Exhibit 21.1

SUBSIDIARIES OF PARAMOUNT GROUP, INC.

Name	Jurisdiction of Formation/ Incorporation
1301 Avenue of the Americas GP LLC	Delaware
1301 Avenue of the Americas Limited Partnership	Delaware
1301 Managing Member, L.L.C.	Delaware
1301 Mezzanine Borrower LP	Delaware
1301 Participating GP LLC	Delaware
1301 Properties GP LLC	Delaware
1301 Properties LP	Delaware
1301 Properties Mezz GP LLC	Delaware
1301 Properties Owner LP	Delaware
1301 Sixth Acquisition GP LLC	Delaware
1301 Sixth Avenue Mezzanine I LP	Delaware
1301 Sixth Avenue Mezzanine II LP	Delaware
1301 Sixth Avenue Mezzanine III LP	Delaware
1301 Sixth Avenue Mezzanine IV LP	Delaware
1301 Sixth Mezz I GP LLC	Delaware
1301 Sixth Mezz II GP LLC	Delaware
1301 Sixth Mezz III GP LLC	Delaware
1301 Sixth Mezz IV GP LLC	Delaware
1325 Avenue of the Americas, L.P.	New York
1325 Rental GP, L.L.C.	Delaware
1899 Penn Owner LP	Delaware
1325 Avenue Merger Sub GP LLC	Delaware
1325 Avenue Merger Sub LP	Delaware
2099 Owner LP	Delaware
40 West 53rd Associates Limited Partnership	New York
425 Eye Street NW, L.P.	Delaware
440 Ninth Avenue, L.P.	Delaware
50 Beale Fund VII Managing GP, LLC	Delaware
50 Beale Fund VII-H Co-Managing GP, LLC	Delaware
50 Beale Fund VII-H Investment LP	Delaware
50 Beale Fund VII-PSERS COI, LP	Delaware
50 Beale Holdco LP	Delaware
50 Beale Inc.	Delaware

50 Beale Street LLC	Delaware
50 Beale TRS Inc.	Delaware
712 Fifth Avenue G.P., L.L.C.	Delaware
712 Fifth Avenue, L.P.	New York
900 Third Avenue, L.P.	New York
900 Third GP, LLC	Delaware
Arcade Associates GP	Delaware
ColFin PGRESS JV, L.P.	Delaware
Forum Rental Investments, Inc.	Delaware
Imperial Rental Investments LLC	Delaware
Kommanditgesellschaft Gundstucksgesellschaft EKZ Schwedt m.b.H. & Co.	Germany
Liberty Place Owner LP	Delaware
Milton 712, LLC	Delaware
Milton Rental Investments, Inc.	Delaware
MRI V-CIP LP, LLC	Delaware
MRI Waterview, LLC	Delaware
MRI-1325 Rental, LLC	Delaware
MRI-900 Rental Investments, LLC	Delaware
New Arcade GP, LLC	Delaware
Paramount Development and Investment, Inc.	Delaware
Paramount Fund III Verwaltungs-GmbH	Germany
Paramount Fund IV Verwaltungs-GmbH	Germany
Paramount Fund V Verwaltungs-GmbH	Germany
Paramount Fund Verwaltungs-GmbH	Germany
Paramount GREF III, L.L.C.	Delaware
Paramount GREF IV, L.L.C.	Delaware
Paramount GREF RDF, LLC	Delaware
Paramount GREF V (CIP), L.L.C.	Delaware
Paramount GREF V, L.L.C.	Delaware
Paramount GREF VII, LLC	Delaware
Paramount GREF VIII, LLC	Delaware
Paramount GREF, L.L.C.	Delaware
Paramount Group Funds Holding LLC	Delaware
Paramount Group Limited Partner LLC	Delaware
Paramount Group Management GP, LLC	Delaware
Paramount Group Management LP	Delaware
Paramount Group Operating Partnership LP	Delaware
Paramount Group Real Estate Advisor LLC	Delaware

2

Paramount Group Property-Asset Management LLC	Delaware
Paramount Group Property-Asset Management TRS LLC	Delaware
Paramount Group Real Estate Fund I Sub GP LLC	Delaware
Paramount Group Real Estate Fund I Sub LP	Delaware
Paramount Group Real Estate Fund II, L.P.	Delaware
Paramount Group Real Estate Fund III, L.P.	Delaware
Paramount Group Real Estate Fund IV Sub GP LLC	Delaware
Paramount Group Real Estate Fund IV Sub LP	Delaware
Paramount Group Real Estate Fund RDF-LF, LP	Delaware
Paramount Group Real Estate Fund V (CIP) Sub GP LLC	Delaware
Paramount Group Real Estate Fund V (CIP) Sub LP	Delaware
Paramount Group Real Estate Fund V (Core) Sub GP LLC	Delaware
Paramount Group Real Estate Fund V (Core) Sub LP	Delaware
Paramount Group Real Estate Fund VII, LP	Delaware
Paramount Group Real Estate Fund VII-H, LP	Cayman Islands
Paramount Group Real Estate Fund VIII, LP	Delaware
Paramount Group Real Estate International Mgmt Inc.	Delaware
Paramount Group Real Estate Special Situations Fund-H, L.P.	Delaware
Paramount Group Real Estate Special Situations Fund, L.P.	Delaware
Paramount Group Real Estate Special Situations Fund-A, L.P.	Delaware
Paramount Group Residential Development Fund, LP	Delaware
Paramount Real Estate Fund I GmbH & Co. KG	Germany
Paramount Real Estate Fund III GmbH & Co. KG	Germany
Paramount Real Estate Fund IV GmbH & Co. KG	Germany
Paramount Real Estate Fund V GmbH & Co. KG	Germany
Paramount V-CIP LP, LLC	Delaware
PGRE Fund RDF-LF Blocker-A, LP	Delaware
PGREF I 1633 Broadway Land, L.P.	Delaware
PGREF I 1633 Broadway Tower, L.P.	Delaware
PGREF I 425 GP, Inc.	Delaware
PGREF I Paramount Plaza GP, LLC	Delaware
PGREF I Paramount Plaza Holding GP, LLC	Delaware
PGREF I Paramount Plaza, L.P.	Delaware
PGREF II 60 Wall GP, LLC	Delaware
PGREF II 60 Wall Investors GP, LLC	Delaware
PGREF II 60 Wall Street Investors, L.P.	Delaware
PGREF II 60 Wall Street, L.P.	Delaware
PGREF III 440 Ninth GP, LLC	Delaware

3

PGREF III 440 Ninth Investor GP, LLC	Delaware
PGREF III 440 Ninth Investor, L.P.	Delaware
PGREF III 900 GP, LLC	Delaware
PGREF III 900 Third, L.P.	Delaware
PGREF III OMP Preferred Investor, L.P.	Delaware
PGREF III OMP Prime Interest LP	Delaware
PGREF III One Market GP, LLC	Delaware
PGREF III One Market Investor GP, LLC	Delaware
PGREF III One Market Plaza Investor, L.P.	Delaware
PGREF III Wall Street GP, LLC	Delaware
PGREF III Wall Street Investor, L.P.	Delaware
PGREF IV 1899 Penn Investors GP LLC	Delaware
PGREF IV 2099 Penn Investors GP LLC	Delaware
PGREF IV 900 Third Investors GP LLC	Delaware
PGREF IV 900 Third, LP	Delaware
PGREF IV Holdco GP LLC	Delaware
PGREF IV Holdco LP	Delaware
PGREF IV Parallel Fund Sub Holdco GP, LLC	Delaware
PGREF IV Parallel Fund Sub Holdco, LP	Delaware
PGREF IV Parallel Fund Sub US GP, LLC	Delaware
PGREF IV Parallel Fund Sub US, LP	Delaware
PGREF V (Core) Parallel Fund Sub US GP, LLC	Delaware
PGREF V (Core) Parallel Fund Sub US, LP	Delaware
PGREF V 1301 Participating LP	Delaware
PGREF V 1301 Sixth Avenue Acquisition LP	Delaware
PGREF V 1301 Sixth Holding LP	Delaware
PGREF V 1301 Sixth Investors GP LLC	Delaware
PGREF V 1301 Sixth Investors II LP	Delaware
PGREF V 1301 Sixth Investors III LP	Delaware
PGREF V 1301 Sixth Investors IV LP	Delaware
PGREF V 1301 Sixth Investors V LP	Delaware
PGREF V 31 West 52nd GP, LLC	Delaware
PGREF V 31 West 52nd Street Investors, L.P.	Delaware
PGREF V 40 West 53rd GP, LLC	Delaware
PGREF V Holdco GP LLC	Delaware
PGREF V Holdco LP	Delaware
PGREF V Liberty Place Investors GP LLC	Delaware
PGREF V Parallel Fund Sub Holdco GP, LLC	Delaware

4

PGREF V Parallel Fund Sub Holdco, LP	Delaware
PGREF V-CIP MGT Holding, LLC	Delaware
PGRESS 2 Herald GP LLC	Delaware
PGRESS 2 Herald LP	Delaware
PGRESS 470 Member GP LLC	Delaware
PGRESS 470 Member LP	Delaware
PGRESS Debt 666 Noteholder GP LLC	Delaware
PGRESS Debt 666 Noteholder LP	Delaware
PGRESS Debt Holdings LP	Delaware
PGRESS Debt OCS JVMember GP LLC	Delaware
PGRESS Debt Holdings 2 GP LLC	Delaware
PGRESS Debt Holdings 2 LP	Delaware
PGRESS Debt OCS JVMember LP	Delaware
PGRESS Equity Holdings 2 GP LLC	Delaware
PGRESS Equity Holdings 2 LP	Delaware
PGRESS Equity Holdings 3 LP	Delaware
PGRESS Equity Holdings LP	Delaware
PGRESS GP LLC	Delaware
PGRESS GP-H LLC	Delaware
PGRESS-H Limited Partner LLC	Delaware
PGRESS Management Holding, LLC	Delaware
PGRESS OCS GP LLC	Delaware
PGRESS OCS JV Member LP	Delaware
PGRESS-A REIT, LP	Delaware
PPF OFF One Market Plaza TRS, LLC	Delaware
PPF Paramount 75 Howard Garage, L.P.	Delaware
PPF Paramount GP, LLC	Delaware
PPF Paramount One Market Plaza Owner, L.P.	Delaware
PPF Paramount One Market Plaza, LP	Delaware
RDF 75 Howard GP LLC	Delaware
RDF 75 Howard LP	Delaware
WvF-Paramount 745 Investor, L.P.	Delaware
WvF-Paramount 745 Property, L.P.	Delaware

5