Paramount Executes 265,000 Square Foot Lease Expansion with First Republic Bank at One Front Street

NEW YORK–(BUSINESS WIRE)–Paramount Group, Inc. (NYSE: PGRE) (“Paramount” or the “Company”) today
announced that it has signed a 265,000 square foot lease expansion with
First Republic Bank (“First Republic”) at One Front Street, a 38-story
trophy office tower located on the corner of Front and Market Streets in
San Francisco. The lease expansion will increase First Republic’s
footprint at One Front Street to approximately 515,000 square feet, or
80.0% of the building’s total square footage. Subsequent to the
execution of this lease, One Front Street, which was 92.0% leased at
March 31, 2019, is now 100.0% leased.

“We are thrilled that First Republic has elected to expand its footprint
at One Front Street. As a growing financial services provider, First
Republic’s choice to further expand in One Front Street reflects the
desirability of the building’s location, efficient floorplates and
exceptional views of both the Golden Gate and Bay Bridges,” said Albert
Behler, Chairman, Chief Executive Officer and President of the Company.
“Since acquiring One Front Street just over two years ago, we have
effectively eliminated all of the expirations that were foreseeable at
closing.”

“First Republic is very pleased to partner with Paramount to secure
high-quality office space at One Front Street, which will support our
continued growth and delivery of exceptional client service,” said Jim
Herbert, Chairman, Chief Executive Officer and Founder of First Republic
Bank.

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.

Contacts

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