Paramount (PGRE) 10-Q 2 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 20, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
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 Common Stock, Shares Outstanding		240,503,075

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017
Real estate, at cost
Land		$ 2,209,506	$ 2,209,506
Buildings and improvements		6,150,115	6,119,969
Rental property, at cost		8,359,621	8,329,475
Accumulated depreciation and amortization		(534,934)	(487,945)
Real estate, net		7,824,687	7,841,530
Cash and cash equivalents		212,547	219,381
Restricted cash		33,032	31,044
Investments in unconsolidated joint ventures		67,355	44,762
Investments in unconsolidated real estate funds		7,276	7,253
Preferred equity investments, net of allowance of $19,588 and $19,588		35,870	35,817
Marketable securities		24,984	29,039
Accounts and other receivables, net of allowance of $277 and $277		17,036	17,082
Deferred rent receivable		234,758	220,826
Deferred charges, net of accumulated amortization of $22,513 and $19,412		106,415	98,645
Intangible assets, net of accumulated amortization of $216,533 and $200,857		333,983	352,206
Other assets		75,925	20,076
Total assets	[1]	8,973,868	8,917,661
LIABILITIES AND EQUITY
Notes and mortgages payable, net of deferred financing costs of $39,570 and $41,800		3,560,230	3,541,300
Revolving credit facility		0	0
Due to affiliates		27,299	27,299
Accounts payable and accrued expenses		128,625	117,630
Dividends and distributions payable		26,627	25,211
Intangible liabilities, net of accumulated amortization of $79,952 and $75,073		122,673	130,028
Other liabilities		54,344	54,109
Total liabilities	[1]	3,919,798	3,895,577
Commitments and contingencies
Paramount Group, Inc. equity:
Common stock $0.01 par value per share; authorized 900,000,000 shares; issued and outstanding 240,505,886 and 240,427,022 shares in 2018 and 2017, respectively		2,403	2,403
Additional paid-in-capital		4,293,209	4,297,948
Earnings less than distributions		(156,485)	(133,693)
Accumulated other comprehensive income		23,312	10,083
Paramount Group, Inc. equity		4,162,439	4,176,741
Noncontrolling interests in:
Consolidated joint ventures		404,137	404,997
Consolidated real estate fund		51,456	14,549
Operating Partnership (25,307,251 and 24,620,279 units outstanding)		436,038	425,797
Total equity		5,054,070	5,022,084
Total liabilities and equity		$ 8,973,868	$ 8,917,661
[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 90.5% as of March 31, 2018. The assets and liabilities of the Operating Partnership, as of March 31, 2018, include $1,999,929 and $1,269,963 of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 11, Variable Interest Entities.

CONSOLIDATED BALANCE SHEETS (U3

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parentheticals) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Dec. 31, 2017
Preferred equity investments, allowance		$ 19,588	$ 19,588
Accounts and other receivables, allowance		277	277
Deferred charges, accumulated amortization		22,513	19,412
Intangible assets, accumulated amortization		216,533	200,857
Notes and mortgages payable, deferred financing costs		39,570	41,800
Intangible liabilities, accumulated amortization		$ 79,952	$ 75,073
Common stock, par value		$ 0.01	$ 0.01
Common stock, shares authorized		900,000,000	900,000,000
Common stock, shares issued		240,505,886	240,427,022
Common stock, shares outstanding		240,505,886	240,427,022
Operating partnership, units outstanding		25,307,251	24,620,279
Percentage of ownership in operating partnership		90.50%
Total assets	[1]	$ 8,973,868	$ 8,917,661
Total liabilities	[1]	$ 3,919,798	3,895,577
Variable Interest Entities [Member]
Percentage of ownership in operating partnership		90.50%
Total assets		$ 1,999,929	1,956,020
Total liabilities		$ 1,269,963	$ 1,264,338
[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 90.5% as of March 31, 2018. The assets and liabilities of the Operating Partnership, as of March 31, 2018, include $1,999,929 and $1,269,963 of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 11, Variable Interest Entities.

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
REVENUES:
Rental income	$ 163,405	$ 155,390
Tenant reimbursement income	14,246	12,852
Fee and other income	6,620	12,994
Total revenues	184,271	181,236
EXPENSES:
Operating	68,978	65,971
Depreciation and amortization	65,156	62,992
General and administrative	12,631	13,581
Transaction related costs	120	275
Total expenses	146,885	142,819
Operating income	37,386	38,417
(Loss) income from unconsolidated joint ventures	(62)	1,937
(Loss) income from unconsolidated real estate funds	(66)	288
Interest and other income, net	2,016	3,200
Interest and debt expense	(36,082)	(37,018)
Loss on early extinguishment of debt		(2,715)
Unrealized gain on interest rate swaps		1,802
Net income before income taxes	3,192	5,911
Income tax expense	(477)	(4,282)
Net income	2,715	1,629
Less net (income) loss attributable to noncontrolling interests in:
Consolidated joint ventures	(1,055)	(1,291)
Consolidated real estate fund	(430)	88
Operating Partnership	(116)	(54)
Net income attributable to common stockholders	$ 1,114	$ 372
INCOME PER COMMON SHARE - BASIC:
Income per common share	$ 0	$ 0
Weighted average shares outstanding	240,311,744	230,924,271
INCOME PER COMMON SHARE - DILUTED:
Income per common share	$ 0	$ 0
Weighted average shares outstanding	240,338,698	230,958,441
DIVIDENDS PER COMMON SHARE	$ 0.10	$ 0.095

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 2,715	$ 1,629
Other comprehensive income (loss):
Change in value of interest rate swaps	14,551	4,032
Pro rata share of other comprehensive income (loss) of unconsolidated joint ventures	54	(222)
Comprehensive income	17,320	5,439
Less comprehensive (income) loss attributable to noncontrolling
Consolidated joint ventures	(1,055)	(1,291)
Consolidated real estate fund	(430)	88
Operating Partnership	(1,492)	(540)
Comprehensive income attributable to common stockholders	$ 14,343	$ 3,696

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid in Capital [Member]	Earnings Less than Distributions [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Noncontrolling InterestConsolidated Joint Ventures [Member]	Noncontrolling InterestConsolidated Real Estate Fund [Member]	Noncontrolling InterestOperating Partnership [Member]
Beginning 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		230,015,000
Net income (loss)	1,629			372		1,291	(88)	54
Common shares issued upon redemption of common units		$ 13	21,803
Common shares issued upon redemption of common units		1,304,000
Redemption of minority interest in operating partnerships								(21,816)
Common shares issued under Omnibus share plan, net of shares withheld for taxes	(154)			(154)
Common shares issued under Omnibus share plan, net of shares withheld for taxes		61,000
Dividends and distributions	(25,207)			(21,981)				(3,226)
Contributions from noncontrolling interests in joint ventures and funds	7,472					4,972	2,500
Distributions to noncontrolling interests	(32,012)					(32,012)
Change in value of interest rate swaps	4,032				3,518			514
Pro rata share of other comprehensive income (loss) of unconsolidated joint ventures	(222)				(194)			(28)
Amortization of equity awards	3,873		633					3,240
Ending balance at Mar. 31, 2017	4,845,358	$ 2,313	4,139,423	(151,417)	3,696	228,039	67,205	556,099
Common stock, shares outstanding at Mar. 31, 2017		231,380,000
Beginning balance (Restatement Adjustment)	5,029,170	$ 2,403	4,297,948	(133,164)	10,083	404,997	21,106	425,797
Beginning balance at Dec. 31, 2017	5,022,084	$ 2,403	4,297,948	(133,693)	10,083	404,997	14,549	425,797
Beginning balance (Basis adjustment upon adoption of ASU 2017-05) at Dec. 31, 2017	$ 7,086			529			6,557
Common stock, shares outstanding (Restatement Adjustment)		240,427,000
Common stock, shares outstanding at Dec. 31, 2017	240,427,022	240,427,000
Net income (loss)	$ 2,715			1,114		1,055	430	116
Common shares issued upon redemption of common units			123
Common shares issued upon redemption of common units		7,000
Redemption of minority interest in operating partnerships								(123)
Common shares issued under Omnibus share plan, net of shares withheld for taxes	(213)			(213)
Common shares issued under Omnibus share plan, net of shares withheld for taxes		72,000
Dividends and distributions	(26,627)			(24,051)				(2,576)
Contributions from noncontrolling interests in joint ventures and funds	29,920						29,920
Distributions to noncontrolling interests	(1,915)					(1,915)
Change in value of interest rate swaps	14,551				13,179			1,372
Pro rata share of other comprehensive income (loss) of unconsolidated joint ventures	54				50			4
Amortization of equity awards	6,584		838					5,746
Other	(169)		(5,700)	(171)				5,702
Ending balance at Mar. 31, 2018	$ 5,054,070	$ 2,403	$ 4,293,209	$ (156,485)	$ 23,312	$ 404,137	$ 51,456	$ 436,038
Common stock, shares outstanding at Mar. 31, 2018	240,505,886	240,506,000

CONSOLIDATED STATEMENTS OF CHA7

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement Of Stockholders Equity [Abstract]
Dividends and distributions, Per share and unit	$ 0.10	$ 0.095

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 2,715	$ 1,629
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	65,156	62,992
Amortization of deferred financing costs	2,761	2,730
Straight-lining of rental income	(13,244)	(20,147)
Amortization of above and below-market leases, net	(4,420)	(3,008)
Loss on early extinguishment of debt		2,715
Unrealized gain on interest rate swaps		(1,802)
Realized and unrealized losses (gains) on marketable securities	29	(1,607)
Loss (income) from unconsolidated joint ventures	62	(1,937)
Distributions of earnings from unconsolidated joint ventures	600	24
Loss (income) from unconsolidated real estate funds	66	(288)
Distributions of earnings from unconsolidated real estate funds	68	62
Amortization of stock-based compensation expense	6,265	3,429
Other non-cash adjustments	202	(215)
Changes in operating assets and liabilities:
Accounts and other receivables	46	2,687
Deferred charges	(4,427)	(6,654)
Other assets	(26,035)	(13,678)
Accounts payable and accrued expenses	5,325	(8,355)
Other liabilities	400	22,139
Net cash provided by operating activities	35,569	40,716
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to real estate	(25,413)	(15,087)
Investments in unconsolidated joint ventures	(16,115)	(27,857)
Escrow deposits and loans receivable for Residential Development Fund	(15,680)
Purchases of marketable securities	(3,805)	(6,230)
Sales of marketable securities	7,825	4,615
Distributions of capital from unconsolidated real estate funds		3,845
Contributions of capital to unconsolidated real estate funds	(157)
Net cash used in investing activities	(53,345)	(40,714)
CASH FLOWS FROM FINANCING ACTIVITIES:
Contributions from noncontrolling interests	29,920	7,472
Dividends paid to common stockholders	(22,841)	(21,851)
Proceeds from notes and mortgages payable	16,700	991,556
Debt issuance costs	(6,351)	(7,338)
Distributions paid to common unitholders	(2,370)	(3,300)
Distributions to noncontrolling interests	(1,915)	(32,012)
Repurchase of shares related to stock compensation agreements and related tax withholdings	(213)	(154)
Repayments of notes and mortgages payable		(873,642)
Repayment of borrowings under revolving credit facility		(65,000)
Borrowings under revolving credit facility		35,000
Settlement of interest rate swap liabilities		(19,425)
Loss on early extinguishment of debt		(2,715)
Net cash provided by financing activities	12,930	8,591
Net (decrease) increase in cash and cash equivalents and restricted cash	(4,846)	8,593
Cash and cash equivalents and restricted cash at beginning of period	250,425	192,339
Cash and cash equivalents and restricted cash at end of period	245,579	200,932
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents at beginning of period	219,381	162,965
Restricted cash at beginning of period	31,044	29,374
Cash and cash equivalents and restricted cash at beginning of period	250,425	192,339
Cash and cash equivalents at end of period	212,547	125,734
Restricted cash at end of period	33,032	75,198
Cash and cash equivalents and restricted cash at end of period	245,579	200,932
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash payments for interest	33,170	41,375
Cash payments for income taxes, net of refunds	299	1,090
NON-CASH TRANSACTIONS:
Dividends and distributions declared but not yet paid	26,627	25,207
Additions to real estate included in accounts payable and accrued expenses	13,334	4,712
Basis adjustment to investment in unconsolidated joint ventures upon adoption of ASU 2017-05	7,086
Write-off of fully amortized and/or depreciated assets	350	2,306
Common shares issued upon redemption of common units	123	21,816
Change in fair value of interest rate swaps	$ (14,551)	$ (4,032)

Organization and Business

Organization and Business	3 Months Ended
	Mar. 31, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization And Business	1. O 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 March 31, 2018, 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 90.5% of, the Operating Partnership as of March 31, 2018.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
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 are unaudited and have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in conjunction with the instructions to Form 10-Q of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures required by GAAP for complete financial statements have been condensed or omitted. These consolidated financial statements include the accounts of Paramount and its consolidated subsidiaries, including the Operating Partnership. In the opinion of management, all adjustments (which include only normal recurring adjustments) and eliminations (which include intercompany balances and transactions) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. The consolidated balance sheet as of December 31, 2017 was derived from audited financial statements as of that date, but does not include all information and disclosures required by GAAP. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2017, as filed with the SEC. Significant Accounting Policies There are no material changes to our significant accounting policies as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2017. Use of Estimates We have made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from those estimates. The results of operations for the three months ended March 31, 2018, are not necessarily indicative of the operating results for the full year. 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 Financial Accounting Standard’s Board (“FASB”) issued ASU 2014-09, an update to ASC Topic 606, Revenue from Contracts with Customers Revenues In June 2016, the FASB issued ASU 2016-13, an update to ASC Topic 326, Financial Instruments – Credit Losses 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 February 2017, the FASB issued ASU 2017-05, an update to ASC Topic 610, Other Income Investments in Unconsolidated Joint Ventures

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	3 Months Ended
	Mar. 31, 2018
Equity Method Investments And Joint Ventures [Abstract]
Investments in Unconsolidated Joint Ventures	3 . Investments in Unconsolidated Joint Ventures Prior to March 14, 2018, RDF, in which we have a 7.4% interest, owned 20.0% of 75 Howard (the “Property”). On March 14, 2018, RDF transferred its 20.0% interest to a new joint venture in which it owns a 75.0% interest. Separately on March 14, 2018, RDF acquired an additional 10.0% interest in the Property from its existing partner. Subsequent to these transactions RDF owns a 25.0% economic interest in the Property, comprised of the newly acquired 10.0% interest and an indirect 15.0% interest through the joint venture. As a result of these transactions, RDF was required to consolidate its 75.0% interest in the joint venture that owns 20.0% of the Property, and reflect the 25.0% interest in this venture (5.0% economic interest in the Property) it does not own as noncontrolling interests. We continue to consolidate our 7.4% interest in RDF and reflect the 92.6% interest we do not own as noncontrolling interests. As of March 31, 2018, our economic interest in 75 Howard was 1.85%. The following tables summarize our investments in unconsolidated joint ventures as of the dates thereof and the income or loss from these investments for the periods set forth below. (Amounts in thousands) Paramount As of Our Share of Investments: Ownership March 31, 2018 December 31, 2017 712 Fifth Avenue (1) 50.0% $ - $ - 60 Wall Street (2) 5.0% 24,436 25,083 75 Howard (2) 25.0% (3) 39,230 (4) 16,031 Oder-Center, Germany (2) 9.5% 3,689 3,648 Investments in unconsolidated joint ventures $ 67,355 $ 44,762 (Amounts in thousands) Paramount For the Three Months Ended March 31, Our Share of Net (Loss) Income: Ownership 2018 2017 712 Fifth Avenue (1) 50.0% $ - $ 1,930 60 Wall Street (2) 5.0% (73 ) (5 ) 75 Howard (2) 25.0% (3) (2 ) - Oder-Center, Germany (2) 9.5% 13 12 (Loss) income from unconsolidated joint ventures $ (62 ) $ 1,937 (1) As of March 31, 2018, the joint venture had made distributions to us in excess of our share of earnings recognized, which resulted in our basis becoming negative $19,142. As a result, we no longer recognize our proportionate share of earnings from the venture because we have no further obligation to fund additional capital to the venture. Instead, we only recognize income to the extent we receive cash distributions from the venture. Accordingly, we did not recognize any income in the three months ended March 31, 2018 as there were no distributions made by the venture during such period. (2) As of March 31, 2018, the carrying amount of our investments in 60 Wall Street, 75 Howard and Oder-Center is greater than our share of equity in these investments by $2,871, $528 and $5,219, respectively. (3) Represents RDF’s economic interest in the Property. (4) Includes a $7,086 basis adjustment which was recorded upon the adoption of ASU 2017-05 on January 1, 2018. 712 Fifth Avenue The following tables provide summarized financial information of 712 Fifth Avenue as of the dates thereof and for the periods set forth below. (Amounts in thousands) As of Balance Sheets: March 31, 2018 December 31, 2017 Real estate, net $ 199,948 $ 202,040 Other assets 62,989 58,034 Total assets $ 262,937 $ 260,074 Notes and mortgages payable, net $ 296,235 $ 296,132 Other liabilities 4,986 4,615 Total liabilities 301,221 300,747 Equity (38,284 ) (40,673 ) Total liabilities and equity $ 262,937 $ 260,074 (Amounts in thousands) For the Three Months Ended March 31, Income Statements: 2018 2017 Rental income $ 12,329 $ 12,945 Tenant reimbursement income 1,345 1,308 Fee and other income 458 126 Total revenues 14,132 14,379 Operating expenses 6,184 5,966 Depreciation and amortization 3,026 2,920 Total expenses 9,210 8,886 Operating income 4,922 5,493 Interest and other income, net 113 24 Interest and debt expense (2,645 ) (2,825 ) Unrealized gain on interest rate swaps - 1,168 Net income $ 2,390 $ 3,860

Investments in Unconsolidated R

Investments in Unconsolidated Real Estate Funds	3 Months Ended
	Mar. 31, 2018
Real Estate Fund [Abstract]
Investments in Unconsolidated Real Estate Funds	4 . Investments in Unconsolidated Real Estate Funds We are the general partner and investment manager of Paramount Group Real Estate Fund VII, LP (“Fund VII”) and its parallel fund, Paramount Group Real Estate Fund VII-H, LP (“Fund VII-H”). As of March 31, 2018, Fund VII and Fund VII-H hold 100% of Zero Bond Street. We also manage Paramount Group Real Estate Fund VIII, LP (“Fund VIII”), our Alternative Investment Fund, which invests in mortgage and mezzanine loans and preferred equity investments. The following tables summarize our investments in these unconsolidated real estate funds as of the dates thereof and the income or loss recognized for the periods set forth below. As of (Amounts in thousands) March 31, 2018 December 31, 2017 Our Share of Investments: Property funds $ 2,443 $ 2,429 Alternative investment fund 4,833 4,824 Investments in unconsolidated real estate funds $ 7,276 $ 7,253 (Amounts in thousands) For the Three Months Ended March 31, Our Share of Net (Loss) Income: 2018 2017 Net investment income $ 66 $ 53 Net realized gain - 179 Net unrealized (loss) gain (132 ) 96 Carried interest - (40 ) (Loss) income from unconsolidated real estate funds (1) $ (66 ) $ 288 (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. The following tables provide summarized financial information for Fund VII as of the dates thereof and for the periods set forth below. As of (Amounts in thousands) March 31, 2018 December 31, 2017 Real estate investments $ 31,352 $ 32,943 Cash and cash equivalents 1,935 138 Total assets $ 33,287 $ 33,081 Other liabilities $ 1,076 $ 1,058 Total liabilities 1,076 1,058 Equity 32,211 32,023 Total liabilities and equity $ 33,287 $ 33,081 For the Three Months Ended March 31, (Amounts in thousands) 2018 2017 Investment income $ - $ 185 Investment expenses 44 476 Net investment loss (44 ) (291 ) Net unrealized (losses) gains (1,879 ) 134 Loss from real estate fund investments $ (1,923 ) $ (157 )

Preferred Equity Investments

Preferred Equity Investments	3 Months Ended
	Mar. 31, 2018
Schedule Of Investments [Abstract]
Preferred Equity Investments	5 . 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. The following is a summary of the preferred equity investments. (Amounts in thousands, except square feet) Paramount Dividend Initial As of Preferred Equity Investment Ownership Rate Maturity March 31, 2018 December 31, 2017 470 Vanderbilt Avenue (1) 24.4% 10.3% Feb-2019 $ 35,870 $ 35,817 2 Herald Square (2) 24.4% 10.3% Apr-2017 (2) 19,588 19,588 55,458 55,405 Less: valuation allowance (2) (19,588 ) (19,588 ) Total preferred equity investments, net $ 35,870 $ 35,817 (1) Represents a 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 preferred equity investment and the related valuation allowance on the preferred equity investment in a partnership that owns 2 Herald Square, a 369,000 square foot office and retail property in Manhattan, that the borrower defaulted on.

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	3 Months Ended
	Mar. 31, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets and Liabilities	6 . 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) and the related amortization as of the dates thereof and for the periods set forth below. As of (Amounts in thousands) March 31, 2018 December 31, 2017 Intangible assets: Gross amount $ 550,516 $ 553,063 Accumulated amortization (216,533 ) (200,857 ) $ 333,983 $ 352,206 Intangible liabilities: Gross amount $ 202,625 $ 205,101 Accumulated amortization (79,952 ) (75,073 ) $ 122,673 $ 130,028 For the Three Months Ended March 31, (Amounts in thousands) 2018 2017 Amortization of above and below-market leases, net (component of “rental income”) $ 4,420 $ 3,008 Amortization of acquired in-place leases (component of “depreciation and amortization”)" 15,293 17,774 The table below sets forth annual amortization of acquired above and below-market leases, net (an increase to “rental income”) and amortization of acquired in-place leases (an increase to “depreciation and amortization”) for each of the five succeeding years commencing from January 1, 2019. For the Year Ending December 31, Above and Below-Market Leases In-Place Leases (Amounts in thousands) 2019 $ 14,257 $ 53,428 2020 8,679 42,303 2021 4,341 30,310 2022 942 24,200 2023 4,421 19,445

Debt

Debt	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Debt	7 . Debt 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. The following is a summary of our outstanding debt. Interest Rate Maturity Fixed/ as of As of (Amounts in thousands) Date Variable Rate March 31, 2018 March 31, 2018 December 31, 2017 Notes and mortgages payable: 1633 Broadway Dec-2022 Fixed (1) 3.54 % $ 1,000,000 $ 1,000,000 Dec-2022 L + 175 bps 3.42 % 46,800 (2) 30,100 (2) 3.53 % 1,046,800 1,030,100 One Market Plaza (49.0% interest) Feb-2024 Fixed 4.03 % 975,000 975,000 1301 Avenue of the Americas Nov-2021 Fixed 3.05 % 500,000 500,000 Nov-2021 L + 180 bps 3.49 % 350,000 350,000 3.23 % 850,000 850,000 31 West 52nd Street May-2026 Fixed 3.80 % 500,000 500,000 50 Beale (31.1% interest) Oct-2021 Fixed 3.65 % 228,000 228,000 Total notes and mortgages payable 3.64 % 3,599,800 3,583,100 Less: deferred financing costs (39,570 ) (41,800 ) Total notes and mortgages payable, net $ 3,560,230 $ 3,541,300 $1.0 Billion Revolving Credit Facility Jan-2022 L + 115 bps n/a $ - $ - (1) Represents loans with variable interest rates that have been fixed by interest rate swaps. See Note 8, Derivative Instruments and Hedging Activities (2) Represents amounts borrowed to fund leasing costs at the property. The loan balance can be increased by an additional $200,000 upon the satisfaction of certain performance hurdles related to the property.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	8 . Derivative Instruments and Hedging Activities Interest Rate Swaps – Designated as Cash Flow Hedges As of March 31, 2018, we had interest rate swaps with an aggregate notional amount of $1.0 billion that are 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 $14,551,000 and $4,032,000 for the three months ended March 31, 2018 and 2017, respectively. See Note 9, 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 (Amounts in thousands) March 31, 2018 December 31, 2017 Interest rate swap assets designated as cash flow hedges (included in “other assets”) $ 24,089 $ 9,855 Interest rate swap liabilities designated as cash flow hedges (included in “other liabilities”) $ - $ 317 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 March 31, 2018, we did not have any obligations relating to our swaps that contained such provisions. Interest Rate Swaps – Non-designated Hedges As of March 31, 2018, we did not have any interest rate swaps that were not designated as hedges. Prior to January 19, 2017, our interest rate swap on One Market Plaza was not designated as a hedge. This interest rate swap was terminated in connection with the refinancing of the property on January 19, 2017. For the period from January 1, 2017 through January 19, 2017, we recognized an unrealized gain of $1,802,000, in connection with this interest rate swap, which is included as “unrealized gain on interest rate swaps” in our consolidated statement of income for the three months ended March 31, 2017.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2018
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Accumulated Other Comprehensive Income	9 . Accumulated Other Comprehensive Income The following table sets forth changes in accumulated other comprehensive income by component for the three months ended March 31, 2018 and 2017, net of amounts attributable to the noncontrolling interests in the Operating Partnership. For the Three Months Ended March 31, (Amounts in thousands) 2018 2017 Amount of income related to the effective portion of cash flow hedges recognized in other comprehensive income $ 12,751 $ 1,306 Amounts reclassified from accumulated other comprehensive income into interest and debt expense 428 2,212 Amount of income (loss) related to unconsolidated joint ventures recognized in other comprehensive income (1) 50 (194 ) Amount of gain (loss) related to the ineffective portion of cash flow hedges and amount excluded from effectiveness testing - - (1)

Noncontrolling Interests

Noncontrolling Interests	3 Months Ended
	Mar. 31, 2018
Noncontrolling Interest [Abstract]
Noncontrolling Interests	1 0 . 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 March 31, 2018 and December 31, 2017, noncontrolling interests in our consolidated joint ventures aggregated $404,137,000 and $404,997,000, 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 March 31, 2018 and December 31, 2017, the noncontrolling interest in our consolidated real estate fund aggregated $51,456,000 and $14,549,000, 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 March 31, 2018 and December 31, 2017, noncontrolling interests in the Operating Partnership on our consolidated balance sheets had a carrying amount of $436,038,000 and $425,797,000, respectively, and a redemption value of $360,375,000 and $390,231,000, respectively.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2018
Variable Interest Entities [Abstract]
Variable Interest Entities	1 1 . 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 90.5% of, the Operating Partnership as of March 31, 2018. 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 March 31, 2018 and December 31, 2017, 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 (Amounts in thousands) March 31, 2018 December 31, 2017 Real estate, net $ 1,718,880 $ 1,726,800 Cash and restricted cash 71,551 55,658 Investments in unconsolidated joint ventures 39,230 16,031 Preferred equity investments, net 35,870 35,817 Accounts and other receivables, net 2,564 2,550 Deferred rent receivable 45,504 44,000 Deferred charges, net 9,192 8,123 Intangible assets, net 61,073 66,112 Other assets 16,065 929 Total VIE assets $ 1,999,929 $ 1,956,020 Notes and mortgages payable, net $ 1,196,867 $ 1,196,607 Accounts payable and accrued expenses 30,422 21,211 Intangible liabilities, net 42,519 46,365 Other liabilities 155 155 Total VIE liabilities $ 1,269,963 $ 1,264,338 Unconsolidated VIEs As of March 31, 2018, 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 (Amounts in thousands) March 31, 2018 December 31, 2017 Investments $ 7,276 $ 7,253 Asset management fees and other receivables 578 597 Maximum risk of loss $ 7,854 $ 7,850

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	1 2 . 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 the dates set forth below, based on their levels in the fair value hierarchy. As of March 31, 2018 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities $ 24,984 $ 24,984 $ - $ - Interest rate swap assets (included in “other assets”) 24,089 - 24,089 - Total assets $ 49,073 $ 24,984 $ 24,089 $ - 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 $ - 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 the dates set forth below. As of March 31, 2018 As of December 31, 2017 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Preferred equity investments, net $ 35,870 $ 36,166 $ 35,817 $ 36,112 Total assets $ 35,870 $ 36,166 $ 35,817 $ 36,112 Notes and mortgages payable $ 3,599,800 $ 3,610,454 $ 3,583,100 $ 3,596,953 Revolving credit facility - - - - Total liabilities $ 3,599,800 $ 3,610,454 $ 3,583,100 $ 3,596,953

Revenues

Revenues	3 Months Ended
	Mar. 31, 2018
Revenues [Abstract]
Revenues	1 3 . Revenues Our revenues consist primarily of rental income, tenant reimbursement income and fee and other income. The following table sets forth the details of our revenues. For the Three Months Ended March 31, (Amounts in thousands) 2018 2017 Rental income $ 163,405 $ 155,390 Tenant reimbursement income 14,246 12,852 Fee and other income: Fee income: Property management 1,502 1,610 Asset management 1,610 2,293 Acquisition, disposition and leasing - 5,320 Other 353 333 Total fee income 3,465 9,556 Lease termination income 28 66 Other income (1) 3,127 3,372 Total fee and other income 6,620 12,994 Total revenues $ 184,271 $ 181,236 (1) Primarily comprised of (i) tenant requested services, including overtime heating and cooling and (ii) parking income. Property-related Revenues Property-related revenue is recognized in accordance with ASC Topic 840, Leases Revenue from Contracts with Customers Revenue from contracts with customers, which is primarily comprised of (i) property management fees, (ii) asset management fees, (iii) fees relating to acquisitions, dispositions and leasing services and (iv) other fee income, is recognized in accordance with ASC Topic 606, Revenue From Contracts With Customers. Fee income is recognized as and when we satisfy our performance obligations listed in the contractual agreements. Services like property management fees and asset management fees are provided continuously over time and revenue is recognized over time. Fee income relating to acquisitions, dispositions and leasing services are recognized upon completion of the acquisition, disposition or leasing services as required in the contractual agreements. The amount of fee income to be recognized is stated in the contract as a fixed price or as a stated percentage of revenues, contributed capital or transaction price. Fee income is reported in a non-operating segment, and therefore is shown as a reconciling item to net income in Note 20, Segments The table below sets forth the amounts receivable from our customers under our various fee agreements and are included as a component of “accounts and other receivables” on our consolidated balance sheets. Acquisition, Property Asset Disposition (Amounts in thousands) Total Management Management and Leasing Other Accounts and other receivables: Balance as of December 31, 2017 $ 1,558 $ 290 $ 762 $ 490 $ 16 Balance as of March 31, 2018 1,568 284 785 490 9 Increase (decrease) $ 10 $ (6 ) $ 23 $ - $ (7 )

Interest and Other Income, net

Interest and Other Income, net	3 Months Ended
	Mar. 31, 2018
Interest And Other Income [Abstract]
Interest and Other Income, net	1 4 . Interest and Other Income, net The following table sets forth the details of interest and other income. For the Three Months Ended March 31, (Amounts in thousands) 2018 2017 Preferred equity investment income (1) $ 899 $ 1,413 Interest and other income 1,026 85 Mark-to-market of investments in our deferred compensation plans (2) 91 1,702 Total interest and other income, net $ 2,016 $ 3,200 (1) Represents income from our preferred equity investments in PGRESS Equity Holdings L.P., of which our 24.4% share is $219 and $344 for the three months ended March 31, 2018 and 2017, respectively. See Note 5, Preferred Equity Investments (2) 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	3 Months Ended
	Mar. 31, 2018
Interest And Debt Expense [Abstract]
Interest and Debt Expense	1 5 . Interest and Debt Expense The following table sets forth the details of interest and debt expense. For the Three Months Ended March 31, (Amounts in thousands) 2018 2017 Interest expense $ 33,321 $ 34,288 Amortization of deferred financing costs 2,761 2,730 Total interest and debt expense $ 36,082 $ 37,018

Incentive Compensation

Incentive Compensation	3 Months Ended
	Mar. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Incentive Compensation	1 6 . Incentive Compensation Stock-Based Compensation We account for all stock-based compensation in accordance with ASC 718, Compensation – Stock Compensation 2017 Performance-Based Awards Program On February 5, 2018, the Compensation Committee of our Board of Directors approved the 2017 Performance-Based Awards Program, a multi-year performance-based long-term equity compensation program (the “2017 Performance 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 units of our Operating Partnership based on our Total Shareholder Return (“TSR”) over a three-year performance measurement period beginning on January 1, 2018 and continuing through December 31, 2020, on both an absolute basis and relative basis as follows: • 25.0% of the award is earned if our TSR over the three-year performance measurement period equals or exceeds 30.0%, with no awards being earned if our TSR over such period is less than 18.0% and awards being determined based on linear interpolation if our TSR over such period falls between such ranges. • 75.0% of the award is earned if our TSR over the three-year performance measurement period equals or exceeds the 80th percentile of the performance of the SNL Office REIT Index constituents on a relative basis, with no awards being earned if our TSR over such period is less than the 30th percentile and awards being determined based on linear interpolation if our TSR over such period falls between such ranges. Awards granted to our Chief Executive Officer, under the 2017 Performance Program include an additional performance feature requiring threshold TSR performance on both an absolute and a relative basis in order for any awards to be earned. Accordingly, our Chief Executive Officer will not earn any awards under the 2017 Performance Program unless our TSR for the performance measurement period is 18.0% or higher and in the 30th percentile or higher of the SNL Office REIT Index constituents. In addition, if the designated performance objectives are achieved, awards earned under the 2017 Performance Program are also subject to vesting based on continued employment with us through December 31, 2021, with 50.0% of each award vesting upon the conclusion of the performance measurement period, and the remaining 50.0% vesting on December 31, 2021. Furthermore, our Named Executive Officers are required to hold earned awards for an additional year following vesting. The fair value of the awards granted under the 2017 Performance Program on the date of the grant was $7,009,000 and is being amortized into expense over the four-year vesting period using a graded vesting attribution method.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Earnings Per Share	1 7 . Earnings Per Share The following table provides a summary of net income and the number of common shares used in the computation of basic and diluted income 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 Three Months Ended March 31, (Amounts in thousands, except per share amounts) 2018 2017 Numerator: Net income attributable to common stockholders $ 1,114 $ 372 Earnings allocated to unvested participating securities (18 ) (14 ) Numerator for income per common share - basic and diluted $ 1,096 $ 358 Denominator: Denominator for basic income per common share - weighted average shares 240,312 230,924 Effect of dilutive employee stock options and restricted share awards (1) 27 34 Denominator for diluted income per common share - weighted average shares 240,339 230,958 Income per common share - basic and diluted $ 0.00 $ 0.00 (1) The effect of dilutive securities for the three months ended March 31, 2018 and 2017 excludes 27,532 and 35,998 weighted average share equivalents, respectively, as their effect was anti-dilutive.

Related Party

Related Party	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Related Party	1 8 . Related Party Due to Affiliates As of March 31, 2018 and December 31, 2017, 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) $34,000, 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 $209,000 and $202,000 for the three months ended March 31, 2018 and 2017, 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 March 31, 2018, amounts owed to us under those agreements aggregated $21,000, which are included as a component of “accounts and other receivables, net” on our consolidated balance sheets. We also provide property management, asset management, leasing and other related services to our unconsolidated joint ventures and real estate funds. For the three months ended March 31, 2018 and 2017, we recognized $2,536,000 and $8,406,000, respectively, of fee income in connection with these agreements. As of March 31, 2018, amounts owed to us under these agreements aggregated $1,564,000, 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 three months ended March 31, 2018 and 2017, we incurred $18,000 and $36,000 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 March 31, 2018, we owed $42,000 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, which is for the benefit of Dr. Bussmann’s children, leases 5,593 square feet, which expires in April 2023. For the three months ended March 31, 2018 and 2017, our share of rental income from this lease was $92,000 and $94,000, respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	19 . 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 March 31, 2018, 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. Transfer Tax Assessments During 2017, the New York City Department of Finance issued Notices of Determination (“Notices”) assessing additional transfer taxes (including interest and penalties) in connection with the transfer of interests in certain properties during our 2014 initial public offering. Prior to February 16, 2018, we believed that the likelihood of a loss related to these assessments was remote. On February 16, 2018, the New York City Tax Appeals Tribunal issued a decision against a publicly traded REIT in a case interpreting the same provisions of the transfer tax statute, on similar but distinguishable facts. As a result, after consultation with legal counsel, we now believe the likelihood of loss is reasonably possible, and while it is not possible to predict the outcome of these Notices, we estimate the range of loss could be between $0 and $37,200,000. Since no amount in this range is a better estimate than any other amount within the range, we have not accrued any liability arising from potential losses relating to these Notices in our consolidated financial statements.

Segments

Segments	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Segments	2 0 . 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 Net Operating Income (“NOI”) for each reportable segment for the three months ended March 31, 2018 and 2017. For the Three Months Ended March 31, 2018 (Amounts in thousands) Total New York Washington, D.C. San Francisco Other Property-related revenues $ 180,806 $ 113,645 $ 15,449 $ 51,899 $ (187 ) Property-related operating expenses (68,978 ) (47,161 ) (5,845 ) (14,116 ) (1,856 ) NOI from unconsolidated joint ventures 4,740 4,665 - - 75 NOI (1) $ 116,568 $ 71,149 $ 9,604 $ 37,783 $ (1,968 ) For the Three Months Ended March 31, 2017 (Amounts in thousands) Total New York Washington, D.C. San Francisco Other Property-related revenues $ 171,680 $ 105,324 $ 23,787 $ 41,939 $ 630 Property-related operating expenses (65,971 ) (44,759 ) (8,924 ) (10,605 ) (1,683 ) NOI from unconsolidated joint ventures 4,823 4,753 - - 70 NOI (1) $ 110,532 $ 65,318 $ 14,863 $ 31,334 $ (983 ) (1) 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 attributable to common stockholders for the periods set forth below. For the Three Months Ended March 31, (Amounts in thousands) 2018 2017 NOI $ 116,568 $ 110,532 Add (subtract) adjustments to arrive to net income: Fee income 3,465 9,556 Depreciation and amortization expense (65,156 ) (62,992 ) General and administrative expenses (12,631 ) (13,581 ) Transaction related costs (120 ) (275 ) NOI from unconsolidated joint ventures (4,740 ) (4,823 ) (Loss) income from unconsolidated joint ventures (62 ) 1,937 (Loss) income from unconsolidated real estate funds (66 ) 288 Interest and other income, net 2,016 3,200 Interest and debt expense (36,082 ) (37,018 ) Loss on early extinguishment of debt - (2,715 ) Unrealized gain on interest rate swaps - 1,802 Net income before income taxes 3,192 5,911 Income tax expense (477 ) (4,282 ) Net income 2,715 1,629 Less: net (income) loss attributable to noncontrolling interests in: Consolidated joint ventures (1,055 ) (1,291 ) Consolidated real estate fund (430 ) 88 Operating Partnership (116 ) (54 ) Net income attributable to common stockholders $ 1,114 $ 372 The following table provides the total assets for each of our reportable segments as of the periods set forth below. (Amounts in thousands) Total Assets as of: Total New York Washington, D.C. San Francisco Other March 31, 2018 $ 8,973,868 $ 5,544,187 $ 687,726 $ 2,425,865 $ 316,090 December 31, 2017 8,917,661 5,511,061 693,408 2,421,173 292,019

Basis of Presentation and Sig29

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements are unaudited and have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in conjunction with the instructions to Form 10-Q of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures required by GAAP for complete financial statements have been condensed or omitted. These consolidated financial statements include the accounts of Paramount and its consolidated subsidiaries, including the Operating Partnership. In the opinion of management, all adjustments (which include only normal recurring adjustments) and eliminations (which include intercompany balances and transactions) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. The consolidated balance sheet as of December 31, 2017 was derived from audited financial statements as of that date, but does not include all information and disclosures required by GAAP. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2017, as filed with the SEC.
Significant Accounting Policies	Significant Accounting Policies There are no material changes to our significant accounting policies as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2017.
Use of Estimates	Use of Estimates We have made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from those estimates. The results of operations for the three months ended March 31, 2018, are not necessarily indicative of the operating results for the full year.
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 Financial Accounting Standard’s Board (“FASB”) issued ASU 2014-09, an update to ASC Topic 606, Revenue from Contracts with Customers Revenues In June 2016, the FASB issued ASU 2016-13, an update to ASC Topic 326, Financial Instruments – Credit Losses 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 February 2017, the FASB issued ASU 2017-05, an update to ASC Topic 610, Other Income Investments in Unconsolidated Joint Ventures

Investments in Unconsolidated30

Investments in Unconsolidated Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2018
Schedule Of Equity Method Investments [Line Items]
Summary of Investments and Income from Investments In Unconsolidated Joint Ventures	The following tables summarize our investments in unconsolidated joint ventures as of the dates thereof and the income or loss from these investments for the periods set forth below. (Amounts in thousands) Paramount As of Our Share of Investments: Ownership March 31, 2018 December 31, 2017 712 Fifth Avenue (1) 50.0% $ - $ - 60 Wall Street (2) 5.0% 24,436 25,083 75 Howard (2) 25.0% (3) 39,230 (4) 16,031 Oder-Center, Germany (2) 9.5% 3,689 3,648 Investments in unconsolidated joint ventures $ 67,355 $ 44,762 (Amounts in thousands) Paramount For the Three Months Ended March 31, Our Share of Net (Loss) Income: Ownership 2018 2017 712 Fifth Avenue (1) 50.0% $ - $ 1,930 60 Wall Street (2) 5.0% (73 ) (5 ) 75 Howard (2) 25.0% (3) (2 ) - Oder-Center, Germany (2) 9.5% 13 12 (Loss) income from unconsolidated joint ventures $ (62 ) $ 1,937 (1) As of March 31, 2018, the joint venture had made distributions to us in excess of our share of earnings recognized, which resulted in our basis becoming negative $19,142. As a result, we no longer recognize our proportionate share of earnings from the venture because we have no further obligation to fund additional capital to the venture. Instead, we only recognize income to the extent we receive cash distributions from the venture. Accordingly, we did not recognize any income in the three months ended March 31, 2018 as there were no distributions made by the venture during such period. (2) As of March 31, 2018, the carrying amount of our investments in 60 Wall Street, 75 Howard and Oder-Center is greater than our share of equity in these investments by $2,871, $528 and $5,219, respectively. (3) Represents RDF’s economic interest in the Property. (4) Includes a $7,086 basis adjustment which was recorded upon the adoption of ASU 2017-05 on January 1, 2018.
712 Fifth Avenue [Member]
Schedule Of Equity Method Investments [Line Items]
Summary of Investments in Unconsolidated Joint Ventures	T he following tables provide summarized financial information of 712 Fifth Avenue as of the dates thereof and for the periods set forth below. (Amounts in thousands) As of Balance Sheets: March 31, 2018 December 31, 2017 Real estate, net $ 199,948 $ 202,040 Other assets 62,989 58,034 Total assets $ 262,937 $ 260,074 Notes and mortgages payable, net $ 296,235 $ 296,132 Other liabilities 4,986 4,615 Total liabilities 301,221 300,747 Equity (38,284 ) (40,673 ) Total liabilities and equity $ 262,937 $ 260,074 (Amounts in thousands) For the Three Months Ended March 31, Income Statements: 2018 2017 Rental income $ 12,329 $ 12,945 Tenant reimbursement income 1,345 1,308 Fee and other income 458 126 Total revenues 14,132 14,379 Operating expenses 6,184 5,966 Depreciation and amortization 3,026 2,920 Total expenses 9,210 8,886 Operating income 4,922 5,493 Interest and other income, net 113 24 Interest and debt expense (2,645 ) (2,825 ) Unrealized gain on interest rate swaps - 1,168 Net income $ 2,390 $ 3,860

Investments in Unconsolidated31

Investments in Unconsolidated Real Estate Funds (Tables)	3 Months Ended
	Mar. 31, 2018
Real Estate Investments [Abstract]
Summary of Investment in Unconsolidated Real Estate Funds and Income or Loss from Fund Investments	The following tables summarize our investments in these unconsolidated real estate funds as of the dates thereof and the income or loss recognized for the periods set forth below. As of (Amounts in thousands) March 31, 2018 December 31, 2017 Our Share of Investments: Property funds $ 2,443 $ 2,429 Alternative investment fund 4,833 4,824 Investments in unconsolidated real estate funds $ 7,276 $ 7,253 (Amounts in thousands) For the Three Months Ended March 31, Our Share of Net (Loss) Income: 2018 2017 Net investment income $ 66 $ 53 Net realized gain - 179 Net unrealized (loss) gain (132 ) 96 Carried interest - (40 ) (Loss) income from unconsolidated real estate funds (1) $ (66 ) $ 288 (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.
Schedule of Financial Information for Fund Investment	The following tables provide summarized financial information for Fund VII as of the dates thereof and for the periods set forth below. As of (Amounts in thousands) March 31, 2018 December 31, 2017 Real estate investments $ 31,352 $ 32,943 Cash and cash equivalents 1,935 138 Total assets $ 33,287 $ 33,081 Other liabilities $ 1,076 $ 1,058 Total liabilities 1,076 1,058 Equity 32,211 32,023 Total liabilities and equity $ 33,287 $ 33,081 For the Three Months Ended March 31, (Amounts in thousands) 2018 2017 Investment income $ - $ 185 Investment expenses 44 476 Net investment loss (44 ) (291 ) Net unrealized (losses) gains (1,879 ) 134 Loss from real estate fund investments $ (1,923 ) $ (157 )

Preferred Equity Investments (T

Preferred Equity Investments (Tables)	3 Months Ended
	Mar. 31, 2018
Schedule Of Investments [Abstract]
Schedule of Preferred Equity Investments	(Amounts in thousands, except square feet) Paramount Dividend Initial As of Preferred Equity Investment Ownership Rate Maturity March 31, 2018 December 31, 2017 470 Vanderbilt Avenue (1) 24.4% 10.3% Feb-2019 $ 35,870 $ 35,817 2 Herald Square (2) 24.4% 10.3% Apr-2017 (2) 19,588 19,588 55,458 55,405 Less: valuation allowance (2) (19,588 ) (19,588 ) Total preferred equity investments, net $ 35,870 $ 35,817 (1) Represents a 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 preferred equity investment and the related valuation allowance on the preferred equity investment in a partnership that owns 2 Herald Square, a 369,000 square foot office and retail property in Manhattan, that the borrower defaulted on.

Intangible Assets and Liabili33

Intangible Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
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) and the related amortization as of the dates thereof and for the periods set forth below. As of (Amounts in thousands) March 31, 2018 December 31, 2017 Intangible assets: Gross amount $ 550,516 $ 553,063 Accumulated amortization (216,533 ) (200,857 ) $ 333,983 $ 352,206 Intangible liabilities: Gross amount $ 202,625 $ 205,101 Accumulated amortization (79,952 ) (75,073 ) $ 122,673 $ 130,028 For the Three Months Ended March 31, (Amounts in thousands) 2018 2017 Amortization of above and below-market leases, net (component of “rental income”) $ 4,420 $ 3,008 Amortization of acquired in-place leases (component of “depreciation and amortization”)" 15,293 17,774
Schedule of Estimated Annual Amortization of Acquired Below-Market Leases, Net of Acquired Above-Market Leases and In Place Leases	The table below sets forth annual amortization of acquired above and below-market leases, net (an increase to “rental income”) and amortization of acquired in-place leases (an increase to “depreciation and amortization”) for each of the five succeeding years commencing from January 1, 2019. For the Year Ending December 31, Above and Below-Market Leases In-Place Leases (Amounts in thousands) 2019 $ 14,257 $ 53,428 2020 8,679 42,303 2021 4,341 30,310 2022 942 24,200 2023 4,421 19,445

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Summary of Outstanding Debt	The following is a summary of our outstanding debt. Interest Rate Maturity Fixed/ as of As of (Amounts in thousands) Date Variable Rate March 31, 2018 March 31, 2018 December 31, 2017 Notes and mortgages payable: 1633 Broadway Dec-2022 Fixed (1) 3.54 % $ 1,000,000 $ 1,000,000 Dec-2022 L + 175 bps 3.42 % 46,800 (2) 30,100 (2) 3.53 % 1,046,800 1,030,100 One Market Plaza (49.0% interest) Feb-2024 Fixed 4.03 % 975,000 975,000 1301 Avenue of the Americas Nov-2021 Fixed 3.05 % 500,000 500,000 Nov-2021 L + 180 bps 3.49 % 350,000 350,000 3.23 % 850,000 850,000 31 West 52nd Street May-2026 Fixed 3.80 % 500,000 500,000 50 Beale (31.1% interest) Oct-2021 Fixed 3.65 % 228,000 228,000 Total notes and mortgages payable 3.64 % 3,599,800 3,583,100 Less: deferred financing costs (39,570 ) (41,800 ) Total notes and mortgages payable, net $ 3,560,230 $ 3,541,300 $1.0 Billion Revolving Credit Facility Jan-2022 L + 115 bps n/a $ - $ - (1) Represents loans with variable interest rates that have been fixed by interest rate swaps. See Note 8, Derivative Instruments and Hedging Activities (2) Represents amounts borrowed to fund leasing costs at the property. The loan balance can be increased by an additional $200,000 upon the satisfaction of certain performance hurdles related to the property.

Derivative Instruments and He35

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2018
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 (Amounts in thousands) March 31, 2018 December 31, 2017 Interest rate swap assets designated as cash flow hedges (included in “other assets”) $ 24,089 $ 9,855 Interest rate swap liabilities designated as cash flow hedges (included in “other liabilities”) $ - $ 317

Accumulated Other Comprehensi36

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2018
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Summary of Changes in Accumulated Other Comprehensive Income by Component	The following table sets forth changes in accumulated other comprehensive income by component for the three months ended March 31, 2018 and 2017, net of amounts attributable to the noncontrolling interests in the Operating Partnership. For the Three Months Ended March 31, (Amounts in thousands) 2018 2017 Amount of income related to the effective portion of cash flow hedges recognized in other comprehensive income $ 12,751 $ 1,306 Amounts reclassified from accumulated other comprehensive income into interest and debt expense 428 2,212 Amount of income (loss) related to unconsolidated joint ventures recognized in other comprehensive income (1) 50 (194 ) Amount of gain (loss) related to the ineffective portion of cash flow hedges and amount excluded from effectiveness testing - - (1)

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2018
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 (Amounts in thousands) March 31, 2018 December 31, 2017 Real estate, net $ 1,718,880 $ 1,726,800 Cash and restricted cash 71,551 55,658 Investments in unconsolidated joint ventures 39,230 16,031 Preferred equity investments, net 35,870 35,817 Accounts and other receivables, net 2,564 2,550 Deferred rent receivable 45,504 44,000 Deferred charges, net 9,192 8,123 Intangible assets, net 61,073 66,112 Other assets 16,065 929 Total VIE assets $ 1,999,929 $ 1,956,020 Notes and mortgages payable, net $ 1,196,867 $ 1,196,607 Accounts payable and accrued expenses 30,422 21,211 Intangible liabilities, net 42,519 46,365 Other liabilities 155 155 Total VIE liabilities $ 1,269,963 $ 1,264,338
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 (Amounts in thousands) March 31, 2018 December 31, 2017 Investments $ 7,276 $ 7,253 Asset management fees and other receivables 578 597 Maximum risk of loss $ 7,854 $ 7,850

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2018
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 the dates set forth below, based on their levels in the fair value hierarchy. As of March 31, 2018 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities $ 24,984 $ 24,984 $ - $ - Interest rate swap assets (included in “other assets”) 24,089 - 24,089 - Total assets $ 49,073 $ 24,984 $ 24,089 $ - 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 $ -
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 the dates set forth below. As of March 31, 2018 As of December 31, 2017 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Preferred equity investments, net $ 35,870 $ 36,166 $ 35,817 $ 36,112 Total assets $ 35,870 $ 36,166 $ 35,817 $ 36,112 Notes and mortgages payable $ 3,599,800 $ 3,610,454 $ 3,583,100 $ 3,596,953 Revolving credit facility - - - - Total liabilities $ 3,599,800 $ 3,610,454 $ 3,583,100 $ 3,596,953

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2018
Disaggregation Of Revenue [Abstract]
Summary of Revenues	The following table sets forth the details of our revenues. For the Three Months Ended March 31, (Amounts in thousands) 2018 2017 Rental income $ 163,405 $ 155,390 Tenant reimbursement income 14,246 12,852 Fee and other income: Fee income: Property management 1,502 1,610 Asset management 1,610 2,293 Acquisition, disposition and leasing - 5,320 Other 353 333 Total fee income 3,465 9,556 Lease termination income 28 66 Other income (1) 3,127 3,372 Total fee and other income 6,620 12,994 Total revenues $ 184,271 $ 181,236 (1) Primarily comprised of (i) tenant requested services, including overtime heating and cooling and (ii) parking income.
Summary of Amount Receivable from Customers under Various Fee Agreement	The table below sets forth the amounts receivable from our customers under our various fee agreements and are included as a component of “accounts and other receivables” on our consolidated balance sheets. Acquisition, Property Asset Disposition (Amounts in thousands) Total Management Management and Leasing Other Accounts and other receivables: Balance as of December 31, 2017 $ 1,558 $ 290 $ 762 $ 490 $ 16 Balance as of March 31, 2018 1,568 284 785 490 9 Increase (decrease) $ 10 $ (6 ) $ 23 $ - $ (7 )

Interest and Other Income, net

Interest and Other Income, net (Tables)	3 Months Ended
	Mar. 31, 2018
Interest And Other Income [Abstract]
Schedule Of Interest And Other (Loss) Income, net	The following table sets forth the details of interest and other income. For the Three Months Ended March 31, (Amounts in thousands) 2018 2017 Preferred equity investment income (1) $ 899 $ 1,413 Interest and other income 1,026 85 Mark-to-market of investments in our deferred compensation plans (2) 91 1,702 Total interest and other income, net $ 2,016 $ 3,200 (1) Represents income from our preferred equity investments in PGRESS Equity Holdings L.P., of which our 24.4% share is $219 and $344 for the three months ended March 31, 2018 and 2017, respectively. See Note 5, Preferred Equity Investments (2) 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)	3 Months Ended
	Mar. 31, 2018
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 Three Months Ended March 31, (Amounts in thousands) 2018 2017 Interest expense $ 33,321 $ 34,288 Amortization of deferred financing costs 2,761 2,730 Total interest and debt expense $ 36,082 $ 37,018

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Summary of Computation of Earnings Per Share	The following table provides a summary of net income and the number of common shares used in the computation of basic and diluted income 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 Three Months Ended March 31, (Amounts in thousands, except per share amounts) 2018 2017 Numerator: Net income attributable to common stockholders $ 1,114 $ 372 Earnings allocated to unvested participating securities (18 ) (14 ) Numerator for income per common share - basic and diluted $ 1,096 $ 358 Denominator: Denominator for basic income per common share - weighted average shares 240,312 230,924 Effect of dilutive employee stock options and restricted share awards (1) 27 34 Denominator for diluted income per common share - weighted average shares 240,339 230,958 Income per common share - basic and diluted $ 0.00 $ 0.00 (1) The effect of dilutive securities for the three months ended March 31, 2018 and 2017 excludes 27,532 and 35,998 weighted average share equivalents, respectively, as their effect was anti-dilutive.

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Schedule of NOI for Each Reportable Segment Information	The following tables provide Net Operating Income (“NOI”) for each reportable segment for the three months ended March 31, 2018 and 2017. For the Three Months Ended March 31, 2018 (Amounts in thousands) Total New York Washington, D.C. San Francisco Other Property-related revenues $ 180,806 $ 113,645 $ 15,449 $ 51,899 $ (187 ) Property-related operating expenses (68,978 ) (47,161 ) (5,845 ) (14,116 ) (1,856 ) NOI from unconsolidated joint ventures 4,740 4,665 - - 75 NOI (1) $ 116,568 $ 71,149 $ 9,604 $ 37,783 $ (1,968 ) For the Three Months Ended March 31, 2017 (Amounts in thousands) Total New York Washington, D.C. San Francisco Other Property-related revenues $ 171,680 $ 105,324 $ 23,787 $ 41,939 $ 630 Property-related operating expenses (65,971 ) (44,759 ) (8,924 ) (10,605 ) (1,683 ) NOI from unconsolidated joint ventures 4,823 4,753 - - 70 NOI (1) $ 110,532 $ 65,318 $ 14,863 $ 31,334 $ (983 ) (1) 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 Attributable to Common Stockholders	The following table provides a reconciliation of NOI to net income attributable to common stockholders for the periods set forth below. For the Three Months Ended March 31, (Amounts in thousands) 2018 2017 NOI $ 116,568 $ 110,532 Add (subtract) adjustments to arrive to net income: Fee income 3,465 9,556 Depreciation and amortization expense (65,156 ) (62,992 ) General and administrative expenses (12,631 ) (13,581 ) Transaction related costs (120 ) (275 ) NOI from unconsolidated joint ventures (4,740 ) (4,823 ) (Loss) income from unconsolidated joint ventures (62 ) 1,937 (Loss) income from unconsolidated real estate funds (66 ) 288 Interest and other income, net 2,016 3,200 Interest and debt expense (36,082 ) (37,018 ) Loss on early extinguishment of debt - (2,715 ) Unrealized gain on interest rate swaps - 1,802 Net income before income taxes 3,192 5,911 Income tax expense (477 ) (4,282 ) Net income 2,715 1,629 Less: net (income) loss attributable to noncontrolling interests in: Consolidated joint ventures (1,055 ) (1,291 ) Consolidated real estate fund (430 ) 88 Operating Partnership (116 ) (54 ) Net income attributable to common stockholders $ 1,114 $ 372
Schedule of Total Assets for Each Reportable Segments Information	The following table provides the total assets for each of our reportable segments as of the periods set forth below. (Amounts in thousands) Total Assets as of: Total New York Washington, D.C. San Francisco Other March 31, 2018 $ 8,973,868 $ 5,544,187 $ 687,726 $ 2,425,865 $ 316,090 December 31, 2017 8,917,661 5,511,061 693,408 2,421,173 292,019

Organization and Business - Add

Organization and Business - Additional Information (Details) ft² in Millions	3 Months Ended
	Mar. 31, 2018ft²Properties
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	90.50%

Basis of Presentation and Sig45

Basis of Presentation and Significant Accounting Policies - Additional Information (Details) - USD ($)	Jan. 01, 2018	Mar. 31, 2018	Mar. 31, 2017
Property Plant And Equipment [Line Items]
Increase in cash provided by used in operating activities continuing operations		$ 35,569,000	$ 40,716,000
Decrease in cash provided by used in investing activities continuing operations		$ (53,345,000)	(40,714,000)
ASU 2016-18 [Member]
Property Plant And Equipment [Line Items]
Increase in cash provided by used in operating activities continuing operations			23,000,000
Decrease in cash provided by used in investing activities continuing operations			$ (22,824,000)
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

Investments in Unconsolidated46

Investments in Unconsolidated Joint Ventures - Additional Information (Details)	Mar. 14, 2018	Mar. 31, 2018	Mar. 13, 2018
RDF [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership percentage in residential fund		7.40%
Percentage of interest third party ownership		92.60%
75 Howard [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method ownership percentage		25.00%
Property funds, ownership percentage		1.85%
75 Howard [Member] | RDF [Member]
Schedule Of Equity Method Investments [Line Items]
Percentage of interest acquired	10.00%
Indirect interest percentage	15.00%
Property funds, ownership percentage	25.00%
New Joint Venture [Member] | RDF [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method ownership percentage			20.00%
Percentage of interest owned	75.00%	75.00%
Percentage of interest owned by third party		25.00%
New Joint Venture [Member] | 75 Howard [Member] | RDF [Member]
Schedule Of Equity Method Investments [Line Items]
Percentage of interest transferred to new joint venture	20.00%
Property funds, ownership percentage		20.00%
Property funds, ownership percentage		5.00%

Investments in Unconsolidated47

Investments in Unconsolidated Joint Ventures - Summary of Investments and Income from Investments In Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Schedule Of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures	$ 67,355		$ 44,762
(Loss) income from unconsolidated joint ventures	$ (62)	$ 1,937
712 Fifth Avenue [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method paramount ownership percentage	50.00%
(Loss) income from unconsolidated joint ventures		1,930
60 Wall Street [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method paramount ownership percentage	5.00%
Investments in unconsolidated joint ventures	$ 24,436		25,083
(Loss) income from unconsolidated joint ventures	$ (73)	(5)
75 Howard [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method paramount ownership percentage	25.00%
Investments in unconsolidated joint ventures	$ 39,230		16,031
(Loss) income from unconsolidated joint ventures	$ (2)
Oder-Center, Germany [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method paramount ownership percentage	9.50%
Investments in unconsolidated joint ventures	$ 3,689		$ 3,648
(Loss) income from unconsolidated joint ventures	$ 13	$ 12

Investments in Unconsolidated48

Investments in Unconsolidated Joint Ventures - Summary of Investments and Income from Investments In Unconsolidated Joint Ventures (Parenthetical) (Details) - USD ($)	Jan. 01, 2018	Mar. 31, 2018
Schedule Of Equity Method Investments [Line Items]
Distributions made in excess of share of earnings recognized negative basis		$ 19,142
Distributions made by venture		0
60 Wall Street [Member]
Schedule Of Equity Method Investments [Line Items]
Difference between carrying amount of investment and equity		2,871,000
75 Howard [Member]
Schedule Of Equity Method Investments [Line Items]
Difference between carrying amount of investment and equity		528,000
75 Howard [Member] | ASU 2017-05 [Member] | RDF [Member]
Schedule Of Equity Method Investments [Line Items]
Adjustment to investments in unconsolidated joint ventures	$ 7,086,000
Oder-Center, Germany [Member]
Schedule Of Equity Method Investments [Line Items]
Difference between carrying amount of investment and equity		$ 5,219,000

Investments in Unconsolidated49

Investments in Unconsolidated Joint Ventures - Summary of Financial Information (Details) - 712 Fifth Avenue [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Schedule Of Equity Method Investments [Line Items]
Real estate, net	$ 199,948		$ 202,040
Other assets	62,989		58,034
Total assets	262,937		260,074
Notes and mortgages payable, net	296,235		296,132
Other liabilities	4,986		4,615
Total liabilities	301,221		300,747
Equity	(38,284)		(40,673)
Total liabilities and equity	262,937		$ 260,074
Rental income	12,329	$ 12,945
Tenant reimbursement income	1,345	1,308
Fee and other income	458	126
Total revenues	14,132	14,379
Operating expenses	6,184	5,966
Depreciation and amortization	3,026	2,920
Total expenses	9,210	8,886
Operating income	4,922	5,493
Interest and other income, net	113	24
Interest and debt expense	(2,645)	(2,825)
Unrealized gain on interest rate swaps		1,168
Net income	$ 2,390	$ 3,860

Investments in Unconsolidated50

Investments in Unconsolidated Real Estate Funds - Additional Information (Details)	Mar. 31, 2018
Fund VII and VII-H [Member] | Zero Bond Street [Member]
Investment Holdings [Line Items]
Property funds, percentage	100.00%

Investments in Unconsolidated51

Investments in Unconsolidated Real Estate Funds - Summary of Investment in Unconsolidated Real Estate Funds and Income or Loss from Fund Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Our Share of Investments:
Investments in unconsolidated real estate funds	$ 7,276		$ 7,253
(Loss) income from unconsolidated real estate funds	(66)	$ 288
Net realized gain		179
Net unrealized (loss) gain	(132)	96
Net investment income [Member]
Our Share of Investments:
(Loss) income from unconsolidated real estate funds	66	53
Carried interest [Member]
Our Share of Investments:
(Loss) income from unconsolidated real estate funds		$ (40)
Property Funds [Member]
Our Share of Investments:
Investments in unconsolidated real estate funds	2,443		2,429
Alternative Investment Fund [Member]
Our Share of Investments:
Investments in unconsolidated real estate funds	$ 4,833		$ 4,824

Investments in Unconsolidated52

Investments in Unconsolidated Real Estate Funds - Schedule of Financial Information for Fund Investment (Details) - Unconsolidated Real Estate Funds [Member] - Property Fund VII [Member] - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Investment Holdings [Line Items]
Real estate investments	$ 31,352	$ 32,943
Cash and cash equivalents	1,935	138
Total assets	33,287	33,081
Other liabilities	1,076	1,058
Total liabilities	1,076	1,058
Equity	32,211	32,023
Total liabilities and equity	$ 33,287	$ 33,081

Investments in Unconsolidated53

Investments in Unconsolidated Real Estate Funds - Schedule of Income from Fund Investment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Investment Holdings [Line Items]
Net unrealized (losses) gains	$ (132)	$ 96
Unconsolidated Real Estate Funds [Member] | Property Fund VII [Member]
Investment Holdings [Line Items]
Investment income		185
Investment expenses	44	476
Net investment loss	(44)	(291)
Net unrealized (losses) gains	(1,879)	134
Loss from real estate fund investments	$ (1,923)	$ (157)

Preferred Equity Investments -

Preferred Equity Investments - Additional Information (Details)	Mar. 31, 2018
Schedule Of Investments [Abstract]
Preferred equity ownership percentage	24.40%

Preferred Equity Investments (D

Preferred Equity Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Investment Holdings [Line Items]
Preferred equity ownership percentage	24.40%
Preferred equity investments, gross	$ 55,458	$ 55,405
Less: valuation allowance	(19,588)	(19,588)
Total preferred equity investments, net	$ 35,870	35,817
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	$ 35,870	35,817
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	$ 19,588

Preferred Equity Investments 56

Preferred Equity Investments - Parenthetical (Details) ft² in Thousands	3 Months Ended
	Mar. 31, 2018ft²
Schedule Of Investments [Line Items]
Area of office properties	12,500
470 Vanderbilt Avenue [Member]
Schedule Of Investments [Line Items]
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]
Area of office properties	369
Preferred Equity Investments, Dividend Rate	10.30%

Intangible Assets and Intangibl

Intangible Assets and Intangible Liabilities - Summary of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Intangible assets:
Gross amount	$ 550,516		$ 553,063
Accumulated amortization	(216,533)		(200,857)
Intangible assets, Net	333,983		352,206
Intangible liabilities:
Gross amount	202,625		205,101
Accumulated amortization	(79,952)		(75,073)
Intangible Liabilities, Net	122,673		$ 130,028
Leases, Acquired-in-Place, Market Adjustment [Member]
Intangible liabilities:
Amortization of above and below-market leases, net (component of “rental income”)	4,420	$ 3,008
Leases, Acquired-in-Place [Member]
Intangible liabilities:
Amortization of acquired in-place leases (component of “depreciation and amortization”)"	$ 15,293	$ 17,774

Intangible Assets and Intangi58

Intangible Assets and Intangible Liabilities - Schedule of Estimated Annual Amortization of Acquired Below-Market Leases, Net of Acquired Above-Market Leases and In Place Leases (Details) $ in Thousands	Mar. 31, 2018USD ($)
Finite Lived Intangible Assets [Line Items]
2,019	$ 14,257
2,020	8,679
2,021	4,341
2,022	942
2,023	4,421
Leases, Acquired-in-Place [Member]
Finite Lived Intangible Assets [Line Items]
2,019	53,428
2,020	42,303
2,021	30,310
2,022	24,200
2,023	$ 19,445

Debt - Additional Information (

Debt - Additional Information (Details) - Revolving Credit Facility [Member] - USD ($)	Jan. 10, 2018	Jan. 09, 2018
Debt Instrument [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%
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Decrease in variable rate	0.10%
Debt instrument variable rate	1.15%	1.25%

Debt - Summary of Outstanding D

Debt - Summary of Outstanding Debt (Details) - USD ($) $ in Thousands	Jan. 10, 2018	Jan. 09, 2018	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Notes and mortgages payable, Interest Rate			3.64%
Notes and mortgages payable			$ 3,599,800	$ 3,583,100
Credit Facility			0	0
Less: deferred financing costs			(39,570)	(41,800)
Total notes and mortgages payable, net			$ 3,560,230	3,541,300
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maturity date of debt	2022-01	2018-11
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Fixed/Variable Rate	1.15%	1.25%
Credit Facility With Variable Rate [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maturity date of debt			2022-01
Credit Facility With Variable Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Fixed/Variable Rate			1.15%
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	228,000
1633 Broadway [Member]
Debt Instrument [Line Items]
Notes and mortgages payable, Interest Rate			3.53%
Notes and mortgages payable			$ 1,046,800	1,030,100
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			3.42%
Notes and mortgages payable			$ 46,800	30,100
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%
1301 Avenue of Americas [Member]
Debt Instrument [Line Items]
Notes and mortgages payable, Interest Rate			3.23%
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			3.49%
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
One Market Plaza [Member] | Mortgages and Notes Payable with Fixed Rate [Member]
Debt Instrument [Line Items]
Maturity date of debt			2024-02
Notes and mortgages payable, Interest Rate			4.03%
Notes and mortgages payable			$ 975,000	$ 975,000

Debt - Summary of Outstanding61

Debt - Summary of Outstanding Debt (Parenthetical) (Details)	Mar. 31, 2018USD ($)
1633 Broadway [Member] | Mortgages and Notes Payable with Variable Rate [Member]
Debt Instrument [Line Items]
Additional Borrowing Capacity Subject To Performance Hurdles	$ 200,000,000

Derivative Instruments and He62

Derivative Instruments and Hedging Activities - Additional Information (Details)	1 Months Ended	3 Months Ended
	Jan. 19, 2017USD ($)	Mar. 31, 2018USD ($)Derivative	Mar. 31, 2017USD ($)
Derivative [Line Items]
Change in value of interest rate swaps		$ 14,551,000	$ 4,032,000
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		$ 14,551,000	$ 4,032,000
Estimated accumulated other comprehensive income (loss) reclassified to interest expense in the next twelve months		3,443,000
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 Eighteen [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]
Unrealized gains on interest rate swaps	$ 1,802,000

Derivative Instruments and He63

Derivative Instruments and Hedging Activities - Summary of Fair Value of Interest Rate Swaps (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Derivative [Line Items]
Interest rate swap assets	$ 24,089	$ 9,855
Interest rate swap liabilities		317
Designated as Hedging Instrument [Member] | Cash Flow Hedges [Member] | Other Assets [Member]
Derivative [Line Items]
Interest rate swap assets	$ 24,089	9,855
Designated as Hedging Instrument [Member] | Cash Flow Hedges [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Interest rate swap liabilities		$ 317

Accumulated Other Comprehensi64

Accumulated Other Comprehensive Income - Summary of Changes in Accumulated Other Comprehensive Income by Component (Details) - USD ($)		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Accumulated Other Comprehensive Income Loss [Line Items]
Amount of income related to the effective portion of cash flow hedges recognized in other comprehensive income		$ 12,751,000	$ 1,306,000
Amounts reclassified from accumulated other comprehensive income into interest and debt expense		428,000	2,212,000
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
Amount of income (loss) related to unconsolidated joint ventures recognized in other comprehensive income	[1]	$ 50,000	$ (194,000)
[1]	Represents foreign currency translation adjustments. No amounts were reclassified from accumulated other comprehensive income during any of the periods set forth above.

Accumulated Other Comprehensi65

Accumulated Other Comprehensive Income - Summary of Changes in Accumulated Other Comprehensive Income by Component (Parenthetical) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Accumulated Other Comprehensive Income Loss [Line Items]
Amounts reclassified from accumulated other comprehensive income	$ 428,000	$ 2,212,000
Unconsolidated Joint Ventures [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Amounts reclassified from accumulated other comprehensive income	$ 0	$ 0

Noncontrolling Interests - Addi

Noncontrolling Interests - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Noncontrolling Interest [Abstract]
Consolidated joint ventures	$ 404,137	$ 404,997
Noncontrolling interest in consolidated real estate fund aggregated	51,456	14,549
Operating partnerships	436,038	425,797
Redemption value	$ 360,375	$ 390,231
Common units conversion basis	one-for-one

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details)	3 Months Ended
	Mar. 31, 2018
Variable Interest Entities [Abstract]
Percentage of ownership in operating partnership	90.50%

Variable Interest Entities - Su

Variable Interest Entities - Summary of Assets and Liabilities of Consolidated Variable Interest Entities (Details) - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Variable Interest Entity [Line Items]
Real estate, net		$ 7,824,687	$ 7,841,530
Cash and restricted cash		33,032	31,044	$ 75,198	$ 29,374
Preferred equity investments, net		35,870	35,817
Accounts and other receivables, net		17,036	17,082
Deferred rent receivable		234,758	220,826
Deferred charges, net		106,415	98,645
Intangible assets, net		333,983	352,206
Other assets		75,925	20,076
Total assets	[1]	8,973,868	8,917,661
Notes and mortgages payable, net		3,599,800	3,583,100
Accounts payable and accrued expenses		128,625	117,630
Intangible liabilities, net		122,673	130,028
Other liabilities		54,344	54,109
Total liabilities	[1]	3,919,798	3,895,577
Variable Interest Entities [Member]
Variable Interest Entity [Line Items]
Real estate, net		1,718,880	1,726,800
Cash and restricted cash		71,551	55,658
Investments in unconsolidated joint ventures		39,230	16,031
Preferred equity investments, net		35,870	35,817
Accounts and other receivables, net		2,564	2,550
Deferred rent receivable		45,504	44,000
Deferred charges, net		9,192	8,123
Intangible assets, net		61,073	66,112
Other assets		16,065	929
Total assets		1,999,929	1,956,020
Notes and mortgages payable, net		1,196,867	1,196,607
Accounts payable and accrued expenses		30,422	21,211
Intangible liabilities, net		42,519	46,365
Other liabilities		155	155
Total liabilities		$ 1,269,963	$ 1,264,338
[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 90.5% as of March 31, 2018. The assets and liabilities of the Operating Partnership, as of March 31, 2018, include $1,999,929 and $1,269,963 of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 11, Variable Interest Entities.

Variable Interest Entities - 69

Variable Interest Entities - Summary of Investments in Unconsolidated Real Estate Funds and Maximum Risk of Loss from Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Investments in unconsolidated real estate funds	$ 7,276	$ 7,253
Investment [Member]
Variable Interest Entity [Line Items]
Investments in unconsolidated real estate funds	7,276	7,253
Asset Management Fees and Other Receivables [Member]
Variable Interest Entity [Line Items]
Investments in unconsolidated real estate funds	578	597
Maximum Risk of Loss [Member]
Variable Interest Entity [Line Items]
Investments in unconsolidated real estate funds	$ 7,854	$ 7,850

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Values of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	$ 24,984	$ 29,039
Interest rate swap assets (included in “other assets”)	24,089	9,855
Total assets	49,073	38,894
Interest rate swap liabilities (included in “other liabilities”)		317
Total liabilities		317
Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	24,984	29,039
Total assets	24,984	29,039
Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap assets (included in “other assets”)	24,089	9,855
Total assets	$ 24,089	9,855
Interest rate swap liabilities (included in “other liabilities”)		317
Total liabilities		$ 317

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Carrying Amounts and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total assets	$ 49,073	$ 38,894
Total liabilities		317
Carrying Amount [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Preferred equity investments, net	35,870	35,817
Total assets	35,870	35,817
Notes and mortgages payable	3,599,800	3,583,100
Total liabilities	3,599,800	3,583,100
Fair Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Preferred equity investments, net	36,166	36,112
Total assets	36,166	36,112
Notes and mortgages payable	3,610,454	3,596,953
Total liabilities	$ 3,610,454	$ 3,596,953

Revenues - Summary of Revenues

Revenues - Summary of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disaggregation Of Revenue [Abstract]
Rental income	$ 163,405	$ 155,390
Tenant reimbursement income	14,246	12,852
Fee income:
Property management	1,502	1,610
Asset management	1,610	2,293
Acquisition, disposition and leasing		5,320
Other	353	333
Total fee income	3,465	9,556
Lease termination income	28	66
Other income	3,127	3,372
Total fee and other income	6,620	12,994
Total revenues	$ 184,271	$ 181,236

Revenues - Summary of Amount Re

Revenues - Summary of Amount Receivable from Customers under Various Fee Agreement (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Disaggregation Of Revenue [Line Items]
Balance as of December 31, 2017	$ 17,082
Balance as of March 31, 2018	17,036
Revenue from Contract with Customers Under Various Fee Agreements [Member]
Disaggregation Of Revenue [Line Items]
Balance as of December 31, 2017	1,558
Balance as of March 31, 2018	1,568
Increase (decrease)	10
Revenue from Contract with Customers Under Various Fee Agreements [Member] | Property Management Fees [Member]
Disaggregation Of Revenue [Line Items]
Balance as of December 31, 2017	290
Balance as of March 31, 2018	284
Increase (decrease)	(6)
Revenue from Contract with Customers Under Various Fee Agreements [Member] | Asset Management Fees [Member]
Disaggregation Of Revenue [Line Items]
Balance as of December 31, 2017	762
Balance as of March 31, 2018	785
Increase (decrease)	23
Revenue from Contract with Customers Under Various Fee Agreements [Member] | Acquisition, Disposition and Leasing Fee [Member]
Disaggregation Of Revenue [Line Items]
Balance as of December 31, 2017	490
Balance as of March 31, 2018	490
Revenue from Contract with Customers Under Various Fee Agreements [Member] | Other Fee Income [Member]
Disaggregation Of Revenue [Line Items]
Balance as of December 31, 2017	16
Balance as of March 31, 2018	9
Increase (decrease)	$ (7)

Revenues - Additional Informati

Revenues - Additional Information (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Disaggregation Of Revenue [Abstract]
Deferred revenue	$ 625,000	$ 387,000
Contract asset	0	0
Contract liabilities	$ 0	$ 0

Interest and Other Income, ne75

Interest and Other Income, net - Schedule Of Interest And Other (Loss) Income, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Interest And Other Income [Abstract]
Preferred equity investment income	$ 899	$ 1,413
Interest and other income	1,026	85
Mark-to-market of investments in our deferred compensation plans	91	1,702
Total interest and other (loss) income, net	$ 2,016	$ 3,200

Interest and Other Income, ne76

Interest and Other Income, net - Schedule Of Interest And Other (Loss) Income, net (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
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 investment income, attributable to parent	$ 219	$ 344
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	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Interest And Debt Expense [Abstract]
Interest expense	$ 33,321	$ 34,288
Amortization of deferred financing costs	2,761	2,730
Total interest and debt expense	$ 36,082	$ 37,018

Incentive Compensation - Additi

Incentive Compensation - Additional Information (Details) - USD ($)	Feb. 05, 2018	Mar. 31, 2018	Mar. 31, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense		$ 6,265,000	$ 3,429,000
Equity Incentive Plan [Member] | Full Value Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for grant		8,384,573
2017 Performance Program [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance measurement period, term	3 years
Performance measurement period, start date	Jan. 1, 2018
Performance measurement period, end date	Dec. 31, 2020
Percentage of award earned based on performance of absolute shareholder return	25.00%
Fair value of awards granted	$ 7,009,000
Vesting period	4 years
2017 Performance Program [Member] | 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] | Exceeds 80th Percentile [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of award earned based on performance of relative shareholder return	75.00%
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
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%
2017 Performance Program [Member] | Minimum | At 30th Percentile [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of the awards that vest	18.00%

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
	Mar. 31, 2018	Mar. 31, 2017
Numerator:
Net income attributable to common stockholders	$ 1,114	$ 372
Earnings allocated to unvested participating securities	(18)	(14)
Numerator for income per common share - basic and diluted	$ 1,096	$ 358
Denominator:
Denominator for basic income per common share - weighted average shares	240,311,744	230,924,271
Effect of dilutive employee stock options and restricted share awards	27,000	34,000
Denominator for diluted income per common share - weighted average shares	240,338,698	230,958,441
Income per common share - basic and diluted	$ 0	$ 0

Earnings Per Share - Summary 80

Earnings Per Share - Summary of Computation of Earnings Per Share (Parenthetical) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share [Abstract]
Effect of dilutive securities excluded from computation of earning per share	27,532	35,998

Related Party - Additional Info

Related Party - Additional Information (Details)	Nov. 01, 2017	Mar. 31, 2018USD ($)ft²	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)
Related Party Transaction [Line Items]
Due to affiliates		$ 27,299,000		$ 27,299,000
Interest Expense, Related Party		95,000	$ 34,000
Fee and other income		6,620,000	12,994,000
Accounts and other receivables, net		17,036,000		17,082,000
Transaction related costs		120,000	275,000
Accounts payable and accrued expenses		$ 128,625,000		$ 117,630,000
Area of related party lease | ft²		12,500,000
712 Fifth Avenue [Member]
Related Party Transaction [Line Items]
Equity method ownership percentage		50.00%
Management Agreements [Member]
Related Party Transaction [Line Items]
Fee and other income		$ 209,000	202,000
Amounts owed under management agreements		21,000
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		2,536,000	8,406,000
Accounts and other receivables, net		$ 1,564,000
Hamburg Trust Consulting GMBH ("HTC") [Member]
Related Party Transaction [Line Items]
Mark-up cost percentage		10.00%
Transaction related costs		$ 18,000	36,000
Accounts payable and accrued expenses		$ 42,000
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]
Equity method ownership percentage		50.00%
Area of related party lease | ft²		5,593
Lease rental income		$ 92,000	$ 94,000
Notes Payable To Related Parties | CNBB-RDF Holdings, LP [Member]
Related Party Transaction [Line Items]
Maturity Date	2018-11
Note payable, fixed bearing interest rate	1.40%
Notes Payable To Related Parties | CNBB-RDF Holdings Otto Family [Member]
Related Party Transaction [Line Items]
Maturity Date	2018-11
Note payable, fixed bearing interest rate	1.40%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	9 Months Ended
	Sep. 30, 2017	Mar. 31, 2018ft²	Dec. 31, 2017USD ($)	Nov. 23, 2014ft²
Other Commitments [Line Items]
Area of office properties | ft²		12,500,000
Minimum | New York State Division Of Taxation And Finance [Member]
Other Commitments [Line Items]
Loss Contingency, Estimate of Possible Loss | $			$ 0
Maximum | New York State Division Of Taxation And Finance [Member]
Other Commitments [Line Items]
Loss Contingency, Estimate of Possible Loss | $			$ 37,200,000
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 | ft²				19,050

Segments - Additional Informati

Segments - Additional Information (Details)	3 Months Ended
	Mar. 31, 2018Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segments - Schedule of NOI for

Segments - Schedule of NOI for Each Reportable Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting Information [Line Items]
Property-related revenues	$ 180,806	$ 171,680
Property-related operating expenses	(68,978)	(65,971)
NOI from unconsolidated joint ventures	4,740	4,823
NOI	116,568	110,532
New York [Member]
Segment Reporting Information [Line Items]
Property-related revenues	113,645	105,324
Property-related operating expenses	(47,161)	(44,759)
NOI from unconsolidated joint ventures	4,665	4,753
NOI	71,149	65,318
Washington, D.C. [Member]
Segment Reporting Information [Line Items]
Property-related revenues	15,449	23,787
Property-related operating expenses	(5,845)	(8,924)
NOI	9,604	14,863
San Francisco [Member]
Segment Reporting Information [Line Items]
Property-related revenues	51,899	41,939
Property-related operating expenses	(14,116)	(10,605)
NOI	37,783	31,334
Other [Member]
Segment Reporting Information [Line Items]
Property-related revenues	(187)	630
Property-related operating expenses	(1,856)	(1,683)
NOI from unconsolidated joint ventures	75	70
NOI	$ (1,968)	$ (983)

Segments - Schedule of Reconcil

Segments - Schedule of Reconciliation of NOI to Net (Loss) Income Attributable to Common Stockholders (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting [Abstract]
NOI	$ 116,568	$ 110,532
Fee income	3,465	9,556
Depreciation and amortization expense	(65,156)	(62,992)
General and administrative expenses	(12,631)	(13,581)
Transaction related costs	(120)	(275)
NOI from unconsolidated joint ventures	(4,740)	(4,823)
(Loss) income from unconsolidated joint ventures	(62)	1,937
(Loss) income from unconsolidated real estate funds	(66)	288
Interest and other income, net	2,016	3,200
Interest and debt expense	(36,082)	(37,018)
Loss on early extinguishment of debt		(2,715)
Unrealized gain on interest rate swaps		1,802
Net income before income taxes	3,192	5,911
Income tax expense	(477)	(4,282)
Net income	2,715	1,629
Consolidated joint ventures	(1,055)	(1,291)
Consolidated real estate fund	(430)	88
Operating Partnership	(116)	(54)
Net income attributable to common stockholders	$ 1,114	$ 372

Segments - Schedule of Total As

Segments - Schedule of Total Assets for Each Reportable Segments Information (Details) - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Total assets	[1]	$ 8,973,868	$ 8,917,661
New York [Member]
Segment Reporting Information [Line Items]
Total assets		5,544,187	5,511,061
Washington, D.C. [Member]
Segment Reporting Information [Line Items]
Total assets		687,726	693,408
San Francisco [Member]
Segment Reporting Information [Line Items]
Total assets		2,425,865	2,421,173
Other [Member]
Segment Reporting Information [Line Items]
Total assets		$ 316,090	$ 292,019
[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 90.5% as of March 31, 2018. The assets and liabilities of the Operating Partnership, as of March 31, 2018, include $1,999,929 and $1,269,963 of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. See Note 11, Variable Interest Entities.