares	Jan. 13, 2017	Jan. 15, 2016	Dec. 31, 2014	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Taxes [Line Items]
Cash dividend	$ 0.095	$ 0.095	$ 0.039	$ 0.380	$ 0.380	$ 0.324
Return of capital				48.70%	71.80%	89.20%
Ordinary income				51.30%	28.20%	10.80%
Total				100.00%	100.00%	100.00%
Return of Capital
Income Taxes [Line Items]
Cash dividend				$ 0.185	$ 0.273	$ 0.289
Ordinary Income
Income Taxes [Line Items]
Cash dividend				$ 0.195	$ 0.107	$ 0.035

Basis of Presentation and Sig62

Basis of Presentation and Significant Accounting Policies - Summary of Characterization of Dividend Distributions for Federal Income Tax Purposes (Parenthetical) (Details) - $ / shares	Jan. 12, 2018	Jan. 13, 2017	Jan. 15, 2016	Dec. 31, 2014	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Taxes [Line Items]
Cash dividend		$ 0.095	$ 0.095	$ 0.039	$ 0.380	$ 0.380	$ 0.324
Subsequent Event [Member]
Income Taxes [Line Items]
Cash dividend	$ 0.095

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details)	Jul. 17, 2017USD ($)	Dec. 31, 2017ft²	Jul. 16, 2017ft²Fund
Business Acquisition [Line Items]
Area of office and retail properties | ft²		12,500,000
50 Beale Street [Member]
Business Acquisition [Line Items]
Property funds, ownership percentage	31.10%
Number of real estate funds | Fund			2
Percentage of interest directly acquired in property	13.20%
Percentage of ownership interest in new joint venture	36.60%
Percentage of remaining interest acquired in property by new joint venture	49.00%
Property funds, ownership amount. | $	$ 517,500,000
Value of debt assumed with acquisition | $	$ 228,000,000
Acquired debt, fixed interest rate.	3.65%
Maturity date of debt	2021-10
50 Beale Street [Member] | Fund VII and Fund VII H [Member]
Business Acquisition [Line Items]
Property funds, ownership percentage			3.10%
Property ownership, percentage	42.80%		42.80%
Area of office and retail properties | ft²			660,625
Percentage of interest acquired	62.20%
Percentage of ownership interest in new joint venture	36.60%
50 Beale Street [Member] | Third Party Investors [Member]
Business Acquisition [Line Items]
Property funds, remaining ownership percentage			57.20%

Acquisitions - Summary of Alloc

Acquisitions - Summary of Allocation of Purchase Price Between Assets Acquired and Liabilities Assumed (Details) $ in Thousands	Dec. 31, 2017USD ($)
Purchase price allocation:
Land	$ 141,097
Building and improvements	343,819
In-place lease intangible assets	27,965
Above-market lease intangible assets	2,976
Accounts receivable and other assets	1,338
Below-market lease intangible liabilities	(11,472)
Accounts payable and other liabilities	(6,532)
Notes and mortgages payable	(228,000)
Net assets acquired	$ 271,191

Dispositions - Additional Infor

Dispositions - Additional Information (Details)	May 03, 2017USD ($)ft²	Dec. 31, 2017ft²
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Area of office and retail properties | ft²		12,500,000
Waterview [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Area of office and retail properties | ft²	636,768
Sale agreement amount | $	$ 460,000,000
Net gain on sale of property | $	$ 110,583,000

Dispositions - Summary of Asset

Dispositions - Summary of Assets of Waterview Classified as Held For Sale (Details) $ in Thousands	Dec. 31, 2016USD ($)
Long Lived Assets Held For Sale [Line Items]
Assets held for sale	$ 346,685
Waterview [Member]
Long Lived Assets Held For Sale [Line Items]
Land	78,300
Building and improvements, net	251,671
Deferred charges	14,512
Deferred rent receivable	2,202
Assets held for sale	$ 346,685

Investments in Unconsolidated67

Investments in Unconsolidated Joint Ventures - Additional Information (Details)	May 05, 2017USD ($)	Jan. 24, 2017USD ($)ft²	Dec. 31, 2017ft²	May 04, 2017
Schedule Of Equity Method Investments [Line Items]
Area of office and retail properties | ft²			12,500,000
RDF [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership percentage in residential fund	7.40%		7.40%
75 Howard [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method ownership percentage			20.00%
75 Howard [Member] | RDF [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method ownership percentage	20.00%
Property ownership, percentage				100.00%
Percentage of equity interest sold by development fund	80.00%
Proceeds from sale of equity interest, by development fund	$ 88,000,000
Gain from sale of equity interest, by development fund	23,406,000
Entity's portion of gain from sale of equity interest, net of tax	$ 1,661,000
Property funds, ownership percentage	1.50%		1.50%
60 Wall Street [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method ownership percentage		5.00%
Area of office and retail properties | ft²		1,600,000
Acquisition amount		$ 1,040,000,000
Mortgage financing amount		$ 575,000,000

Investments in Unconsolidated68

Investments in Unconsolidated Joint Ventures - Summary of Investments and Income from Investments In Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jun. 29, 2017	Jan. 24, 2017
Schedule Of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures	$ 44,762	$ 6,411
Income from unconsolidated joint ventures	$ 20,185	7,413	$ 6,850
712 Fifth Avenue [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method paramount ownership percentage	50.00%
Investments in unconsolidated joint ventures		2,912		$ 4,928
Income from unconsolidated joint ventures	$ 20,072	7,335	6,734
60 Wall Street [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method paramount ownership percentage	5.00%				5.00%
Investments in unconsolidated joint ventures	$ 25,083
Income from unconsolidated joint ventures	$ (152)
75 Howard [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method paramount ownership percentage	20.00%
Investments in unconsolidated joint ventures	$ 16,031
Income from unconsolidated joint ventures	$ 182
Oder-Center, Germany [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method paramount ownership percentage	9.50%
Investments in unconsolidated joint ventures	$ 3,648	3,499
Income from unconsolidated joint ventures	$ 83	$ 78	$ 116

Investments in Unconsolidated69

Investments in Unconsolidated Joint Ventures - Summary of Investments and Income from Investments In Unconsolidated Joint Ventures (Parenthetical) (Details) - USD ($) $ in Thousands	May 05, 2017	Jun. 30, 2017	Dec. 31, 2017	Jun. 29, 2017	May 04, 2017	Dec. 31, 2016
Schedule Of Equity Method Investments [Line Items]
Basis of investment property			$ 44,762			$ 6,411
Distributions of capital from unconsolidated joint ventures			$ 20,000
RDF [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership percentage in residential fund	7.40%		7.40%
712 Fifth Avenue [Member]
Schedule Of Equity Method Investments [Line Items]
Basis of investment property				$ 4,928		2,912
Distributions of capital from unconsolidated joint ventures		$ 20,000
Property ownership, percentage		50.00%
Difference between carrying amount of investment and equity			$ 20,336
60 Wall Street [Member]
Schedule Of Equity Method Investments [Line Items]
Basis of investment property			25,083
Difference between carrying amount of investment and equity			2,869
Oder-Center, Germany [Member]
Schedule Of Equity Method Investments [Line Items]
Basis of investment property			3,648			$ 3,499
Difference between carrying amount of investment and equity			5,166
75 Howard [Member]
Schedule Of Equity Method Investments [Line Items]
Basis of investment property			$ 16,031
75 Howard [Member] | RDF [Member]
Schedule Of Equity Method Investments [Line Items]
Property ownership, percentage					100.00%
Economic interest percentage	1.50%		1.50%

Real Estate Fund Investments -

Real Estate Fund Investments - Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended
	Apr. 30, 2016	Dec. 31, 2017
Investment Holdings [Line Items]
Capital commitments	$ 775,200,000
Capital commitments invested		$ 369,950,000
Investment maturity date range start		2018-10
Investment maturity date range end		2027-12
Investment period end date		2019-04
Investment Extended Period End Date		2020-04
Alternative Investment Fund, Interest Rate		1.30%
Minimum
Investment Holdings [Line Items]
Stated interest rates on invested capital commitments		5.50%
Maximum
Investment Holdings [Line Items]
Stated interest rates on invested capital commitments		9.61%

Real Estate Fund Investments 71

Real Estate Fund Investments - Summary of Ownership Interest in Property Funds and Property Funds Ownership Interest in Underlying Properties (Details)	Dec. 31, 2017	Dec. 31, 2016
0 Bond Street [Member]
Investment Holdings [Line Items]
Property funds, percentage	100.00%	100.00%
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] | 0 Bond Street [Member]
Investment Holdings [Line Items]
Property funds, percentage	100.00%	100.00%
Fund VII and VII-H [Member] | 50 Beale Street [Member]
Investment Holdings [Line Items]
Property funds, percentage		42.80%
Property Funds [Member] | 0 Bond Street [Member]
Investment Holdings [Line Items]
Property funds, percentage	100.00%	100.00%
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 72

Real Estate Fund Investments - Summary of Ownership Interest in Property Funds and Property Funds Ownership Interest in Underlying Properties (Parenthetical) (Details)	Dec. 13, 2017	Jul. 17, 2017	Dec. 31, 2017
One Market Plaza [Member]
Investment Holdings [Line Items]
Ownership interest rate of property			49.00%
One Market Plaza [Member] | Other Investors [Member] | Fund III [Member]
Investment Holdings [Line Items]
Ownership percentage sold	2.00%
50 Beale Street [Member] | Fund VII and Fund VII H [Member]
Investment Holdings [Line Items]
Percentage of ownership interest in new joint venture		36.60%
Ownership percentage sold		42.80%

Real Estate Fund Investments 73

Real Estate Fund Investments - Summary of Investment in Property Funds and an Alternative Investment Fund and Income or Loss from Fund Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Our Share of Investments:
Investments in unconsolidated real estate funds	$ 7,253	$ 28,173
(Loss) income from unconsolidated real estate funds	(6,143)	(498)
Net realized loss	(72,134)
Net unrealized loss	(6,266)	14,275
Net investment (loss) income [Member]
Our Share of Investments:
(Loss) income from unconsolidated real estate funds	236	(324)
Net realized loss [Member]
Our Share of Investments:
Net realized loss	(126)
Net unrealized loss [Member]
Our Share of Investments:
Net unrealized loss	(663)	(1,706)
Carried interest [Member]
Our Share of Investments:
(Loss) income from unconsolidated real estate funds	(5,590)	1,532
Property Funds [Member]
Our Share of Investments:
Investments in unconsolidated real estate funds	2,429	22,811
Alternative Investment Fund [Member]
Our Share of Investments:
Investments in unconsolidated real estate funds	$ 4,824	$ 5,362

Real Estate Fund Investments 74

Real Estate Fund Investments - Schedule of Financial Information of Unconsolidated Real Estate Funds (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Equity Method Investments And Joint Ventures [Abstract]
Real estate investments	$ 405,931	$ 639,609
Cash and cash equivalents	5,076	7,608
Other assets	74	152
Total assets	411,081	647,369
Other liabilities	1,308	1,931
Total liabilities	1,308	1,931
Equity	409,773	645,438
Total liabilities and equity	$ 411,081	$ 647,369

Real Estate Fund Investments 75

Real Estate Fund Investments - Schedule of Income from Unconsolidated Real Estate Funds Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Real Estate Fund Disclosure [Abstract]
Investment income	$ 29,013	$ 20,484
Investment expenses	7,086	7,466
Net investment income	21,927	13,018
Net realized losses	(72,134)
Previously recorded unrealized losses	35,682
Net unrealized (losses) gains	(6,266)	14,275
(Loss) income from real estate fund investments	$ (20,791)	$ 27,293

Real Estate Fund Investments 76

Real Estate Fund Investments - Summary of Consolidated Real Estate Funds (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Investment Holdings [Line Items]
Income (loss) from real estate fund investments	$ 37,975
Less: amounts attributable to noncontrolling interests	(24,896)
Income from real estate fund investments attributable to Paramount Group, Inc.	13,079
Net investment income (loss) [Member]
Investment Holdings [Line Items]
Income (loss) from real estate fund investments	12,274
Net realized gains [Member]
Investment Holdings [Line Items]
Income (loss) from real estate fund investments	13,884
Previously Recorded Unrealized Gains Losses on Exited Investments [Member]
Investment Holdings [Line Items]
Income (loss) from real estate fund investments	(6,584)
Net unrealized loss [Member]
Investment Holdings [Line Items]
Income (loss) from real estate fund investments	$ 18,401

Real Estate Fund Investments -S

Real Estate Fund Investments -Summary of Consolidated Real Estate Funds (Parenthetical) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Investment Holdings [Line Items]
Asset management fee income	$ 8,581	$ 7,754
Noncontrolling Interest [Member]
Investment Holdings [Line Items]
Asset management fee income			$ 5,481

Preferred Equity Investments -

Preferred Equity Investments - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Schedule Of Investments [Abstract]
Preferred equity ownership percentage	24.40%
Valuation allowance on preferred equity investment	$ 19,588

Preferred Equity Investments (D

Preferred Equity Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Investment Holdings [Line Items]
Preferred equity ownership percentage	24.40%
Preferred equity investments, gross	$ 55,405	$ 55,051
Less: valuation allowance	(19,588)	0
Preferred equity investments, net	$ 35,817	55,051
470 Vanderbilt Avenue [Member]
Investment Holdings [Line Items]
Preferred equity ownership percentage	24.40%
Preferred Equity Investments, Dividend Rate	10.30%
Preferred Equity Investments, Initial Maturity	2019-02
Preferred equity investments, gross	$ 35,817	35,613
2 Herald Square [Member]
Investment Holdings [Line Items]
Preferred equity ownership percentage	24.40%
Preferred Equity Investments, Dividend Rate	10.30%
Preferred Equity Investments, Initial Maturity	2017-04
Preferred equity investments, gross	$ 19,588	$ 19,438

Preferred Equity Investments 80

Preferred Equity Investments - Parenthetical (Details) ft² in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)ft²
Schedule Of Investments [Line Items]
Area of office properties	12,500
470 Vanderbilt Avenue [Member]
Schedule Of Investments [Line Items]
Preferred equity investments, partnership amount | $	$ 33,750
Area of office properties	650
Preferred Equity Investments, Dividend Rate	10.30%
Preferred equity investments, dividend rate percentage paid	8.00%
2 Herald Square [Member]
Schedule Of Investments [Line Items]
Preferred equity investments, partnership amount | $	$ 17,500
Area of office properties	369
Preferred Equity Investments, Dividend Rate	10.30%
Preferred equity investments, dividend rate percentage paid	7.00%

Intangible Assets and Intangibl

Intangible Assets and Intangible Liabilities - Summary of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Intangible assets:
Gross amount	$ 553,063	$ 579,066
Accumulated amortization	(200,857)	(166,841)
Intangible assets, Net	352,206	412,225
Intangible liabilities:
Gross amount	205,101	208,367
Accumulated amortization	(75,073)	(55,349)
Intangible Liabilities, Net	$ 130,028	$ 153,018

Intangible Assets and Liabili82

Intangible Assets and Liabilities - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Leases, Acquired-in-Place, Market Adjustment [Member]
Finite Lived Intangible Assets [Line Items]
Rental income increase	$ 19,523	$ 9,536	$ 9,917
Leases, Acquired-in-Place [Member]
Finite Lived Intangible Assets [Line Items]
Amortization of acquired in-place leases	$ 76,016	$ 94,935	$ 128,603

Intangible Assets and Intangi83

Intangible Assets and Intangible Liabilities - Schedule of Estimated Annual Amortization of Acquired Below-Market Leases, Net of Acquired Above-Market Leases (Details) $ in Thousands	Dec. 31, 2017USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
2,018	$ 16,803
2,019	13,965
2,020	8,660
2,021	4,404
2,022	$ 1,006

Intangible Assets and Intangi84

Intangible Assets and Intangible Liabilities - Schedule of Estimated Annual Amortization of Acquired In-Place Leases (Details) - Leases, Acquired-in-Place [Member] $ in Thousands	Dec. 31, 2017USD ($)
Finite Lived Intangible Assets [Line Items]
2,018	$ 59,880
2,019	54,122
2,020	42,347
2,021	30,159
2,022	$ 24,049

Debt - Additional Information (

Debt - Additional Information (Details) ft² in Millions	Jan. 19, 2017USD ($)ft²	Dec. 31, 2017ft²
Debt Instrument [Line Items]
Area of office and retail properties | ft²		12.5
Notes and mortgages payable, interest rate		3.61%
One Market Plaza [Member]
Debt Instrument [Line Items]
Mortgage refinancing extended amount | $	$ 975,000,000
Area of office and retail properties | ft²	1.6
Debt instrument term of notes	7 years
Notes and mortgages payable, interest rate		4.03%
Prepayment cost related to mortgage loan | $	$ 2,715,000
One Market Plaza [Member] | Mortgages and Notes Payable with Fixed Rate [Member]
Debt Instrument [Line Items]
Maturity date of debt	2024-02	2024-02
Notes and mortgages payable, interest rate	4.03%	4.03%

Debt - Summary of Outstanding D

Debt - Summary of Outstanding Debt (Details) - USD ($) $ in Thousands	Jul. 17, 2017	Jan. 19, 2017	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Notes and mortgages payable, Interest Rate			3.61%
Notes and mortgages payable			$ 3,583,100	$ 3,408,179
Credit Facility				230,000
Less: deferred financing costs			(41,800)	(43,281)
Total notes and mortgages payable, net			$ 3,541,300	3,364,898
Credit Facility With Variable Rate [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maturity date of debt			2018-11
Credit Facility				230,000
Credit Facility With Variable Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Fixed/Variable Rate			1.25%
50 Beale Street [Member]
Debt Instrument [Line Items]
Maturity date of debt	2021-10
50 Beale Street [Member] | Mortgages and Notes Payable with Fixed Rate [Member]
Debt Instrument [Line Items]
Maturity date of debt			2021-10
Notes and mortgages payable, Interest Rate			3.65%
Notes and mortgages payable			$ 228,000
1633 Broadway [Member]
Debt Instrument [Line Items]
Notes and mortgages payable, Interest Rate			3.53%
Notes and mortgages payable			$ 1,030,100	1,013,544
1633 Broadway [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Fixed/Variable Rate			1.75%
1633 Broadway [Member] | Mortgages and Notes Payable with Fixed Rate [Member]
Debt Instrument [Line Items]
Maturity date of debt			2022-12
Notes and mortgages payable, Interest Rate			3.54%
Notes and mortgages payable			$ 1,000,000	1,000,000
1633 Broadway [Member] | Mortgages and Notes Payable with Variable Rate [Member]
Debt Instrument [Line Items]
Maturity date of debt			2022-12
Notes and mortgages payable, Interest Rate			3.11%
Notes and mortgages payable			$ 30,100	13,544
1633 Broadway [Member] | Mortgages and Notes Payable with Variable Rate [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Fixed/Variable Rate			1.75%
One Market Plaza [Member]
Debt Instrument [Line Items]
Notes and mortgages payable, Interest Rate			4.03%
Notes and mortgages payable			$ 975,000	872,960
One Market Plaza [Member] | Mortgages and Notes Payable with Fixed Rate [Member]
Debt Instrument [Line Items]
Maturity date of debt		2024-02	2024-02
Notes and mortgages payable, Interest Rate		4.03%	4.03%
Notes and mortgages payable			$ 975,000	860,546
One Market Plaza [Member] | Mortgages and Notes Payable with Variable Rate [Member]
Debt Instrument [Line Items]
Notes and mortgages payable				12,414
1301 Avenue of Americas [Member]
Debt Instrument [Line Items]
Notes and mortgages payable, Interest Rate			3.10%
Notes and mortgages payable			$ 850,000	850,000
1301 Avenue of Americas [Member] | Mortgages and Notes Payable with Fixed Rate [Member]
Debt Instrument [Line Items]
Maturity date of debt			2021-11
Notes and mortgages payable, Interest Rate			3.05%
Notes and mortgages payable			$ 500,000	500,000
1301 Avenue of Americas [Member] | Mortgages and Notes Payable with Variable Rate [Member]
Debt Instrument [Line Items]
Maturity date of debt			2021-11
Notes and mortgages payable, Interest Rate			3.18%
Notes and mortgages payable			$ 350,000	350,000
1301 Avenue of Americas [Member] | Mortgages and Notes Payable with Variable Rate [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Fixed/Variable Rate			1.80%
31 West 52nd Street [Member] | Mortgages and Notes Payable with Fixed Rate [Member]
Debt Instrument [Line Items]
Maturity date of debt			2026-05
Notes and mortgages payable, Interest Rate			3.80%
Notes and mortgages payable			$ 500,000	500,000
1899 Pennsylvania Avenue [Member] | Mortgages and Notes Payable with Fixed Rate [Member]
Debt Instrument [Line Items]
Notes and mortgages payable				87,675
Liberty Place [Member] | Mortgages and Notes Payable with Fixed Rate [Member]
Debt Instrument [Line Items]
Notes and mortgages payable				$ 84,000

Debt - Summary of Outstanding87

Debt - Summary of Outstanding Debt (Parenthetical) (Details) - USD ($)	May 03, 2017	Jan. 19, 2017	Dec. 31, 2017
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving Credit Facility			$ 800,000,000
1633 Broadway [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Fixed/Variable Rate			1.75%
1633 Broadway [Member] | Mortgages and Notes Payable with Variable Rate [Member]
Debt Instrument [Line Items]
Additional Borrowing Capacity Subject To Performance Hurdles			$ 250,000,000
1633 Broadway [Member] | Mortgages and Notes Payable with Variable Rate [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Fixed/Variable Rate			1.75%
One Market Plaza [Member]
Debt Instrument [Line Items]
Ownership interest rate of property			49.00%
Prepayment cost related to mortgage loan		$ 2,715,000
One Eight Nine Nine Pennsylvania Avenue and Liberty Place [Member] | Mortgages and Notes Payable with Fixed Rate [Member]
Debt Instrument [Line Items]
Prepayment cost related to mortgage loan	$ 5,162,000
50 Beale Street [Member]
Debt Instrument [Line Items]
Ownership interest rate of property			31.10%

Debt - Principal Repayments Req

Debt - Principal Repayments Required For Notes and Mortgages Payable and Revolving Credit Facility (Details) $ in Thousands	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
2,019	$ 1,052
2,020	4,304
2,021	1,072,644
2,022	1,030,100
Thereafter	1,475,000
Notes and Mortgages Payable [Member]
Debt Instrument [Line Items]
2,019	1,052
2,020	4,304
2,021	1,072,644
2,022	1,030,100
Thereafter	$ 1,475,000

Derivative Instruments and He89

Derivative Instruments and Hedging Activities - Additional Information (Details)	12 Months Ended
	Dec. 31, 2017USD ($)Derivative	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Derivative [Line Items]
Change in value of interest rate swaps	$ 10,618,000	$ 8,161,000	$ (9,241,000)
Number of derivative instruments | Derivative	0
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedges [Member]
Derivative [Line Items]
Change in value of interest rate swaps	$ 10,618,000	8,161,000	(9,241,000)
Estimated accumulated other comprehensive income (loss) reclassified to interest expense in the next twelve months	223,000
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | 1633 Broadway [Member] | Cash Flow Hedges [Member]
Derivative [Line Items]
Aggregate notional amount	1,000,000,000
Designated as Hedging Instrument [Member] | Interest Rate Swap March Two Thousand Seventeen [Member] | 1633 Broadway [Member] | Cash Flow Hedges [Member]
Derivative [Line Items]
Aggregate notional amount	400,000,000
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative liability fair Value		21,227,000
Unrealized gains on interest rate swaps	$ 1,802,000	$ 39,814,000	$ 75,760,000

Derivative Instruments and He90

Derivative Instruments and Hedging Activities - Summary of Fair Value of Interest Rate Swaps (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Derivative [Line Items]
Interest rate swap assets	$ 9,855	$ 139
Interest rate swap liabilities	317	22,446
Designated as Hedging Instrument [Member] | Cash Flow Hedges [Member] | Other Assets [Member]
Derivative [Line Items]
Interest rate swap assets	9,855	139
Designated as Hedging Instrument [Member] | Cash Flow Hedges [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Interest rate swap liabilities	$ 317	$ 1,219

Accumulated Other Comprehensi91

Accumulated Other Comprehensive Income - Summary of Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($)		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accumulated Other Comprehensive Income Loss [Line Items]
Amount of income (loss) related to the effective portion of cash flow hedges recognized in other comprehensive income		$ 3,110,000	$ (2,774,000)	$ (8,501,000)
Amounts reclassified from accumulated other comprehensive income into interest and debt expense		6,449,000	10,977,000	1,070,000
Unconsolidated Joint Ventures [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Amounts reclassified from accumulated other comprehensive income into interest and debt expense		0	0	0
Amount of income (loss) related to unconsolidated joint ventures recognized in other comprehensive income	[1]	$ 152,000	$ 12,000	$ (412,000)
[1]	Represents foreign currency translation adjustments. No amounts were reclassified from accumulated other comprehensive income (loss) during any of the periods set forth above.

Accumulated Other Comprehensi92

Accumulated Other Comprehensive Income - Summary of Changes in Accumulated Other Comprehensive Income (Loss) by Component (Parenthetical) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accumulated Other Comprehensive Income Loss [Line Items]
Amounts reclassified from accumulated other comprehensive income (loss)	$ 6,449,000	$ 10,977,000	$ 1,070,000
Unconsolidated Joint Ventures [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Amounts reclassified from accumulated other comprehensive income (loss)	$ 0	$ 0	$ 0

Noncontrolling Interests - Addi

Noncontrolling Interests - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Noncontrolling Interest [Abstract]
Consolidated joint ventures	$ 404,997	$ 253,788
Noncontrolling interest in consolidated real estate fund aggregated	14,549	64,793
Operating partnerships	425,797	577,361
Redemption value	$ 390,231	$ 551,834
Common units conversion basis	one-for-one

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details)	12 Months Ended
	Dec. 31, 2017
Variable Interest Entities [Abstract]
Percentage of ownership in operating partnership	90.70%

Variable Interest Entities - Su

Variable Interest Entities - Summary of Assets and Liabilities of Consolidated Variable Interest Entities (Details) - USD ($) $ in Thousands		Dec. 31, 2017		Dec. 31, 2016		Dec. 31, 2015	Dec. 31, 2014
Variable Interest Entity [Line Items]
Real estate, net		$ 7,841,530		$ 7,530,932
Cash and restricted cash		31,044		29,374		$ 41,823	$ 55,728
Preferred equity investments, net		35,817		55,051
Accounts and other receivables, net		17,082		15,251
Deferred rent receivable		220,826		163,695
Deferred charges, net		98,645		71,184
Intangible assets, net		352,206		412,225
Other assets		20,076		22,829
Total assets		8,917,661	[1]	8,867,168	[1]	$ 8,794,143
Notes and mortgages payable, net		3,583,100		3,408,179
Accounts payable and other accrued expenses		117,630		103,896
Intangible liabilities, net		130,028		153,018
Other liabilities		54,109		76,959
Total liabilities	[1]	3,895,577		3,981,221
Variable Interest Entities [Member]
Variable Interest Entity [Line Items]
Real estate, net		1,726,800		1,336,810
Cash and restricted cash		55,658		17,054
Investments in unconsolidated joint ventures		16,031
Preferred equity investments, net		35,817		55,051
Accounts and other receivables, net		2,550		695
Deferred rent receivable		44,000		32,103
Deferred charges, net		8,123		5,966
Intangible assets, net		66,112		52,139
Other assets		929		14,474
Total assets		1,956,020		1,514,292
Notes and mortgages payable, net		1,196,607		872,960
Accounts payable and other accrued expenses		21,211		21,077
Intangible liabilities, net		46,365		48,654
Other liabilities		155		27,782
Total liabilities		$ 1,264,338		$ 970,473
[1]	Represents the consolidated assets and liabilities of Paramount Group Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”). The Operating Partnership is a consolidated variable interest entity (“VIE”), of which we are the sole general partner and own approximately 90.7%, as of December 31, 2017. The assets and liabilities of the Operating Partnership, as of December 31, 2017, include $1,956,020 and $1,264,338 of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 13, Variable Interest Entities.

Variable Interest Entities - 96

Variable Interest Entities - Summary of Investments in Unconsolidated Real Estate Funds and Maximum Risk of Loss from Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Variable Interest Entity [Line Items]
Investments in unconsolidated real estate funds	$ 7,253	$ 28,173
Investment [Member]
Variable Interest Entity [Line Items]
Investments in unconsolidated real estate funds	7,253	28,173
Asset Management Fees and Other Receivables [Member]
Variable Interest Entity [Line Items]
Investments in unconsolidated real estate funds	597	1,680
Maximum Risk of Loss [Member]
Variable Interest Entity [Line Items]
Investments in unconsolidated real estate funds	$ 7,850	$ 29,853

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Values of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	$ 29,039	$ 22,393
Interest rate swap assets (included in "other assets")	9,855	139
Total assets	38,894	22,532
Interest rate swap liabilities (included in "other liabilities")	317	22,446
Total liabilities	317	22,446
Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	29,039	22,393
Total assets	29,039	22,393
Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap assets (included in "other assets")	9,855	139
Total assets	9,855	139
Interest rate swap liabilities (included in "other liabilities")	317	22,446
Total liabilities	$ 317	$ 22,446

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Carrying Amounts and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total assets	$ 38,894	$ 22,532
Total liabilities	317	22,446
Carrying Amount [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Preferred equity investments	35,817	55,051
Total assets	35,817	55,051
Notes and mortgages payable	3,583,100	3,408,179
Revolving credit facility		230,000
Total liabilities	3,583,100	3,638,179
Fair Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Preferred equity investments	36,112	55,300
Total assets	36,112	55,300
Notes and mortgages payable	3,596,953	3,371,262
Revolving credit facility		230,018
Total liabilities	$ 3,596,953	$ 3,601,280

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Rents under Non-Cancelable Operating Leases (Details) $ in Thousands	Dec. 31, 2017USD ($)
Leases [Abstract]
2,018	$ 589,949
2,019	606,003
2,020	575,990
2,021	511,003
2,022	467,944
Thereafter	2,615,260
Total	$ 5,366,149

Fee and Other Income - Schedule

Fee and Other Income - Schedule of Fee and Other Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Fee income
Property management fees	$ 6,336	$ 5,948	$ 5,763
Asset management fee income	8,581	7,754
Acquisition and disposition	7,770	2,026	1,760
Other fees	1,525	1,203	2,725
Total fee income	24,212	16,931	10,248
Lease termination income	2,189	17,010	871
Other income	11,265	14,296	13,874
Total fee and other income	$ 37,666	$ 48,237	$ 24,993

Fee and Other Income - Sched101

Fee and Other Income - Schedule of Fee and Other Income (Parenthetical) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Fee And Other Income [Line Items]
Lease termination income	$ 2,189	$ 17,010	$ 871
1633 Broadway [Member]
Fee And Other Income [Line Items]
Lease termination income		$ 10,861

Interest and Other (Loss) In102

Interest and Other (Loss) Income, net - Schedule Of Interest And Other (Loss) Income, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Interest And Other Income [Abstract]
Valuation allowance on preferred equity investment	$ (19,588)
Preferred equity investment income	4,187	$ 5,716
Interest and other income	1,256	774	$ 674
Mark-to-market of investments in our deferred compensation plans	5,114	444	197
Total interest and other (loss) income, net	$ (9,031)	$ 6,934	$ 871

Interest and Other (Loss) In103

Interest and Other (Loss) Income, net - Schedule Of Interest And Other (Loss) Income, net (Parenthetical) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Preferred equity ownership percentage	24.40%
PGRESS Equity Holdings L.P. [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Preferred equity ownership percentage	24.40%
Preferred equity investment income, attributable to parent	$ 1,029	$ 1,393
2 Herald Square [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Preferred equity ownership percentage	24.40%
2 Herald Square [Member] | PGRESS Equity Holdings L.P. [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Valuation allowance on preferred equity investment, attributable to parent	$ 4,780
Valuation allowance on preferred equity investment attributable to noncontrolling interests	$ 14,808
Preferred equity ownership percentage	24.40%

Interest and Debt Expense - Det

Interest and Debt Expense - Details of Interest and Debt Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Interest And Debt Expense [Abstract]
Interest and debt expense	$ 132,574	$ 146,334	$ 165,801
Amortization of deferred financing costs	11,188	6,804	2,565
Total interest and debt expense	$ 143,762	$ 153,138	$ 168,366

Incentive Compensation - Additi

Incentive Compensation - Additional Information (Details) - USD ($)	Jan. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Nov. 30, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair value of stock options granted		$ 4.02	$ 3.40	$ 4.44
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock Options Expiration Period		10 years
Unrecognized compensation cost		$ 3,324,000
Unrecognized compensation cost expected to be recognized over a weighted-average period		1 year 7 months 6 days
Employee Stock Option | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		5 years
Employee Stock Option | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		3 years
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		4 years
Unrecognized compensation cost expected to be recognized over a weighted-average period		2 years 7 months 6 days
Fair value granted		$ 1,309,000	$ 1,600,000	$ 100,000
Unrecognized compensation cost		$ 1,657,000
Equity Incentive Plan [Member] | Full Value Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for grant		10,376,577
Equity Incentive Plan [Member] | Full Value Awards [Member] | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for grant					17,142,857
Equity Incentive Plan [Member] | Not Full Value Awards [Member] | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for grant					34,285,714
LTIP Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost		$ 12,545,000
Unrecognized compensation cost expected to be recognized over a weighted-average period		2 years 3 months 18 days
Fair value granted		$ 7,467,000	$ 10,106,000	$ 2,081,000
LTIP Units | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		5 years
LTIP Units | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		3 years
2017 Performance Program [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	4 years
Performance measurement period, term	3 years
Performance measurement period, start date	Jan. 1, 2017
Performance measurement period, end date	Dec. 31, 2019
Percentage of award earned based on performance of absolute shareholder return	25.00%
Percentage of award earned based on performance of relative shareholder return	75.00%
Additional vesting period for executive officers	1 year
Fair value of awards granted	$ 10,520,000
2017 Performance Program [Member] | Share-Based Compensation Award Tranche One Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of the awards that vest	50.00%
2017 Performance Program [Member] | Share-Based Compensation Award Tranche Two [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of the awards that vest	50.00%
2017 Performance Program [Member] | Minimum | At 30th Percentile [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total shareholder return for participants to start earning awards on absolute basis	18.00%
2017 Performance Program [Member] | Minimum | Exceeds 80th Percentile [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total shareholder return for participants to fully earn awards on absolute basis	30.00%

Incentive Compensation - Summar

Incentive Compensation - Summary of Components of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 15,922	$ 11,278	$ 7,000
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	2,214	1,590	1,241
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	715	391	142
LTIP Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	6,572	5,617	4,507
2017 Performance Program [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 6,421	$ 3,680	$ 1,110

Incentive Compensation - Sum107

Incentive Compensation - Summary of Fair Value of the Option (Details) - Employee Stock Option	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility	29.00%	29.00%	27.00%
Expected life	5 years 10 months 24 days	5 years 10 months 24 days	6 years 6 months
Risk free interest rate	2.20%	1.50%	1.80%
Expected dividend yield	2.30%	2.30%	2.00%

Incentive Compensation - Sum108

Incentive Compensation - Summary of Stock Option Activity (Details)	12 Months Ended
	Dec. 31, 2017USD ($)$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-Average Exercise Price, Outstanding at December 31, 2016 | $ / shares	$ 17.34
Weighted-Average Exercise Price, Granted | $ / shares	16.81
Weighted-Average Exercise Price, Cancelled or expired | $ / shares	17.50
Weighted-Average Exercise Price, Outstanding at December 31, 2017 | $ / shares	17.20
Weighted-Average Exercise Price, Options vested and expected to vest at December 31, 2017 | $ / shares	17.20
Weighted-Average Exercise Price, Options exercisable at December 31, 2017 | $ / shares	$ 17.48
Weighted-Average Remaining Contractual Term (in years), Outstanding at December 31, 2017	7 years 7 months 6 days
Weighted-Average Remaining Contractual Term (in years), Options vested and expected to vest at December 31, 2017	7 years 7 months 6 days
Weighted-Average Remaining Contractual Term (in years), Options exercisable at December 31, 2017	7 years
Aggregate Intrinsic Value, Outstanding at December 31, 2017 | $	$ 217,464
Aggregate Intrinsic Value, Options vested and expected to vest at December 31, 2017 | $	208,330
Aggregate Intrinsic Value, Options exercisable at December 31, 2017 | $	$ 86,985
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares, Outstanding at December 31, 2016 | shares	1,844,121
Shares, Granted | shares	627,722
Shares, Cancelled or expired | shares	(23,100)
Shares, Outstanding at December 31, 2017 | shares	2,448,743
Shares, Options vested and expected to vest at December 31, 2017 | shares	2,363,524
Shares, Options exercisable at December 31, 2017 | shares	1,185,738

Incentive Compensation - Sum109

Incentive Compensation - Summary of LTIP Unit Activity (Details) - LTIP Units	12 Months Ended
	Dec. 31, 2017$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units, Unvested as of December 31, 2016 | shares	1,092,855
Units, Granted | shares	473,724
Units, Vested | shares	(469,918)
Units, Cancelled or expired | shares	(5,897)
Units, Unvested as of December 31, 2017 | shares	1,090,764
Weighted-Average Grant-Date Fair Value, Unvested as of December 31, 2016 | $ / shares	$ 15.68
Weighted-Average Grant-Date Fair Value, Granted | $ / shares	15.76
Weighted-Average Grant-Date Fair Value, Vested | $ / shares	15.71
Weighted-Average Grant-Date Fair Value, Cancelled or expired | $ / shares	15.10
Weighted-Average Grant-Date Fair Value, Unvested as of December 31, 2017 | $ / shares	$ 15.70

Incentive Compensation - Sum110

Incentive Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock	12 Months Ended
	Dec. 31, 2017$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units, Unvested as of December 31, 2016 | shares	94,823
Units, Granted | shares	78,417
Units, Vested | shares	(27,971)
Units, Cancelled or expired | shares	(16,264)
Units, Unvested as of December 31, 2017 | shares	129,005
Weighted-Average Grant-Date Fair Value, Unvested as of December 31, 2016 | $ / shares	$ 15.90
Weighted-Average Grant-Date Fair Value, Granted | $ / shares	16.70
Weighted-Average Grant-Date Fair Value, Vested | $ / shares	15.88
Weighted-Average Grant-Date Fair Value, Cancelled or expired | $ / shares	16.36
Weighted-Average Grant-Date Fair Value, Unvested as of December 31, 2017 | $ / shares	$ 16.33

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								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Numerator:
Net income (loss) attributable to common stockholders	$ (6,793)	$ (10,214)	$ 103,016	$ 372	$ (6,489)	$ (139)	$ 3,188	$ (6,494)	$ 86,381	$ (9,934)	$ (4,419)
Earnings allocated to unvested participating securities									(98)	(37)
Numerator for income (loss) per common share - basic and diluted									$ 86,283	$ (9,971)	$ (4,419)
Denominator:
Denominator for basic income (loss) per common share - weighted average shares									236,372,801	218,053,062	212,106,718
Effect of dilutive employee stock options and restricted share awards									29,000
Denominator for diluted income (loss) per common share - weighted average shares									236,401,548	218,053,062	212,106,718
Income (loss) per common share - basic and diluted									$ 0.37	$ (0.05)	$ (0.02)

Earnings Per Share - Summary112

Earnings Per Share - Summary of Computation of Earnings Per Share (Parenthetical) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share [Abstract]
Effect of dilutive securities excluded from computation of earning per share	30,848	48,113	53,281

Summary of Quarterly Results113

Summary of Quarterly Results (unaudited) - Summary of Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Data [Abstract]
Revenues	$ 180,257	$ 179,770	$ 177,704	$ 181,236	$ 166,802	$ 171,318	$ 172,303	$ 172,918	$ 718,967	$ 683,341	$ 662,408
Net (loss) income attributable to the common stockholders	$ (6,793)	$ (10,214)	$ 103,016	$ 372	$ (6,489)	$ (139)	$ 3,188	$ (6,494)	$ 86,381	$ (9,934)	$ (4,419)
(Loss) Income Per Common Share Basic	$ (0.03)	$ (0.04)	$ 0.44	$ 0	$ (0.03)	$ 0	$ 0.01	$ (0.03)	$ 0.37	$ (0.05)	$ (0.02)
(Loss) Income Per Common Share Diluted	$ (0.03)	$ (0.04)	$ 0.44	$ 0	$ (0.03)	$ 0	$ 0.01	$ (0.03)	$ 0.37	$ (0.05)	$ (0.02)

Related Parties - Additional In

Related Parties - Additional Information (Details)	Nov. 01, 2017	Jul. 17, 2017	Dec. 31, 2017USD ($)ft²	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Jul. 16, 2017ft²	Jun. 30, 2017	Jan. 24, 2017	Dec. 05, 2016ft²	Dec. 04, 2016ft²
Related Party Transaction [Line Items]
Due to affiliates			$ 27,299,000	$ 27,299,000
Interest Expense, Related Party			197,000	139,000	$ 136,000
Fee and other income			37,666,000	48,237,000	24,993,000
Accounts and other receivables, net			17,082,000	15,251,000
Transaction related costs			2,027,000	2,404,000	10,355,000
Accounts payable and accrued expenses			$ 117,630,000	103,896,000
Area of related party lease | ft²			12,500,000
50 Beale Street [Member]
Related Party Transaction [Line Items]
Maturity Date		2021-10
Percentage of ownership interest in new joint venture		36.60%
50 Beale Street [Member] | Fund VII and Fund VII H [Member]
Related Party Transaction [Line Items]
Area of related party lease | ft²						660,625
Property ownership, percentage		42.80%				42.80%
Percentage of ownership interest in new joint venture		36.60%
712 Fifth Avenue [Member]
Related Party Transaction [Line Items]
Equity method ownership percentage			50.00%
Property ownership, percentage							50.00%
60 Wall Street [Member]
Related Party Transaction [Line Items]
Equity method ownership percentage			5.00%					5.00%
60 Wall Street [Member] | Fund II and III [Member]
Related Party Transaction [Line Items]
Property funds, percentage								62.30%
Management Agreements [Member]
Related Party Transaction [Line Items]
Fee and other income			$ 824,000	795,000	776,000
Amounts owed under management agreements			0
CNBB-RDF Holdings, LP [Member]
Related Party Transaction [Line Items]
Due to affiliates			24,500,000
CNBB-RDF Holdings Otto Family [Member]
Related Party Transaction [Line Items]
Due to affiliates			2,799,000
Unconsolidated Joint Ventures and Real Estate Funds [Member]
Related Party Transaction [Line Items]
Property management, asset management, leasing and other related services fee income			20,263,000	$ 9,920,000	2,308,000
Accounts and other receivables, net			1,627,000
Hamburg Trust Consulting GMBH ("HTC") [Member]
Related Party Transaction [Line Items]
Mark-up cost percentage				10.00%
Transaction related costs			247,000	$ 625,000	$ 349,000
Accounts payable and accrued expenses			$ 51,000
Hamburg Trust Consulting GMBH ("HTC") [Member] | Chairman, Chief Executive Officer and President [Member]
Related Party Transaction [Line Items]
Percentage of ownership				100.00%
Mannheim Trust [Member] | Board of Director [Member] | 712 Fifth Avenue [Member]
Related Party Transaction [Line Items]
Area of related party lease | ft²									5,593	6,790
Equity method ownership percentage			50.00%
Lease rental income			$ 358,000	$ 416,000
Notes Payable to Related Parties [Member] | CNBB-RDF Holdings, LP [Member]
Related Party Transaction [Line Items]
Maturity Date	2018-11			2017-10
Note payable, fixed bearing interest rate	1.40%			0.50%
Notes Payable to Related Parties [Member] | CNBB-RDF Holdings Otto Family [Member]
Related Party Transaction [Line Items]
Maturity Date	2018-11			2017-10
Note payable, fixed bearing interest rate	1.40%			0.50%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - ft²	12 Months Ended
	Dec. 31, 2017	Nov. 23, 2014
Other Commitments [Line Items]
Area of office properties	12,500,000
718 Fifth Avenue [Member]
Other Commitments [Line Items]
Put right notice period	12 months
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] | 712 Fifth Avenue [Member]
Other Commitments [Line Items]
Equity method ownership percentage	50.00%
Owned by Affiliate [Member] | Predecessor [Member] | 718 Fifth Avenue [Member] | Third Party Affiliate [Member]
Other Commitments [Line Items]
Equity method ownership percentage		25.00%
Owned by Affiliate [Member] | Parent Company [Member] | Put Right Exercised [Member] | 718 Fifth Avenue [Member]
Other Commitments [Line Items]
Pre IPO ownership percentage	25.00%
Owned by Affiliate [Member] | Retail Type Space [Member] | Predecessor [Member] | 718 Fifth Avenue [Member]
Other Commitments [Line Items]
Area of office properties		19,050

Segments - Schedule of NOI for

Segments - Schedule of NOI for Each Reportable Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Property-related revenues	$ 694,755	$ 666,410	$ 652,160
Property-related operating expenses	(266,136)	(250,040)	(244,754)
NOI from unconsolidated joint ventures	19,643	17,195	16,580
NOI	448,262	433,565	423,986
New York [Member]
Segment Reporting Information [Line Items]
Property-related revenues	430,548	449,794	452,842
Property-related operating expenses	(180,855)	(176,445)	(174,273)
NOI from unconsolidated joint ventures	19,143	16,874	16,210
NOI	268,836	290,223	294,779
Washington, D.C. [Member]
Segment Reporting Information [Line Items]
Property-related revenues	72,143	86,389	82,366
Property-related operating expenses	(27,342)	(32,721)	(32,482)
NOI	44,801	53,668	49,884
San Francisco [Member]
Segment Reporting Information [Line Items]
Property-related revenues	191,677	127,813	114,472
Property-related operating expenses	(50,906)	(30,889)	(29,277)
NOI	140,771	96,924	85,195
Other [Member]
Segment Reporting Information [Line Items]
Property-related revenues	387	2,414	2,480
Property-related operating expenses	(7,033)	(9,985)	(8,722)
NOI from unconsolidated joint ventures	500	321	370
NOI	$ (6,146)	$ (7,250)	$ (5,872)

Segments - Schedule of Reconcil

Segments - Schedule of Reconciliation of NOI to Net Income (Loss) Income Attributable to Common Stockholders (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
NOI									$ 448,262	$ 433,565	$ 423,986
Fee income									24,212	16,931	10,248
Depreciation and amortization expense									(266,037)	(269,450)	(294,624)
General and administrative expenses									(61,577)	(53,510)	(42,056)
Transaction related costs and transfer taxes due in connection with the sale of shares by a former joint venture partner									(2,027)	(2,404)	(10,355)
NOI from unconsolidated joint ventures									(19,643)	(17,195)	(16,580)
Income from unconsolidated joint ventures									20,185	7,413	6,850
Income from real estate fund investments											37,975
Loss from unconsolidated real estate funds									(6,143)	(498)
Interest and other (loss) income, net									(9,031)	6,934	871
Interest and debt expense									(143,762)	(153,138)	(168,366)
Loss on early extinguishment of debt									(7,877)	(4,608)
Gain on sale of real estate									133,989
Unrealized gain on interest rate swaps									1,802	39,814	75,760
Net income before income taxes									112,353	3,854	23,709
Income tax expense									(5,177)	(1,785)	(2,566)
Net income									107,176	2,069	21,143
Consolidated joint ventures									10,365	(15,423)	(5,459)
Consolidated real estate funds									(19,797)	1,316	(21,173)
Operating Partnership									(11,363)	2,104	1,070
Net income (loss) attributable to common stockholders	$ (6,793)	$ (10,214)	$ 103,016	$ 372	$ (6,489)	$ (139)	$ 3,188	$ (6,494)	86,381	(9,934)	(4,419)
Deal Cost [Member]
Segment Reporting Information [Line Items]
Transaction related costs and transfer taxes due in connection with the sale of shares by a former joint venture partner									$ (2,027)	$ (2,404)	(4,483)
Transfer Taxes [Member]
Segment Reporting Information [Line Items]
Transaction related costs and transfer taxes due in connection with the sale of shares by a former joint venture partner											$ (5,872)

Segments - Schedule of Selected

Segments - Schedule of Selected Balance Sheet Data for Each Reportable Segments Information (Details) - USD ($) $ in Thousands	Dec. 31, 2017		Dec. 31, 2016		Dec. 31, 2015
Segment Reporting Information [Line Items]
Total assets	$ 8,917,661	[1]	$ 8,867,168	[1]	$ 8,794,143
New York [Member]
Segment Reporting Information [Line Items]
Total assets	5,511,061		5,617,344		5,702,288
Washington, D.C. [Member]
Segment Reporting Information [Line Items]
Total assets	693,408		1,075,350		1,082,093
San Francisco [Member]
Segment Reporting Information [Line Items]
Total assets	2,421,173		1,913,747		1,391,725
Other [Member]
Segment Reporting Information [Line Items]
Total assets	$ 292,019		$ 260,727		$ 618,037
[1]	Represents the consolidated assets and liabilities of Paramount Group Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”). The Operating Partnership is a consolidated variable interest entity (“VIE”), of which we are the sole general partner and own approximately 90.7%, as of December 31, 2017. The assets and liabilities of the Operating Partnership, as of December 31, 2017, include $1,956,020 and $1,264,338 of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 13, Variable Interest Entities.

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Revolving Credit Facility [Member] - USD ($)	Jan. 10, 2018	Jan. 09, 2018	Dec. 31, 2017
Subsequent Event [Line Items]
Borrowing capacity			$ 800,000,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Maturity date of debt	2022-01	2018-11
Borrowing capacity	$ 1,000,000,000	$ 800,000,000
Decrease in facility fees	0.05%
Facility fees percentage	0.20%	0.25%
Subsequent Event [Member] | London Interbank Offered Rate (LIBOR) [Member]
Subsequent Event [Line Items]
Decrease in variable rate	0.10%
Debt instrument variable rate	1.15%	1.25%

Schedule-II - Valuation and 120

Schedule-II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Valuation And Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of year	$ 202
Additions Charged Against Operations	19,711
Uncollectible accounts Written-off	(48)
Balance at End of Year	19,865	$ 202
Allowance for Doubtful Accounts [Member]
Valuation And Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of year	202	365	$ 333
Additions Charged Against Operations	123	315	87
Uncollectible accounts Written-off	(48)	(478)	(55)
Balance at End of Year	277	$ 202	$ 365
Allowance for Preferred Equity Investments [Member]
Valuation And Qualifying Accounts Disclosure [Line Items]
Additions Charged Against Operations	19,588
Balance at End of Year	$ 19,588

Schedule III - Real Estate a121

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2017
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances				$ 3,583,100
Initial cost to company, Land				2,209,506
Initial cost to company, Building and Improvements				5,823,744
Costs capitalized subsequent to acquisition, Building and Improvements				296,225
Gross amount at which carried at close of period, Land				2,209,506
Gross amount at which carried at close of period, Buildings and Improvements				6,119,969
Gross amount at which carried at close of period, Total	$ 8,329,475	$ 7,849,093	$ 7,652,117	8,329,475
Accumulated depreciation and amortization	(487,945)	(318,161)	(243,089)	(487,945)
Costs capitalized subsequent to acquisition, Building and Improvements, other				3,528
Gross amount at which carried at close of period, Buildings and Improvements, other				3,528
Gross amount at which carried at close of period, other				3,528
Accumulated depreciation and amortization, other	$ (719)
Date acquired, other	Nov. 24, 2014
Real Estate:
Beginning balance	$ 7,849,093	7,652,117	7,530,239
Acquisitions	484,916	504,684
Buildings and improvements	82,862	116,038	123,277
Assets held for sale		(412,315)
Assets sold and written-off	(87,396)	(11,431)	(1,399)
Ending balance	8,329,475	7,849,093	7,652,117
Accumulated Depreciation:
Beginning balance	318,161	243,089	81,050
Additions charged to expense	182,732	168,847	163,438
Assets held for sale		(82,344)
Accumulated depreciation related to assets sold and written-off	(12,948)	(11,431)	(1,399)
Ending balance	$ 487,945	$ 318,161	$ 243,089
Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed, other	5 years
Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed, other	40 years
1633 Broadway [Member]
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances				1,030,100
Initial cost to company, Land				502,846
Initial cost to company, Building and Improvements				1,398,341
Costs capitalized subsequent to acquisition, Building and Improvements				74,427
Gross amount at which carried at close of period, Land				502,846
Gross amount at which carried at close of period, Buildings and Improvements				1,472,768
Gross amount at which carried at close of period, Total	$ 1,975,614			1,975,614
Accumulated depreciation and amortization	$ (123,730)			(123,730)
Date of construction	Dec. 31, 1971
Date acquired	Nov. 24, 2014
Real Estate:
Ending balance	$ 1,975,614
Accumulated Depreciation:
Ending balance	$ 123,730
1633 Broadway [Member] | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	5 years
1633 Broadway [Member] | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	40 years
1301 Avenue of Americas [Member]
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances				850,000
Initial cost to company, Land				406,039
Initial cost to company, Building and Improvements				1,051,697
Costs capitalized subsequent to acquisition, Building and Improvements				74,934
Gross amount at which carried at close of period, Land				406,039
Gross amount at which carried at close of period, Buildings and Improvements				1,126,631
Gross amount at which carried at close of period, Total	$ 1,532,670			1,532,670
Accumulated depreciation and amortization	$ (93,817)			(93,817)
Date of construction	Dec. 31, 1963
Date acquired	Nov. 24, 2014
Real Estate:
Ending balance	$ 1,532,670
Accumulated Depreciation:
Ending balance	$ 93,817
1301 Avenue of Americas [Member] | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	5 years
1301 Avenue of Americas [Member] | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	40 years
31 West 52nd Street [Member]
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances				500,000
Initial cost to company, Land				221,318
Initial cost to company, Building and Improvements				604,994
Costs capitalized subsequent to acquisition, Building and Improvements				8,529
Gross amount at which carried at close of period, Land				221,318
Gross amount at which carried at close of period, Buildings and Improvements				613,523
Gross amount at which carried at close of period, Total	$ 834,841			834,841
Accumulated depreciation and amortization	$ (51,908)			(51,908)
Date of construction	Dec. 31, 1987
Date acquired	Nov. 24, 2014
Real Estate:
Ending balance	$ 834,841
Accumulated Depreciation:
Ending balance	$ 51,908
31 West 52nd Street [Member] | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	5 years
31 West 52nd Street [Member] | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	40 years
1325 Avenue of the Americas [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost to company, Land				174,688
Initial cost to company, Building and Improvements				370,553
Costs capitalized subsequent to acquisition, Building and Improvements				18,494
Gross amount at which carried at close of period, Land				174,688
Gross amount at which carried at close of period, Buildings and Improvements				389,047
Gross amount at which carried at close of period, Total	$ 563,735			563,735
Accumulated depreciation and amortization	$ (33,663)			(33,663)
Date of construction	Dec. 31, 1989
Date acquired	Nov. 24, 2014
Real Estate:
Ending balance	$ 563,735
Accumulated Depreciation:
Ending balance	$ 33,663
1325 Avenue of the Americas [Member] | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	5 years
1325 Avenue of the Americas [Member] | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	40 years
900 Third Avenue [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost to company, Land				103,741
Initial cost to company, Building and Improvements				296,031
Costs capitalized subsequent to acquisition, Building and Improvements				11,905
Gross amount at which carried at close of period, Land				103,741
Gross amount at which carried at close of period, Buildings and Improvements				307,936
Gross amount at which carried at close of period, Total	$ 411,677			411,677
Accumulated depreciation and amortization	$ (29,407)			(29,407)
Date of construction	Dec. 31, 1983
Date acquired	Nov. 24, 2014
Real Estate:
Ending balance	$ 411,677
Accumulated Depreciation:
Ending balance	$ 29,407
900 Third Avenue [Member] | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	5 years
900 Third Avenue [Member] | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	40 years
Total New York
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances				2,380,100
Initial cost to company, Land				1,408,632
Initial cost to company, Building and Improvements				3,721,616
Costs capitalized subsequent to acquisition, Building and Improvements				188,289
Gross amount at which carried at close of period, Land				1,408,632
Gross amount at which carried at close of period, Buildings and Improvements				3,909,905
Gross amount at which carried at close of period, Total	$ 5,318,537			5,318,537
Accumulated depreciation and amortization	(332,525)			(332,525)
Real Estate:
Ending balance	5,318,537
Accumulated Depreciation:
Ending balance	332,525
425 Eye Street [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost to company, Land				93,669
Initial cost to company, Building and Improvements				98,088
Costs capitalized subsequent to acquisition, Building and Improvements				5,476
Gross amount at which carried at close of period, Land				93,669
Gross amount at which carried at close of period, Buildings and Improvements				103,564
Gross amount at which carried at close of period, Total	197,233			197,233
Accumulated depreciation and amortization	$ (11,771)			(11,771)
Date of construction	Dec. 31, 1973
Date acquired	Nov. 24, 2014
Real Estate:
Ending balance	$ 197,233
Accumulated Depreciation:
Ending balance	$ 11,771
425 Eye Street [Member] | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	5 years
425 Eye Street [Member] | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	40 years
Liberty Place [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost to company, Land				46,401
Initial cost to company, Building and Improvements				96,422
Costs capitalized subsequent to acquisition, Building and Improvements				11,675
Gross amount at which carried at close of period, Land				46,401
Gross amount at which carried at close of period, Buildings and Improvements				108,097
Gross amount at which carried at close of period, Total	$ 154,498			154,498
Accumulated depreciation and amortization	$ (10,569)			(10,569)
Date of construction	Dec. 31, 1993
Date acquired	Nov. 24, 2014
Real Estate:
Ending balance	$ 154,498
Accumulated Depreciation:
Ending balance	$ 10,569
Liberty Place [Member] | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	5 years
Liberty Place [Member] | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	40 years
1899 Pennsylvania Avenue [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost to company, Land				52,568
Initial cost to company, Building and Improvements				94,874
Costs capitalized subsequent to acquisition, Building and Improvements				4,160
Gross amount at which carried at close of period, Land				52,568
Gross amount at which carried at close of period, Buildings and Improvements				99,034
Gross amount at which carried at close of period, Total	$ 151,602			151,602
Accumulated depreciation and amortization	$ (9,263)			(9,263)
Date of construction	Dec. 31, 1915
Date acquired	Nov. 24, 2014
Real Estate:
Ending balance	$ 151,602
Accumulated Depreciation:
Ending balance	$ 9,263
1899 Pennsylvania Avenue [Member] | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	5 years
1899 Pennsylvania Avenue [Member] | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	40 years
2099 Pennsylvania Avenue [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost to company, Land				50,631
Initial cost to company, Building and Improvements				103,992
Costs capitalized subsequent to acquisition, Building and Improvements				17,230
Gross amount at which carried at close of period, Land				50,631
Gross amount at which carried at close of period, Buildings and Improvements				121,222
Gross amount at which carried at close of period, Total	$ 171,853			171,853
Accumulated depreciation and amortization	$ (11,014)			(11,014)
Date of construction	Dec. 31, 2001
Date acquired	Nov. 24, 2014
Real Estate:
Ending balance	$ 171,853
Accumulated Depreciation:
Ending balance	$ 11,014
2099 Pennsylvania Avenue [Member] | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	5 years
2099 Pennsylvania Avenue [Member] | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	40 years
Total Washington, D.C.
Real Estate And Accumulated Depreciation [Line Items]
Initial cost to company, Land				243,269
Initial cost to company, Building and Improvements				393,376
Costs capitalized subsequent to acquisition, Building and Improvements				38,541
Gross amount at which carried at close of period, Land				243,269
Gross amount at which carried at close of period, Buildings and Improvements				431,917
Gross amount at which carried at close of period, Total	$ 675,186			675,186
Accumulated depreciation and amortization	(42,617)			(42,617)
Real Estate:
Ending balance	675,186
Accumulated Depreciation:
Ending balance	42,617
One Market Plaza [Member]
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances				975,000
Initial cost to company, Land				288,743
Initial cost to company, Building and Improvements				988,014
Costs capitalized subsequent to acquisition, Building and Improvements				62,007
Gross amount at which carried at close of period, Land				288,743
Gross amount at which carried at close of period, Buildings and Improvements				1,050,021
Gross amount at which carried at close of period, Total	1,338,764			1,338,764
Accumulated depreciation and amortization	$ (93,860)			(93,860)
Date of construction	Dec. 31, 1976
Date acquired	Nov. 24, 2014
Real Estate:
Ending balance	$ 1,338,764
Accumulated Depreciation:
Ending balance	$ 93,860
One Market Plaza [Member] | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	5 years
One Market Plaza [Member] | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	40 years
One Front Street [Member]
Real Estate And Accumulated Depreciation [Line Items]
Initial cost to company, Land				127,765
Initial cost to company, Building and Improvements				376,919
Costs capitalized subsequent to acquisition, Building and Improvements				3,293
Gross amount at which carried at close of period, Land				127,765
Gross amount at which carried at close of period, Buildings and Improvements				380,212
Gross amount at which carried at close of period, Total	$ 507,977			507,977
Accumulated depreciation and amortization	$ (13,113)			(13,113)
Date of construction	Dec. 31, 1979
Date acquired	Dec. 31, 2016
Real Estate:
Ending balance	$ 507,977
Accumulated Depreciation:
Ending balance	$ 13,113
One Front Street [Member] | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	5 years
One Front Street [Member] | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	40 years
50 Beale Street [Member]
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances				228,000
Initial cost to company, Land				141,097
Initial cost to company, Building and Improvements				343,819
Costs capitalized subsequent to acquisition, Building and Improvements				567
Gross amount at which carried at close of period, Land				141,097
Gross amount at which carried at close of period, Buildings and Improvements				344,386
Gross amount at which carried at close of period, Total	$ 485,483			485,483
Accumulated depreciation and amortization	$ (5,111)			(5,111)
Date of construction	Dec. 31, 1968
Date acquired	Jul. 17, 2017
Real Estate:
Ending balance	$ 485,483
Accumulated Depreciation:
Ending balance	$ 5,111
50 Beale Street [Member] | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	5 years
50 Beale Street [Member] | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Life on which depreciation in latest income statement is computed	40 years
Total San Francisco
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances				1,203,000
Initial cost to company, Land				557,605
Initial cost to company, Building and Improvements				1,708,752
Costs capitalized subsequent to acquisition, Building and Improvements				65,867
Gross amount at which carried at close of period, Land				557,605
Gross amount at which carried at close of period, Buildings and Improvements				1,774,619
Gross amount at which carried at close of period, Total	$ 2,332,224			2,332,224
Accumulated depreciation and amortization	(112,084)			$ (112,084)
Real Estate:
Ending balance	2,332,224
Accumulated Depreciation:
Ending balance	$ 112,084

Schedule III - Real Estate a122

Schedule III - Real Estate and Accumulated Depreciation (Parenthetical) (Details) $ in Billions	Dec. 31, 2017USD ($)
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Assets and liabilities for tax purposes	$ 1.6