Exhibit 99.1

Paramount Announces First Quarter 2016 Results

– Reports Core FFO of $0.23 per Diluted Share –

– Reiterates Guidance for Full Year 2016 –

NEW YORK—May 5, 2016 – Paramount Group, Inc. (NYSE: PGRE) (“Paramount” or the “Company”) filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 today and reported results for the quarter ended March 31, 2016.

First Quarter Highlights:

Transactions Subsequent to the First Quarter:

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Financial Results

Net loss attributable to common stockholders was $6.5 million, or $0.03 per diluted share, for the quarter ended March 31, 2016, compared to $9.7 million, or $0.05 per diluted share, for the quarter ended March 31, 2015.

FFO attributable to common stockholders was $49.2 million, or $0.23 per diluted share, for the quarter ended March 31, 2016, compared to $43.3 million, or $0.20 per diluted share, for the quarter ended March 31, 2015. FFO attributable to common stockholders for the quarters ended March 31, 2016 and 2015 includes the impact of (i) unrealized gain on interest rate swaps, including the Company’s pro rata share of such gains of an unconsolidated joint venture, (ii) severance costs and (iii) acquisition and transaction related costs. The aggregate of these items, net of amounts attributable to noncontrolling interests, increased FFO attributable to common stockholders for the quarters ended March 31, 2016 and 2015 by $0.2 million and $4.3 million, or $0.00 and $0.02 per diluted share, respectively.

Core FFO attributable to common stockholders, which excludes the impact of these items, was $49.0 million, or $0.23 per diluted share, for the quarter ended March 31, 2016, compared to $39.0 million, or $0.18 per diluted share for the quarter ended March 31, 2015.

Portfolio Operations

During the first quarter, the Company leased 154,951 square feet at a weighted average initial rent of $78.68 per square foot. This leasing activity, offset by lease expirations during the quarter, increased the portfolio wide leased occupancy by 30 basis points from 95.3% at December 31, 2015 to 95.6% at March 31, 2016. Of the 154,951 square feet leased in the first quarter, 100,343 square feet represents second generation space (space that has been vacant for less than twelve months) for which the Company achieved a positive mark-to-market of 12.2% on a GAAP basis and a negative mark-to-market of 1.3% on a cash basis. The weighted average lease term for leases signed during the first quarter was 7.7 years and weighted average tenant improvements and leasing commissions on these leases were $6.83 per square foot per annum, or 8.7% of initial rent.

The first quarter mark-to-market includes the effect of the termination of the aforementioned 52,500 square foot above-market lease at 1633 Broadway that was released shortly thereafter at market rates. Excluding the impact of this lease, GAAP and cash basis mark-to-markets were positive 30.0% and 26.8%, respectively.

Guidance

Based on the Company’s performance for the quarter ended March 31, 2016 and its outlook for the remainder of 2016, the Company is reiterating its Estimated Core FFO Guidance of $0.80 to $0.84 per diluted share for 2016.

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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 and other risks and uncertainties detailed from time to time in the Company’s filings with the 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.

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 GAAP net income or loss adjusted to exclude net gain from sales of depreciated real estate assets, impairment losses on depreciable real estate and depreciation and amortization expense from real estate assets, including the pro rata 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, including acquisition and transaction related costs, severance costs and unrealized gains or losses on interest rate swaps, which we believe enhances the comparability of our FFO across periods.

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.

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, 2016, which is available on our website.    

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Investor Conference Call and Webcast

The Company will host a webcast and conference call at 10:00 a.m. Eastern Time on Friday, May 6, 2016, to discuss first quarter 2016 results. The number to call is 1-877-407-0789 (domestic) or 1-201-689-8562 (international). A live webcast will be available in the Investors section of the Company’s website. A replay of the conference call will be archived on the Company’s website and will be available through May 13, 2016, by dialing 1-877-870-5176 (domestic) or 1-858-384-5517 (international) and entering the passcode 13634693.

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, Washington, D.C. and San Francisco. 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:

Investor Relations:

212-492-2298

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)

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Paramount Group, Inc.

Consolidated Statements of Income

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

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Paramount Group, Inc.

Reconciliation of Net Loss to Funds from Operations

and Core Funds from Operations

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

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