Exhibit 99.1

Paramount Announces Fourth Quarter 2017 Results

– Leases 1,281,503 square feet in 2017 –

– Initiates Guidance for Full Year 2018 –

NEW YORK—February 15, 2018 – Paramount Group, Inc. (NYSE: PGRE) (“Paramount” or the “Company”) filed its Annual Report on Form 10-K for the year ended December 31, 2017 today and reported results for the quarter ended December 31, 2017.

Fourth Quarter Highlights:

Transactions Subsequent to Fourth Quarter:

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Financial Results

Quarter Ended December 31, 2017

Net loss attributable to common stockholders was $6.8 million, or $0.03 per diluted share, for the quarter ended December 31, 2017, compared to $6.5 million, or $0.03 per diluted share, for the quarter ended December 31, 2016.

Funds from Operations (“FFO”) attributable to common stockholders was $48.1 million, or $0.20 per diluted share, for the quarter ended December 31, 2017, compared to $41.0 million, or $0.18 per diluted share, for the quarter ended December 31, 2016. FFO attributable to common stockholders for the quarters ended December 31, 2017 and 2016 includes the impact of non-core items, which are listed in the table on page 9. The aggregate of these items, net of amounts attributable to noncontrolling interests, decreased FFO attributable to common stockholders for the quarter ended December 31, 2017 by $3.5 million, or $0.02 per diluted share, and increased FFO attributable to common stockholders for the quarter ended December 31, 2016 by $2.0 million, or $0.01 per diluted share.

Core FFO attributable to common stockholders, which excludes the impact of the non-core items listed on page 9, was $51.6 million, or $0.22 per diluted share, for the quarter ended December 31, 2017, compared to $39.0 million, or $0.17 per diluted share, for the quarter ended December 31, 2016.

Year Ended December 31, 2017

Net income attributable to common stockholders was $86.4 million, or $0.37 per diluted share, for the year ended December 31, 2017, compared to a net loss of $9.9 million, or $0.05 per diluted share, for the year ended December 31, 2016.

FFO attributable to common stockholders was $205.6 million, or $0.87 per diluted share, for the year ended December 31, 2017, compared to $195.1 million, or $0.89 per diluted share, for the year ended December 31, 2016. FFO attributable to common stockholders for the years ended December 31, 2017 and 2016 includes the impact of non-core items, which are listed in the table on page 9. The aggregate of these items, net of amounts attributable to noncontrolling interests, decreased FFO attributable to common stockholders for the year ended December 31, 2017 by $4.5 million, or $0.02 per diluted share, and increased FFO attributable to common stockholders for the year ended December 31, 2016 by $11.5 million, or $0.05 per diluted share.

Core FFO attributable to common stockholders, which excludes the impact of the non-core items listed on page 9, was $210.1 million, or $0.89 per diluted share, for the year ended December 31, 2017, compared to $183.6 million, or $0.84 per diluted share, for the year ended December 31, 2016.

2

Portfolio Operations

Quarter Ended December 31, 2017

During the quarter ended December 31, 2017, the Company leased 334,623 square feet, of which the Company’s share was 301,745 square feet that was leased at a weighted average initial rent of $74.44 per square foot. This leasing activity, partially offset by lease expirations in the quarter, increased leased occupancy and same store leased occupancy (properties owned by the Company in both reporting periods) by 120 basis points to 93.5% at December 31, 2017 from 92.3% at September 30, 2017. Of the 334,623 square feet leased in the fourth quarter, 167,442 square feet represented second generation space (space that had been vacant for less than twelve months) for which the Company achieved positive mark-to-markets of 3.3% on a cash basis and 0.3% on a GAAP basis. The weighted average lease term for leases signed during the fourth quarter was 8.0 years and weighted average tenant improvements and leasing commissions on these leases were $9.93 per square foot per annum, or 13.3% of initial rent.

Year Ended December 31, 2017

During the year ended December 31, 2017, the Company leased 1,281,503 square feet, of which the Company’s share was 1,161,176 square feet that was leased at a weighted average initial rent of $77.42 per square foot. This leasing activity, partially offset by lease expirations in the year, increased leased occupancy by 80 basis points during the year to 93.5% at December 31, 2017 from 92.7% at December 31, 2016. Same store leased occupancy (properties owned by the Company in both reporting periods) increased by 130 basis points to 93.6% at December 31, 2017 from 92.3% at December 31, 2016. Of the 1,281,503 square feet leased in the year, 761,860 square feet represented second generation space (space that had been vacant for less than twelve months) for which the Company achieved positive mark-to-markets of 13.1% on a cash basis and 8.7% on a GAAP basis. The weighted average lease term for leases signed during the year was 9.0 years and weighted average tenant improvements and leasing commissions on these leases were $9.39 per square foot per annum, or 12.1% of initial rent.

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Guidance

The Company is providing Estimated Core FFO Guidance for the full year of 2018, 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 $0.02 and $0.06 per diluted share. 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.

The Company estimates 2018 Core FFO to be between $0.92 and $0.96 per diluted share. The Estimated Core FFO of $0.94 per diluted share at the midpoint of the Company’s Guidance for 2018, when compared to Core FFO of $0.89 per diluted share for 2017, assumes, among other items, increases and decreases in the Company’s share of the following components: (i) an increase in Same Store Cash NOI of 7.0% to 10.0%, resulting in an incremental $0.10 per diluted share and (ii) an increase in non-cash straight-line rent and amortization of above and below-market lease revenue of $0.01 per diluted share, partially offset by (iii) a net decrease in Cash NOI of $0.02 per diluted share from the disposition of Waterview, partially offset by the acquisition of a 31.1% interest in 50 Beale Street, (iv) a decrease in lease termination income of $0.01 per diluted share, (v) a decrease in fee income, net of income taxes, of $0.01 per diluted share, (vi) an increase in interest and debt expense of $0.01 per diluted share and (vii) an increase in general and administrative expenses of $0.01 per diluted share (resulting from the amortization of a new layer of equity grants).

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 below. These estimates do not include the impact on operating results from possible future property acquisitions or dispositions, capital markets activity or 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 the straight-lining of rental income 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.

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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, including changes to tax laws and regulations, 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 gains from sales of depreciated real estate assets, impairment losses on depreciable real estate and depreciation and amortization expense from 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.

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 December 31, 2017, which is available on our website.

5

Investor Conference Call and Webcast

The Company will host a conference call and audio webcast on Friday, February 16, 2018 at 10:00 a.m. Eastern Time (ET), during which management will discuss the fourth 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 February 16, 2018 through February 23, 2018 and can be accessed by dialing 844-512-2921 (domestic) or 412-317-6671 (international) and entering the passcode 13675205.

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, 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:

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 Income to FFO and Core FFO

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

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