Exhibit 12.1

PARAMOUNT GROUP, INC. AND PARAMOUNT PREDECESSOR

COMPUTATION OF EARNINGS TO FIXED CHARGES

AND PREFERRED STOCK DISTRIBUTIONS RATIOS

	Paramount Group, Inc.					Paramount Predecessor
(Amounts in thousands, except ratios)	Nine Months Ended September 30, 2015			Period from November 24, 2014 to December 31, 2014		Period from January 1, 2014 to November 23, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012		Year Ended December 31, 2011
Earnings:
Income (loss) before income taxes (1)	$	(660	)	$	72,289	$	123,618		$	312,806		$	142,870	$	438,478
Add:
Fixed charges (see below)		126,945			43,743		28,585			29,807			37,342		34,497
Distributions of income from unconsolidated joint ventures		3,102			532		2,874			2,612			3,852		4,649
Less:
Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges		—			—		(26,145	)		(60,957	)		45,926		(4,028	)
Earnings Available for Fixed Charges and Preferred Distributions	$	129,387		$	116,584	$	128,932		$	284,268		$	229,990	$	473,596
Fixed Charges:
Interest expense, including amortization of debt issuance costs	$	126,945		$	43,743	$	28,585		$	29,807		$	37,342	$	34,497
Total Fixed Charges	$	126,945		$	43,743	$	28,585		$	29,807		$	37,342	$	34,497
Preferred Distributions	$	—		$	—	$	—		$	—		$	—	$	—
Total Fixed Charges and Preferred Stock Distributions	$	126,945		$	43,743	$	28,585		$	29,807		$	37,342	$	34,497
Ratio of Earnings to Fixed Charges and Preferred Stock Distributions		1.02			2.66		4.51			9.54			6.16		13.73

(1) Represents pre-tax income (loss) from continuing operations before non-controlling interests in consolidated subsidiaries and income (loss) from unconsolidated joint ventures.