Exhibit 99.1

Paramount Announces First Quarter 2019 Results

– Leases over 600,000 square feet through April –

– Raises Guidance for Full Year 2019 –

NEW YORK – May 1, 2019 – Paramount Group, Inc. (NYSE: PGRE) (“Paramount” or the “Company”) filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2019 today and reported results for the first quarter ended March 31, 2019.

First Quarter Highlights:

• Reported net income attributable to common stockholders of $3.7 million, or $0.02 per diluted share, for the quarter ended March 31, 2019, compared to $1.1 million, or $0.00 per diluted share, for the quarter ended March 31, 2018.

• Reported Core Funds from Operations (“Core FFO”) attributable to common stockholders of $57.1 million, or $0.24 per diluted share, for the quarter ended March 31, 2019, compared to $55.0 million, or $0.23 per diluted share, for the quarter ended March 31, 2018.

• Reported an 11.3% increase in Same Store Cash Net Operating Income (“NOI”) and a 6.9% increase in Same Store NOI in the quarter ended March 31, 2019, compared to the same period in the prior year.

• Updated its full year 2019 Earnings Guidance as follows:

• Estimated net income attributable to common stockholders is expected to be between $0.01 and $0.05 per diluted share, compared to its prior estimate of net income attributable to common stockholders of $0.00 to $0.04 per diluted share, up $0.01 per diluted share from the midpoint of the Company’s prior estimate.

• Estimated Core FFO attributable to common stockholders is expected to be between $0.90 and $0.94 per diluted share, compared to its prior estimate of $0.88 to $0.92 per diluted share, up $0.02 per diluted share from the midpoint of the Company’s prior guidance.

• Leased 353,262 square feet, of which the Company’s share was 247,888 square feet that was leased at a weighted average initial rent of $97.24 per square foot. Of the square footage leased, 180,162 square feet represented second generation space, for which the Company achieved a positive mark-to-market of 5.6% on a cash basis and 13.2% on a GAAP basis.

• Reported same store leased occupancy of 96.4% at March 31, 2019, in-line with the same store leased occupancy reported at December 31, 2018.

• Completed the previously announced acquisition of 111 Sutter Street, a 293,000 square foot office building located in San Francisco’s North Financial District. Simultaneously with closing, the Company brought in a joint venture partner to acquire 51.0% of the equity interest. The Company will retain the remaining 49.0% equity interest and manage and lease the asset. The purchase price was $227 million, or approximately $775 per square foot. In connection with the acquisition, the joint venture completed a $138.2 million financing of the property. The four-year loan is interest only at LIBOR plus 215 basis points and has three one-year extension options.

• Declared a first quarter cash dividend of $0.10 per common share on March 15, 2019, which was paid on April 15, 2019.

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Financial Results

Quarter Ended March 31, 2019

Net income attributable to common stockholders was $3.7 million, or $0.02 per diluted share, for the quarter ended March 31, 2019, compared to $1.1 million, or $0.00 per diluted share, for the quarter ended March 31, 2018.

Funds from Operations (“FFO”) attributable to common stockholders was $55.2 million, or $0.24 per diluted share, for the quarter ended March 31, 2019, compared to $53.7 million, or $0.22 per diluted share, for the quarter ended March 31, 2018. FFO attributable to common stockholders for the quarters ended March 31, 2019 and 2018 includes the impact of non-core items, which are listed in the table on page 8. The aggregate of these items, net of amounts attributable to noncontrolling interests, decreased FFO attributable to common stockholders for the quarters ended March 31, 2019 and 2018 by $1.9 million and $1.3 million, or $0.00 and $0.01 per diluted share, respectively.

Core FFO attributable to common stockholders, which excludes the impact of the non-core items listed on page 8, was $57.1 million, or $0.24 per diluted share, for the quarter ended March 31, 2019, compared to $55.0 million, or $0.23 per diluted share, for the quarter ended March 31, 2018.

Portfolio Operations

Quarter Ended March 31, 2019

Same Store Cash NOI increased by $9.2 million, or 11.3%, to $90.3 million for the quarter ended March 31, 2019 from $81.1 million for the quarter ended March 31, 2018. Same Store NOI increased by $6.6 million, or 6.9%, to $102.1 million for the quarter ended March 31, 2019 from $95.5 million for the quarter ended March 31, 2018.

During the quarter ended March 31, 2019, the Company leased 353,262 square feet, of which the Company’s share was 247,888 square feet that was leased at a weighted average initial rent of $97.24 per square foot. This leasing activity, offset by lease expirations in the quarter and the acquisition of 111 Sutter Street in February 2019, a 70.6% leased asset, decreased leased occupancy by 40 basis points to 96.0% at March 31, 2019, from 96.4% at December 31, 2018. Same store leased occupancy (properties owned by the Company in both reporting periods), which excludes the impact of 111 Sutter Street, was 96.4% at March 31, 2019, in-line with the same store leased occupancy reported at December 31, 2018. Of the 353,262 square feet leased in the first quarter, 180,162 square feet represented second generation space (space that had been vacant for less than twelve months) for which the Company achieved a positive mark-to-market of 5.6% on a cash basis and 13.2% on a GAAP basis. The weighted average lease term for leases signed during the first quarter was 11.2 years and weighted average tenant improvements and leasing commissions on these leases were $10.11 per square foot per annum, or 10.4% of initial rent.

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Guidance

The Company is updating its Estimated Core FFO Guidance for the full year of 2019, which is reconciled below to estimated net income attributable to common stockholders per diluted share in accordance with GAAP. The Company estimates that net income attributable to common stockholders will be between $0.01 and $0.05 per diluted share, compared to its prior estimate of net income attributable to common stockholders of $0.00 to $0.04 per diluted share, up $0.01 per diluted share from the midpoint of the Company’s prior estimate, resulting primarily from better than expected portfolio operations. The estimated net income attributable to common stockholders per diluted share is not a projection and is being provided solely to satisfy the disclosure requirements of the U.S. Securities and Exchange Commission.

Based on the Company’s performance for the three months ended March 31, 2019 and its outlook for the remainder of 2019, the Company is raising its Estimated 2019 Core FFO Guidance to be between $0.90 and $0.94 per diluted share, compared to its prior estimate of $0.88 to $0.92 per diluted share. This represents an increase of $0.02 per diluted share at the midpoint of the Company’s guidance resulting primarily from better than expected portfolio operations.

	Full Year 2019
(Amounts per diluted share)	Low		High
Estimated net income attributable to common stockholders	$	0.01	$	0.05
Pro rata share of real estate depreciation and amortization, including the Company’s share of unconsolidated joint ventures		0.89		0.89
Estimated Core FFO	$	0.90	$	0.94

Except as described above, these estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels and the earnings impact of the events referenced in this release and otherwise to be referenced during the conference call referred to on page 5. These estimates do not include the impact on operating results from possible future property acquisitions or dispositions, capital markets activity or realized and unrealized gains or losses on real estate fund investments. The estimates set forth above may be subject to fluctuations as a result of several factors, including straight-line rent adjustments and the amortization of above and below-market leases. There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects” and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and could materially affect actual results, performance or achievements. These factors include, without limitation, the ability to enter into new leases or renew leases on favorable terms, dependence on tenants’ financial condition, the uncertainties of real estate development, acquisition and disposition activity, the ability to effectively integrate acquisitions, the costs and availability of financing, the ability of our joint venture partners to satisfy their obligations, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, regulatory changes, including changes to tax laws and regulations, and other risks and uncertainties detailed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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Non-GAAP Financial Measures

FFO is a supplemental measure of our performance. We present FFO in accordance with the definition adopted by the National Association of Real Estate Investment Trusts (“Nareit”). Nareit defines FFO as net income or loss, calculated in accordance with GAAP, adjusted to exclude depreciation and amortization from real estate assets, impairment losses on certain real estate assets and gains or losses from the sale of certain real estate assets or from change in control of certain real estate assets, including our share of such adjustments of unconsolidated joint ventures. FFO is commonly used in the real estate industry to assist investors and analysts in comparing results of real estate companies because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. In addition, we present Core FFO as an alternative measure of our operating performance, which adjusts FFO for certain other items that we believe enhance the comparability of our FFO across periods. Core FFO, when applicable, excludes the impact of certain items, including, transaction related costs, realized and unrealized gains or losses on real estate fund investments, unrealized gains or losses on interest rate swaps, severance costs and gains or losses on early extinguishment of debt, in order to reflect the Core FFO of our real estate portfolio and operations. In future periods, we may also exclude other items from Core FFO that we believe may help investors compare our results.

FFO and Core FFO are presented as supplemental financial measures and do not fully represent our operating performance. Other REITs may use different methodologies for calculating FFO and Core FFO or use other definitions of FFO and Core FFO and, accordingly, our presentation of these measures may not be comparable to other real estate companies. Neither FFO nor Core FFO is intended to be a measure of cash flow or liquidity. Please refer to our financial statements, prepared in accordance with GAAP, for purposes of evaluating our financial condition, results of operations and cash flows.

NOI is used to measure the operating performance of our properties. NOI consists of rental revenue (which includes property rentals, tenant reimbursements and lease termination income) and certain other property-related revenue less operating expenses (which includes property-related expenses such as cleaning, security, repairs and maintenance, utilities, property administration and real estate taxes). We also present Cash NOI which deducts from NOI, straight-line rent adjustments and the amortization of above and below-market leases, including our share of such adjustments of unconsolidated joint ventures. In addition, we present PGRE’s share of NOI and Cash NOI which represents our share of NOI and Cash NOI of consolidated and unconsolidated joint ventures, based on our percentage ownership in the underlying assets. We use NOI and Cash NOI internally as performance measures and believe they provide useful information to investors regarding our financial condition and results of operations because they reflect only those income and expense items that are incurred at property level.

Same Store NOI is used to measure the operating performance of properties that were owned by us in a similar manner during both the current period and prior reporting periods and represents Same Store NOI from consolidated and unconsolidated joint ventures based on our percentage ownership in the underlying assets. Same Store NOI also excludes lease termination income, impairment of receivables arising from operating leases and certain other items that may vary from period to period. We also present Same Store Cash NOI, which excludes the effect of non-cash items such as the straight-line rent adjustments and the amortization of above and below-market leases.

A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in this press release and in our Supplemental Information for the quarter ended March 31, 2019, which is available on our website.

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Investor Conference Call and Webcast

The Company will host a conference call and audio webcast on Thursday, May 2, 2019 at 10:00 a.m. Eastern Time (ET), during which management will discuss the first quarter results and provide commentary on business performance. A question and answer session with analysts and investors will follow the prepared remarks.

The conference call can be accessed by dialing 877-407-0789 (domestic) or 201-689-8562 (international). An audio replay of the conference call will be available from 1:00 p.m. ET on May 2, 2019 through May 9, 2019 and can be accessed by dialing 844-512-2921 (domestic) or 412-317-6671 (international) and entering the passcode 13689747.

A live audio webcast of the conference call will be available through the “Investors” section of the Company’s website, www.paramount-group.com. A replay of the webcast will be archived on the Company’s website.

About Paramount Group, Inc.

Headquartered in New York City, Paramount Group, Inc. is a fully-integrated real estate investment trust that owns, operates, manages, acquires and redevelops high-quality, Class A office properties located in select central business district submarkets of New York City, San Francisco, and Washington, D.C. Paramount is focused on maximizing the value of its portfolio by leveraging the sought-after locations of its assets and its proven property management capabilities to attract and retain high-quality tenants.

Contact Information:

Wilbur Paes Executive Vice President, Chief Financial Officer 212-237-3122 ir@paramount-group.com Robert Simone Director, Business Development & Investor Relations 212-237-3138 ir@paramount-group.com

Media:

212-492-2285

pr@paramount-group.com

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Paramount Group, Inc.

Consolidated Balance Sheets

(Unaudited and in thousands)

	March 31, 2019			December 31, 2018
Assets:
Real estate, at cost
Land	$	2,065,206		$	2,065,206
Buildings and improvements		6,064,321			6,036,445
		8,129,527			8,101,651
Accumulated depreciation and amortization		(689,860	)		(644,639	)
Real estate, net		7,439,667			7,457,012
Cash and cash equivalents		342,308			339,653
Restricted cash		18,163			25,756
Investments in unconsolidated joint ventures		136,426			78,863
Investments in unconsolidated real estate funds		8,163			10,352
Preferred equity investments		—			36,042
Accounts and other receivables, net		20,136			20,076
Deferred rent receivable		279,036			267,456
Deferred charges, net		119,191			117,858
Intangible assets, net		254,354			270,445
Other assets		104,193			132,465
Total assets	$	8,721,637		$	8,755,978
Liabilities:
Notes and mortgages payable, net	$	3,568,933		$	3,566,917
Revolving credit facility		—			—
Accounts payable and accrued expenses		125,599			124,334
Dividends and distributions payable		25,949			25,902
Intangible liabilities, net		89,955			95,991
Other liabilities		56,565			51,170
Total liabilities		3,867,001			3,864,314
Equity:
Paramount Group, Inc. equity		3,988,877			4,000,800
Noncontrolling interests in:
Consolidated joint ventures		367,012			394,995
Consolidated real estate fund		81,434			66,887
Operating Partnership		417,313			428,982
Total equity		4,854,636			4,891,664
Total liabilities and equity	$	8,721,637		$	8,755,978

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Paramount Group, Inc.

Consolidated Statements of Income

(Unaudited and in thousands, except share and per share amounts)

	For the Three Months Ended March 31,
	2019			2018
Revenues:
Rental revenue	$	182,616		$	177,679
Fee and other income		9,176			6,592
Total revenues		191,792			184,271
Expenses:
Operating		68,381			68,978
Depreciation and amortization		63,089			65,156
General and administrative		17,443			12,631
Transaction related costs		736			120
Total expenses		149,649			146,885
Other income (expense):
Loss from unconsolidated joint ventures		(1,027	)		(62	)
Income (loss) from unconsolidated real estate funds		46			(66	)
Interest and other income, net		3,900			2,016
Interest and debt expense		(36,924	)		(36,082	)
Net income before income taxes		8,138			3,192
Income tax expense		(1,138	)		(477	)
Net income		7,000			2,715
Less net (income) loss attributable to noncontrolling interests in:
Consolidated joint ventures		(2,794	)		(1,055	)
Consolidated real estate fund		(94	)		(430	)
Operating Partnership		(403	)		(116	)
Net income attributable to common stockholders	$	3,709		$	1,114
Per share:
Basic	$	0.02		$	0.00
Diluted	$	0.02		$	0.00
Weighted average common shares outstanding:
Basic		233,419,299			240,311,744
Diluted		233,458,438			240,338,698

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Paramount Group, Inc.

Reconciliation of Net Income to FFO and Core FFO

(Unaudited and in thousands, except share and per share amounts)

	For the Three Months Ended March 31,
	2019			2018
Reconciliation of Net Income to FFO and Core FFO:
Net income	$	7,000		$	2,715
Real estate depreciation and amortization (including our share of unconsolidated joint ventures)		66,065			67,160
FFO		73,065			69,875
Less FFO attributable to noncontrolling interests in:
Consolidated joint ventures		(11,748	)		(10,207	)
Consolidated real estate fund		(94	)		(430	)
FFO attributable to Paramount Group Operating Partnership		61,223			59,238
Less FFO attributable to noncontrolling interests in Operating Partnership		(5,998	)		(5,585	)
FFO attributable to common stockholders	$	55,225		$	53,653
Per diluted share	$	0.24		$	0.22
FFO	$	73,065		$	69,875
Non-core items:
Our share of earnings from 712 Fifth Avenue in excess of distributions received		1,270			1,195
Other, net		823			251
Core FFO		75,158			71,321
Less Core FFO attributable to noncontrolling interests in:
Consolidated joint ventures		(11,748	)		(10,207	)
Consolidated real estate fund		(94	)		(430	)
Core FFO attributable to Paramount Group in Operating Partnership		63,316			60,684
Less Core FFO attributable to noncontrolling interests in Operating Partnership		(6,203	)		(5,721	)
Core FFO attributable to common stockholders	$	57,113		$	54,963
Per diluted share	$	0.24		$	0.23
Reconciliation of weighted average shares outstanding:
Weighted average shares outstanding		233,419,299			240,311,744
Effect of dilutive securities		39,139			26,954
Denominator for FFO and Core FFO per diluted share		233,458,438			240,338,698

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Paramount Group, Inc.

Reconciliation of Net Income to Same Store NOI and Same Store Cash NOI

(Unaudited and in thousands)

	For the Three Months Ended March 31,
	2019			2018
Reconciliation of Net Income to Same Store NOI and Same Store Cash NOI:
Net income	$	7,000		$	2,715
Add (subtract) adjustments to arrive at NOI and Cash NOI:
Depreciation and amortization		63,089			65,156
General and administrative		17,443			12,631
Interest and debt expense		36,924			36,082
Income tax expense		1,138			477
NOI from unconsolidated joint ventures		5,411			4,740
Fee income		(5,999	)		(3,465	)
Interest and other income, net		(3,900	)		(2,016	)
Other, net		1,717			248
NOI		122,823			116,568
Less NOI attributable to noncontrolling interests in:
Consolidated joint ventures		(17,909	)		(16,014	)
Consolidated real estate fund		29			26
PGRE’s share of NOI		104,943			100,580
Acquisitions		(700	)		—
Dispositions		—			(4,899	)
Lease termination income (including our share of unconsolidated joint ventures)		(2,346	)		(190	)
Other, net		185			—
PGRE’s share of Same Store NOI	$	102,082		$	95,491
NOI	$	122,823		$	116,568
Less:
Straight-line rent adjustments (including our share of unconsolidated joint ventures)		(11,778	)		(13,197	)
Amortization of above and below-market leases, net (including our share of unconsolidated joint ventures)		(3,220	)		(4,257	)
Cash NOI		107,825			99,114
Less Cash NOI attributable to noncontrolling interests in:
Consolidated joint ventures		(14,785	)		(13,193	)
Consolidated real estate fund		29			26
PGRE’s share of Cash NOI		93,069			85,947
Acquisitions		(560	)		—
Dispositions		—			(4,592	)
Lease termination income (including our share of unconsolidated joint ventures)		(2,346	)		(190	)
Other, net		185			—
PGRE’s share of Same Store Cash NOI	$	90,348		$	81,165

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