CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) |
Sep. 30, 2025 |
Dec. 31, 2024 |
||
|---|---|---|---|---|
| Real estate, at cost: | ||||
| Land | $ 1,966,237,000 | $ 1,966,237,000 | ||
| Buildings and improvements | 6,384,243,000 | 6,325,097,000 | ||
| Rental property, at cost | 8,350,480,000 | 8,291,334,000 | ||
| Accumulated depreciation and amortization | (1,737,783,000) | (1,639,529,000) | ||
| Real estate, net | 6,612,697,000 | 6,651,805,000 | ||
| Cash and cash equivalents | 330,207,000 | 375,056,000 | ||
| Restricted cash | 324,150,000 | 180,391,000 | ||
| Accounts and other receivables | 26,582,000 | 18,229,000 | ||
| Investments in unconsolidated real estate related funds | 4,416,000 | 4,649,000 | ||
| Investments in unconsolidated joint ventures | 81,509,000 | 85,952,000 | ||
| Deferred rent receivable | 352,906,000 | 356,425,000 | ||
| Deferred charges, net of accumulated amortization of $90,418 and $91,818 | 126,587,000 | 100,684,000 | ||
| Intangible assets, net of accumulated amortization of $114,133 and $147,133 | 41,093,000 | 50,492,000 | ||
| Other assets | 74,348,000 | 47,820,000 | ||
| Total assets | [1] | 7,974,495,000 | 7,871,503,000 | |
| Liabilities and Equity | ||||
| Notes and mortgages payable, net of unamortized deferred financing costs of $20,546 and $15,420 | 3,711,504,000 | 3,676,630,000 | ||
| Accounts payable and accrued expenses | 138,689,000 | 119,881,000 | ||
| Intangible liabilities, net of accumulated amortization of $78,074 and $93,748 | 16,541,000 | 20,870,000 | ||
| Other liabilities | 31,473,000 | 44,625,000 | ||
| Total liabilities | [1] | 3,898,207,000 | 3,862,006,000 | |
| Commitments and contingencies | ||||
| Paramount Group, Inc. equity: | ||||
| Common stock $0.01 par value per share; authorized 900,000,000 shares; issued and outstanding 221,897,427 and 217,527,797 shares in 2025 and 2024, respectively | 2,219,000 | 2,175,000 | ||
| Additional paid-in-capital | 4,086,243,000 | 4,144,301,000 | ||
| Earnings less than distributions | (1,064,525,000) | (1,005,627,000) | ||
| Accumulated other comprehensive income | 0 | 428,000 | ||
| Paramount Group, Inc. equity | 3,023,937,000 | 3,141,277,000 | ||
| Noncontrolling interests in: | ||||
| Consolidated joint ventures | 744,813,000 | 495,340,000 | ||
| Consolidated real estate related funds | 85,431,000 | 82,875,000 | ||
| Operating Partnership (16,298,625 and 20,057,699 units outstanding) | 222,107,000 | 290,005,000 | ||
| Total equity | 4,076,288,000 | 4,009,497,000 | ||
| Total liabilities and equity | $ 7,974,495,000 | $ 7,871,503,000 | ||
| ||||
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands |
9 Months Ended | |||
|---|---|---|---|---|
Sep. 30, 2025 |
Dec. 31, 2024 |
|||
| Deferred charges, accumulated amortization | $ 90,418 | $ 91,818 | ||
| Intangible assets, accumulated amortization | 114,133 | 147,133 | ||
| Notes and mortgages payable, deferred financing costs | 20,546 | 15,420 | ||
| Intangible liabilities, accumulated amortization | $ 78,074 | $ 93,748 | ||
| Common stock, par value | $ 0.01 | $ 0.01 | ||
| Common stock, shares authorized | 900,000,000 | 900,000,000 | ||
| Common stock, shares issued | 221,897,427 | 217,527,797 | ||
| Common stock, shares outstanding | 221,897,427 | 217,527,797 | ||
| Operating partnership, units outstanding | 16,298,625 | 20,057,699 | ||
| Total assets | [1] | $ 7,974,495 | $ 7,871,503 | |
| Total liabilities | [1] | 3,898,207 | 3,862,006 | |
| Variable Interest Entities [Member] | ||||
| Total assets | 4,690,998 | 3,834,072 | ||
| Total liabilities | $ 2,410,215 | $ 2,393,672 | ||
| Variable Interest Entities [Member] | Paramount Group Operating Partnership [Member] | ||||
| Percentage of ownership in operating partnership | 93.20% | |||
| ||||
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
|
| Revenues: | ||||
| Rental revenue | $ 164,687,000 | $ 184,235,000 | $ 511,741,000 | $ 543,636,000 |
| Fee and other income | 8,272,000 | 10,664,000 | 25,282,000 | 27,548,000 |
| Total revenues | 172,959,000 | 194,899,000 | 537,023,000 | 571,184,000 |
| Expenses: | ||||
| Operating | 79,392,000 | 80,316,000 | 232,326,000 | 226,248,000 |
| Depreciation and amortization | 57,766,000 | 60,071,000 | 176,707,000 | 182,920,000 |
| General and administrative | 16,340,000 | 16,672,000 | 58,112,000 | 49,938,000 |
| Transaction related costs | 9,981,000 | 242,000 | 10,840,000 | 843,000 |
| Total expenses | 163,479,000 | 157,301,000 | 477,985,000 | 459,949,000 |
| Other income (expense): | ||||
| Loss from real estate related fund investments | (18,000) | (22,000) | (67,000) | (92,000) |
| Income (loss) from unconsolidated real estate related funds | 71,000 | 109,000 | (79,000) | 199,000 |
| Income (loss) from unconsolidated joint ventures | 661,000 | (981,000) | 2,620,000 | (3,098,000) |
| Interest and other income, net | 3,112,000 | 3,517,000 | 10,953,000 | 26,830,000 |
| Interest and debt expense | (44,419,000) | (43,805,000) | (129,903,000) | (124,078,000) |
| (Loss) income before income taxes | (31,113,000) | (3,584,000) | (57,438,000) | 10,996,000 |
| Income tax benefit (expense) | 831,000 | (619,000) | 1,430,000 | (1,328,000) |
| Net (loss) income | (30,282,000) | (4,203,000) | (56,008,000) | 9,668,000 |
| Less net (income) loss attributable to noncontrolling interests in: | ||||
| Consolidated joint ventures | (279,000) | (6,959,000) | (5,095,000) | (18,434,000) |
| Consolidated real estate related funds | (688,000) | 581,000 | (2,556,000) | 408,000 |
| Operating Partnership | 2,302,000 | 893,000 | 4,901,000 | 716,000 |
| Net (loss) income attributable to common stockholders | $ (28,947,000) | $ (9,688,000) | $ (58,758,000) | $ (7,642,000) |
| Loss per Common Share - Basic: | ||||
| Loss per common share - basic | $ (0.13) | $ (0.04) | $ (0.27) | $ (0.04) |
| Weighted average common shares outstanding | 220,512,867 | 217,314,706 | 219,254,194 | 217,208,809 |
| Loss per Common Share - Diluted: | ||||
| Loss per common share - diluted | $ (0.13) | $ (0.04) | $ (0.27) | $ (0.04) |
| Weighted average common shares outstanding | 220,512,867 | 217,314,706 | 219,254,194 | 217,208,809 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
|
| Statement of Comprehensive Income [Abstract] | ||||
| Net (loss) income | $ (30,282) | $ (4,203) | $ (56,008) | $ 9,668 |
| Other comprehensive (loss) income: | ||||
| Change in value of interest rate swaps and interest rate caps | (345) | (3,586) | (819) | (14,241) |
| Pro rata share of other comprehensive (loss) income of unconsolidated joint ventures | 0 | (34) | 0 | 38 |
| Comprehensive loss | (30,627) | (7,823) | (56,827) | (4,535) |
| Less comprehensive (income) loss attributable to noncontrolling interests in: | ||||
| Consolidated joint ventures | (279) | (6,959) | (5,095) | (18,434) |
| Consolidated real estate related funds | (688) | 581 | (2,556) | 408 |
| Operating Partnership | 2,656 | 1,198 | 5,292 | 1,911 |
| Comprehensive loss attributable to common stockholders | $ (28,938) | $ (13,003) | $ (59,186) | $ (20,650) |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) (Parenthetical) |
9 Months Ended |
|---|---|
|
Sep. 30, 2024
$ / shares
| |
| Dividends and distributions, Per share and unit | $ 0.07 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) |
9 Months Ended | ||
|---|---|---|---|
May 05, 2025 |
Jan. 17, 2025 |
Sep. 30, 2025 |
|
| 900 Third Avenue [Member] | |||
| Disposition of asset interest percentage | 45.00% | 45.00% | |
| One Front Street [Member] | |||
| Disposition of asset interest percentage | 25.00% | 25.00% |
Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
|
| Pay vs Performance Disclosure | ||||
| Net Income (Loss) | $ (28,947) | $ (9,688) | $ (58,758) | $ (7,642) |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Sep. 30, 2025 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
| Non Rule 10b5-1 Arrangement Modified | false |
| Rule 10b5-1 Arrangement Modified | false |
Organization and Business |
9 Months Ended |
|---|---|
Sep. 30, 2025 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Organization And Business | 1. Organization and Business
As used in these consolidated financial statements, unless otherwise indicated, all references to “we,” “us,” “our,” the “Company,” and “Paramount” refer to Paramount Group, Inc., a Maryland corporation, and its consolidated subsidiaries, including Paramount Group Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”). We are a fully-integrated real estate investment trust (“REIT”) focused on owning, operating, managing, acquiring and redeveloping high-quality, Class A office properties in select central business district submarkets of New York City and San Francisco. We conduct our business through, and substantially all of our interests in properties and investments are held by, the Operating Partnership. We are the sole general partner of, and owned approximately 93.2% of, the Operating Partnership as of September 30, 2025.
As of September 30, 2025, we own and/or manage a portfolio of 17 properties aggregating 13.1 million square feet comprised of: • Eight wholly and partially owned Class A properties aggregating 8.7 million square feet in New York, comprised of 8.2 million square feet of office space and 0.5 million square feet of retail and theater space; • Five wholly and partially owned Class A properties aggregating 3.6 million square feet in San Francisco, comprised of 3.4 million square feet of office space and 0.2 million square feet of retail space; and • Four managed properties aggregating 0.8 million square feet in New York and Washington, D.C. Additionally, we have an investment management business, where we serve as the general partner of several real estate related funds for institutional investors and high net-worth individuals.
Proposed Mergers
On September 17, 2025, we and the Operating Partnership (collectively, the “Company Parties”), Rithm Capital Corp., a Delaware corporation (“Parent”), Panorama REIT Merger Sub, Inc., a Maryland corporation and a wholly owned subsidiary of Parent (“REIT Merger Sub”), and Panorama Operating Merger Sub LP, a Delaware limited partnership and a wholly owned subsidiary of Parent (“Operating Merger Sub” and, collectively with REIT Merger Sub and Parent, the “Parent Parties”), entered into an Agreement and Plan of Merger (the “Original Merger Agreement”). On October 8, 2025, the Company Parties and the Parent Parties entered into Amendment No. 1 to the Merger Agreement (the “Amendment,” and the Original Merger Agreement as amended by the Amendment, the “Merger Agreement”). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, (i) Operating Merger Sub will be merged with and into the Operating Partnership, with the Operating Partnership surviving the merger (the “Partnership Merger”) and (ii) immediately following the consummation of the Partnership Merger, the Company will be merged with and into REIT Merger Sub with REIT Merger Sub surviving the merger (the “Surviving Entity” and such merger, the “Company Merger” and, together with the Partnership Merger, the “Mergers”). Upon completion of the Mergers, the Operating Partnership and the Surviving Entity will be indirectly controlled by Parent. The Mergers and the other transactions contemplated by the Merger Agreement were approved and declared advisable by the board of directors of the Company. Pursuant to the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Partnership Merger (the “Partnership Merger Effective Time”), each Common Unit of the Operating Partnership (each, an “Operating Partnership Common Unit”) that is issued and outstanding immediately prior to the Partnership Merger Effective Time will be automatically cancelled and converted into the right to receive an amount in cash equal to the product of (i) the Conversion Factor (as defined in the Second Amended and Restated Limited Partnership Agreement of the Operating Partnership, dated as of October 26, 2020, by and between the Company and the limited partners party thereto) in effect on such date with respect to such Operating Partnership Common Units multiplied by (ii) $6.60, without interest (the “Partnership Merger Consideration”). The Partnership Merger Consideration is subject to decrease in the event the Operating Partnership declares and pays any additional dividends in cash or property other than stock, which dividends are necessary to maintain the Company’s tax status as a REIT.
At the effective time of the Company Merger (the “Company Merger Effective Time”), each share of common stock of the Company, par value $0.01 per share, that is issued and outstanding immediately prior to the Company Merger Effective Time will be automatically cancelled and converted into the right to receive an amount in cash equal to $6.60 per share, without interest (the “Company Merger Consideration”). The Company Merger Consideration is subject to decrease in the event the Company declares and pays any additional dividends, which dividends are necessary to maintain its tax status as a REIT.
The Merger Agreement contains customary termination rights, including, but not limited to, the right of either party to terminate the Merger Agreement (i) if the Mergers have not occurred on or before 11:59 p.m. (Eastern time) on March 17, 2026, (ii) if any governmental authority of competent jurisdiction has issued a final, non-appealable order permanently restraining or otherwise prohibiting the transactions contemplated by the Merger Agreement, or (iii) if stockholder approval has not been obtained upon a vote taken at the special meeting of the Company’s stockholders or any postponement or adjournment thereof, at which a vote on the approval of the Company Merger was taken. In certain specified circumstances further described in the Merger Agreement, in connection with the termination of the Merger Agreement, the Company will be required to pay Parent a termination payment of $59,700,000. Pursuant to the Amendment, the definition of “Company Termination Payment” in the Original Merger Agreement was modified to provide that, notwithstanding the foregoing, the Company will instead be required to pay Parent a termination payment of $47,700,000 if the Company enters into an alternative acquisition agreement providing for a Superior Proposal (as defined in the Merger Agreement) with certain persons. The Parent Parties have represented in the Merger Agreement that Parent had, as of the date of the Merger Agreement, and the Parent Parties will have available, as of the Company Merger Effective Time, sufficient funds or other sources of immediately available funds to pay all amounts required to be paid in connection with the Mergers. |
Basis of Presentation and Significant Accounting Policies |
9 Months Ended |
|---|---|
Sep. 30, 2025 | |
| Basis Of Presentation And Significant Accounting Policies [Abstract] | |
| Basis of Presentation and Significant Accounting Policies | 2. Basis of Presentation and Significant Accounting Policies
Basis of Presentation
The accompanying consolidated financial statements are unaudited and have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in conjunction with the instructions to Form 10-Q of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures required by GAAP for complete financial statements have been condensed or omitted. These consolidated financial statements include the accounts of Paramount and its consolidated subsidiaries, including the Operating Partnership. In the opinion of management, all significant adjustments (which include only normal recurring adjustments) and eliminations (which include intercompany balances and transactions) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. The consolidated balance sheet as of December 31, 2024 was derived from audited financial statements as of that date but does not include all information and disclosures required by GAAP. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC.
Significant Accounting Policies
There are no material changes to our significant accounting policies as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024.
Use of Estimates
We have made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from those estimates. The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the operating results for the full year. Certain prior year balances have been reclassified to conform to current year presentation.
Recently Issued Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, an update to Accounting Standards Codification (“ASC”) Topic 740, Income Taxes. ASU 2023-09 enhances income tax disclosures by expanding the effective tax rate reconciliation and requiring disaggregated income tax information by jurisdictions. ASU 2023-09 is effective for fiscal years that begin after December 15, 2024, with early adoption permitted. We will adopt the provisions of ASU 2023-09 in our Annual Report on Form 10-K for the year ended December 31, 2025, and we do not believe that the adoption will have a material impact on our consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, an update to ASC Topic 220, Income Statement - Reporting Comprehensive Income. ASU 2024-03 requires disaggregated disclosures in the notes to the financial statements of each income statement line item that contains certain categories of expenses, including employee compensation, depreciation and amortization. ASU 2024-03 is effective for our year ending December 31, 2027, and interim periods beginning after December 15, 2027, with early adoption permitted. We are evaluating the impact of ASU 2024-03 on our consolidated financial statements and the related disclosures. In May 2025, the FASB issued ASU 2025-03, an update to ASC Topic 805, Business Combinations, and ASC Topic 810, Consolidation. ASU 2025-03 amends the guidance for determining the accounting acquirer in a business combination in which the legal acquiree is a variable interest entity (“VIE”). This amendment aligns the determination of the accounting acquirer for VIEs with the guidance used for other business combinations. ASU 2025-03 is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. We are evaluating the impact of ASU 2025-03 on our consolidated financial statements and related disclosures. In July 2025, the FASB issued ASU 2025-05, an update to ASC Topic 326, Financial Instruments - Credit Losses. ASU 2025-05 simplifies the guidance for estimating expected credit losses for accounts receivable and other current assets by assuming current conditions as of the balance sheet date do not change for the remaining life of the asset. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, with early adoption permitted. We are evaluating the impact of ASU 2025-05 on our consolidated financial statements and related disclosures. |
Dispositions |
9 Months Ended |
|---|---|
Sep. 30, 2025 | |
| Dispositions [Abstract] | |
| Dispositions | 3. Dispositions
On January 17, 2025, we sold a 45.0% equity interest in 900 Third Avenue, a 600,000 square foot Class A office building located in New York, at a gross asset valuation of $210,000,000. We realized net proceeds of $94,000,000 from the sale after transaction costs, of which $9,450,000 was received in December 2024 upon execution of the contract. Since the newly formed joint venture is deemed to be a VIE and we are the primary beneficiary, we continue to consolidate the financial position and the results of operations of 900 Third Avenue into our consolidated financial statements and the sale was accounted for as an equity transaction.
On May 5, 2025, we sold a 25.0% equity interest in One Front Street, a 649,000 square foot Class A office building located in San Francisco, at a gross asset valuation of $255,000,000. As part of the transaction, we have provided $40,545,000 of seller financing for a two-year term at a fixed rate of 5.50%. We realized net proceeds of $11,500,000 from the sale, after transaction and other costs. Since the newly formed joint venture is deemed to be a VIE and we are the primary beneficiary, we continue to consolidate the financial position and the results of operations of One Front Street into our consolidated financial statements and the sale was accounted for as an equity transaction. |
Consolidated Real Estate Related Funds |
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| Consolidated Real Estate Fund [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Consolidated Real Estate Related Funds | 4. Consolidated Real Estate Related Funds
Real Estate Related Fund Investments (Fund X)
We are the general partner and investment manager of Paramount Group Real Estate Fund X, LP (“Fund X”) and own a 13.0% interest in the fund. The following table sets forth the details of income or loss from real estate related fund investments for the three and nine months ended September 30, 2025 and 2024.
Residential Development Fund (“RDF”)
We are also the general partner of RDF in which we own a 7.4% interest. RDF owns a 35.0% interest in One Steuart Lane, a for-sale residential condominium project, in San Francisco, California. We consolidate the financial results of RDF into our consolidated financial statements and reflect the 92.6% interest that we do not own as noncontrolling interests in consolidated real estate related funds. RDF accounts for its 35.0% interest in One Steuart Lane under the equity method of accounting. Accordingly, our economic interest in One Steuart Lane (based on our 7.4% ownership interest in RDF) is 2.6%. See Note 6, Investments in Unconsolidated Joint Ventures. |
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Investments in Unconsolidated Real Estate Related Funds |
9 Months Ended |
|---|---|
Sep. 30, 2025 | |
| Real Estate Fund [Abstract] | |
| Investments in Unconsolidated Real Estate Related Funds | 5. Investments in Unconsolidated Real Estate Related Funds
We are the general partner and investment manager of Paramount Group Real Estate Fund VIII, LP (“Fund VIII”), which invests in real estate and related investments. As of September 30, 2025, our ownership interest in Fund VIII was 1.3%. We account for our investment in Fund VIII under the equity method of accounting.
As of September 30, 2025 and December 31, 2024, our share of the investments in the unconsolidated real estate related funds was $4,416,000 and $4,649,000, respectively, which is reflected as “investments in unconsolidated real estate related funds” on our consolidated balance sheets. We recognized income of $71,000 and $109,000 during the three months ended September 30, 2025 and 2024, respectively, and loss of $79,000 and income of $199,000 during the nine months ended September 30, 2025 and 2024, respectively, for our share of earnings, which is reflected as “income (loss) from unconsolidated real estate related funds” in our consolidated statements of income. |
Investments in Unconsolidated Joint Ventures |
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| Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments in Unconsolidated Joint Ventures | 6. Investments in Unconsolidated Joint Ventures
In August 2024, the joint venture that owned Market Center, in which we had a 67.0% ownership interest, ceased making debt service payments on the non-recourse mortgage loan due to insufficient property cash flows. In January 2025, the joint venture defaulted on the $416,544,000 mortgage loan, as it was not repaid at maturity. Subsequently, on May 30, 2025, the lenders completed the sale of Market Center through a deed-in-lieu of foreclosure. In December 2023, we wrote off our investment in Market Center to zero and discontinued the equity method of accounting. Accordingly, this sale did not have any impact on our consolidated financial statements.
The following tables summarize our investments in unconsolidated joint ventures as of the dates thereof and the income or loss from these investments for the periods set forth below.
(1) As of September 30, 2025, the carrying amount of our investments in One Steuart Lane and 1600 Broadway was greater than our share of equity in these investments by $462 and $294, respectively, and primarily represents the unamortized portion of our capitalized acquisition costs. (2) Represents RDF’s economic interest in One Steuart Lane, a for-sale residential condominium project. Our economic interest in One Steuart Lane (based on our 7.4% ownership interest in RDF) is 2.6%. (3) As of September 30, 2025, the carrying amount of our investments in the joint ventures that own 712 Fifth Avenue, 55 Second Street, 111 Sutter Street and Oder-Center, Germany were $0. Since we have no further obligation to fund additional capital to these joint ventures, we have discontinued the equity method of accounting, and accordingly, we no longer recognize our proportionate share of earnings. Instead, we recognize income only to the extent we receive cash distributions from the joint ventures and recognize losses to the extent we make cash contributions to the joint ventures.
The following tables provide the combined summarized financial information of our unconsolidated joint ventures as of the dates thereof and for the periods set forth below.
(1) Represents residential condominium units at One Steuart Lane that are available for sale. (2) Includes proceeds from the sale of residential condominium units at One Steuart Lane. (3) Includes cost of sales relating to residential condominium units sold at One Steuart Lane. (4) Represents gain on extinguishment of debt related to Market Center. In December 2023, we wrote off our investment in Market Center to zero and discontinued the equity method of accounting for this joint venture. Accordingly, the gain on extinguishment of debt did not have an impact on our consolidated financial statements. |
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Intangible Assets and Liabilities |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets and Liabilities | 7. Intangible Assets and Liabilities
The following tables summarize our intangible assets (acquired above-market leases and acquired in-place leases) and intangible liabilities (acquired below-market leases) and the related amortization as of the dates thereof and for the periods set forth below.
The following table sets forth amortization of acquired above and below-market leases, net and amortization of acquired in-place leases for the three-month period from October 1, 2025 through December 31, 2025, and each of the five succeeding years commencing from January 1, 2026.
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | 8. Debt
On May 5, 2025, we terminated our revolving credit facility following the sale of a 25.0% equity interest in One Front Street, which was one of the two remaining properties supporting our credit facility. There was no outstanding balance on the facility at the time of termination.
On August 5, 2025, we completed a $900,000,000 refinancing of 1301 Avenue of the Americas, a 1.8 million square-foot Class A office building in New York City. The new five-year interest-only loan has a fixed rate of 6.39% and matures in August 2030. The proceeds from the refinancing were used to repay the existing $860,000,000 loan that bore interest at plus 277 basis points and was scheduled to mature in August 2026. We retained net proceeds of approximately $26,000,000 after the repayment of the existing loan and closing costs.
The following table summarizes our consolidated outstanding debt.
(1) These loans mature within the next twelve months. Although these loan balances exceed our projected liquidity at the time of their respective maturities, we are currently exploring various refinancing options and believe that, based on each property’s operating performance, it is probable that we will be successful in refinancing each loan prior to its maturity. |
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Derivative Instruments and Hedging Activities |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities | 9. Derivative Instruments and Hedging Activities
Prior to August 2024, we had interest rate swap agreements with an aggregate notional amount of $500,000,000 to fix SOFR at 0.49% through August 2024. We also had interest rate cap agreements with an aggregate notional amount of $360,000,000 to cap SOFR at 4.50% through August 2024. In August 2024, upon the expiration of these agreements, we entered into new interest rate cap agreements for an aggregate notional amount of $860,000,000 to cap SOFR at 3.50% through August 2025. These interest rate swaps and interest rate caps were designated as cash flow hedges and therefore changes in their fair values were recognized in other comprehensive income or loss (outside of earnings). We recognized other comprehensive losses of $345,000 and $3,586,000 for the three months ended September 30, 2025 and 2024, respectively, and $819,000 and $14,241,000 for the nine months ended September 30, 2025 and 2024, respectively, from the changes in the fair value of these derivative financial instruments, which are recorded as a component of other comprehensive loss in our consolidated financial statements. See Note 11, Accumulated Other Comprehensive Income.
The table below provides additional details on our interest rate caps that are designated as cash flow hedges.
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Equity |
9 Months Ended |
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Sep. 30, 2025 | |
| Stockholders' Equity Note [Abstract] | |
| Equity | 10. Equity
Stock Repurchase Program
We currently have $15,000,000 of capacity under a $200,000,000 stock repurchase program which was approved by our board of directors in November 2019, and allows us to repurchase shares of our common stock from time to time, in the open market or in privately negotiated transactions. We did not repurchase any shares in the nine months ended September 30, 2025. Under the terms of the Merger Agreement, subject to the restrictions set forth therein, we may not repurchase any shares of our common stock without the prior written consent of Parent. |
Accumulated Other Comprehensive Income |
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| Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Income | 11. Accumulated Other Comprehensive Income
The following table sets forth changes in accumulated other comprehensive income by component for the three and nine months ended September 30, 2025 and 2024, respectively, including amounts attributable to noncontrolling interests in the Operating Partnership.
(1) Represents amounts related to interest rate caps and interest rate swaps which were designated as cash flow hedges. |
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Noncontrolling Interests |
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| Noncontrolling Interest [Abstract] | |
| Noncontrolling Interests | 12. Noncontrolling Interests
Consolidated Joint Ventures
Noncontrolling interests in consolidated joint ventures as of September 30, 2025 were $744,813,000, and represent the equity interests held by third parties in 1633 Broadway, 900 Third Avenue, One Market Plaza, 300 Mission Street, and One Front Street. The noncontrolling interests in consolidated joint ventures as of September 30, 2025, are net of a $40,545,000 mezzanine loan receivable that was issued as seller financing in connection with the sale of a 25.0% interest in One Front Street. As of December 31, 2024, noncontrolling interests in consolidated joint ventures were $495,340,000, and represented equity interests held by third parties in 1633 Broadway, One Market Plaza and 300 Mission Street.
Consolidated Real Estate Related Funds
Noncontrolling interests in our consolidated real estate related funds consist of equity interests held by third parties in RDF and Fund X. As of September 30, 2025 and December 31, 2024, the noncontrolling interests in our consolidated real estate related funds aggregated $85,431,000 and $82,875,000, respectively.
Operating Partnership
Noncontrolling interests in the Operating Partnership represent common units of the Operating Partnership that are held by third parties, including management, and units issued to management under equity incentive plans. Common units of the Operating Partnership may be tendered for redemption to the Operating Partnership for cash. We, at our option, may assume that obligation and pay the holder either cash or common shares on a one-for-one basis. Since the number of common shares outstanding is equal to the number of common units owned by us, the redemption value of each common unit is equal to the market value of each common share and distributions paid to each common unitholder is equivalent to dividends paid to common stockholders. As of September 30, 2025 and December 31, 2024, noncontrolling interests in the Operating Partnership on our consolidated balance sheets had a carrying amount of $222,107,000 and $290,005,000, respectively, and a redemption value of $106,593,000 and $99,085,000, respectively, based on the closing share price of our common stock on the New York Stock Exchange at the end of each period. |
Variable Interest Entities ("VIEs") |
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| Variable Interest Entities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Variable Interest Entities ("VIEs") | 13. Variable Interest Entities (“VIEs”)
In the normal course of business, we are the general partner of various types of investment vehicles, which may be considered VIEs. We may, from time to time, own equity or debt securities through vehicles, each of which are considered variable interests. Our involvement in financing the operations of the VIEs is generally limited to our investments in the entity. We consolidate these entities when we are deemed to be the primary beneficiary.
Consolidated VIEs
We are the sole general partner of, and owned approximately 93.2% of, the Operating Partnership as of September 30, 2025. The Operating Partnership is considered a VIE and is consolidated in our consolidated financial statements. Since we conduct our business through and substantially all of our interests are held by the Operating Partnership, the assets and liabilities on our consolidated financial statements represent the assets and liabilities of the Operating Partnership. As of September 30, 2025 and December 31, 2024, the Operating Partnership held interests in consolidated VIEs owning properties and real estate related funds that were determined to be VIEs. The assets of these consolidated VIEs may only be used to settle the obligations of the entities and such obligations are secured only by the assets of the entities and are non-recourse to the Operating Partnership or us. The following table summarizes the assets and liabilities of consolidated VIEs of the Operating Partnership.
Unconsolidated VIEs
As of September 30, 2025, the Operating Partnership held variable interests in entities that own our unconsolidated real estate related funds and an unconsolidated joint venture that were deemed to be VIEs. The following table summarizes our investments in these entities and the maximum risk of loss from these investments.
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Fair Value Measurements |
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| Fair Value Measurements | 14. Fair Value Measurements
Financial Assets Measured at Fair Value
The following table summarizes the fair value of our financial assets that are measured at fair value on our consolidated balance sheet as of the date set forth below, based on their levels in the fair value hierarchy.
Financial Liabilities Not Measured at Fair Value
Financial liabilities not measured at fair value on our consolidated balance sheets consist of notes and mortgages payable. The following table summarizes the carrying amounts and fair value of these financial instruments as of the dates set forth below.
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Leases |
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| Leases | 15. Leases
We lease office, retail and storage space to tenants, primarily under non-cancellable operating leases which generally have terms ranging from to fifteen years. Most of our leases provide tenants with extension options at either fixed or market rates and few of our leases provide tenants with options to terminate early, but such options generally impose an economic penalty on the tenant upon exercising. Rental revenue is recognized in accordance with ASC Topic 842, Leases, and includes (i) fixed payments of cash rents, which represent revenue each tenant pays in accordance with the terms of its respective lease and that is recognized on a straight-line basis over the non-cancellable term of the lease, and includes the effects of rent steps and rent abatements under the leases, (ii) variable payments of tenant reimbursements, which are recoveries of all or a portion of the operating expenses and real estate taxes of the property and are recognized in the same period as the expenses are incurred, (iii) amortization of acquired above and below-market leases, net and (iv) lease termination income.
The following table sets forth the details of our rental revenue.
The following table is a schedule of future undiscounted cash flows under non-cancellable operating leases in effect as of September 30, 2025, for the three-month period from October 1, 2025 through December 31, 2025, and each of the five succeeding years and thereafter commencing January 1, 2026.
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Fee and Other Income |
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| Fee and Other Income | 16. Fee and Other Income
The following table sets forth the details of our fee and other income.
(1) Primarily comprised of (i) tenant requested services, including cleaning, overtime heating and cooling and (ii) parking income. |
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Interest and Other Income, net |
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| Interest and Other Income, net | 17. Interest and Other Income, net
The following table sets forth the details of interest and other income, net.
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Interest and Debt Expense |
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| Interest and Debt Expense | 18. Interest and Debt Expense
The following table sets forth the details of interest and debt expense.
(1) Includes $2,257 in the three and nine months ended September 30, 2025 of expense from the write-off of deferred financing costs in connection with the refinancing of 1301 Avenue of the Americas, and $1,751 in the nine months ended September 30, 2025 of expense from the write-off of deferred financing costs in connection with the modification and termination of our revolving credit facility. |
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Incentive Compensation |
9 Months Ended |
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Sep. 30, 2025 | |
| Share-Based Payment Arrangement [Abstract] | |
| Incentive Compensation | 19. Incentive Compensation
Stock-Based Compensation
Our 2024 Equity Incentive Plan (the “2024 Plan”) provides for grants of equity awards to our executive officers, non-employee directors and employees in order to attract and motivate talent for which we compete. In addition, equity awards are an effective management retention tool as they vest over multiple years based on continued employment. Equity awards are granted in the form of (i) restricted stock and (ii) long-term incentive plan (“LTIP”) units, which represent a class of partnership interests in our Operating Partnership and are typically comprised of Time-Based LTIP units, Performance-Based LTIP units, Time-Based Appreciation Only LTIP units and Performance-Based Appreciation Only LTIP units.
We account for all stock-based compensation in accordance with ASC 718, Compensation – Stock Compensation. We recognized stock-based compensation expense of $2,649,000 and $4,373,000 for the three months ended September 30, 2025 and 2024, respectively, and $14,261,000 and $15,635,000 for the nine months ended September 30, 2025 and 2024, respectively, related to awards granted in prior periods. The stock-based compensation expense for the nine months ended September 30, 2025, includes $4,438,000 of expense relating to the acceleration of vesting of the equity awards for two of our former named executive officers.
Completion of the 2022 Performance-Based Awards Program (“2022 Performance Program”)
On December 31, 2024, the three-year performance measurement period for our 2022 Performance Program ended. On February 7, 2025, the Compensation Committee of our board of directors determined that 26.7%, or 474,463 of the LTIP units that were granted under the 2022 Performance Program, were earned. Of the LTIP units that were earned, 237,225 units vested immediately on February 7, 2025 and the remaining 237,238 units are scheduled to vest on December 31, 2025. |
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| Earnings Per Share | 20. Earnings Per Share
The following table summarizes our net income or loss, and the number of common shares used in the computation of basic and diluted income or loss per common share, which includes the weighted average number of common shares outstanding and the effect of dilutive potential common shares, if any.
(1) The effect of dilutive securities excludes 18,415 and 22,105 weighted average share equivalents for the three months ended September 30, 2025 and 2024, respectively, and 19,628 and 22,079 weighted average share equivalents for the nine months ended September 30, 2025 and 2024, respectively, as their effect was anti-dilutive. |
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Related Parties |
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Sep. 30, 2025 | |
| Related Party Transactions [Abstract] | |
| Related Parties | 21. Related Parties
HT Consulting GmbH
Albert Behler, our Chairman, Chief Executive Officer and President, owns 100% of HT Consulting GmbH (“HTC”), a licensed broker in Germany. We have an agreement with HTC to supervise selling efforts for our joint ventures and private equity real estate related funds (or investments in feeder vehicles for these funds) to investors in Germany. Through August 15, 2025, we agreed to pay HTC for the costs incurred plus a mark-up of 10%. We incurred costs aggregating $159,000 and $141,000 for the three months ended September 30, 2025 and 2024, respectively, and $378,000 and $386,000 for the nine months ended September 30, 2025 and 2024, respectively, in connection with this agreement, with no costs incurred from and after August 15, 2025. As of September 30, 2025 and December 31, 2024, we owed $267,000 and $113,000, respectively, to HTC under this agreement, which is included as a component of “accounts payable and accrued expenses” on our consolidated balance sheets. Subsequent to August 15, 2025, we have agreed to pay HTC a success-based fee. We did not incur any costs in connection with this revised agreement.
Aircraft Services
Mr. Behler owns 50% of a private aviation company, in addition to owning a private aircraft that is managed by third-party aviation management companies. From time to time, Mr. Behler had utilized aircraft sourced from his private aviation company and his private aircraft for business travel. We did not incur any costs for the three months ended September 30, 2025. We incurred costs aggregating $439,000 for the three months ended September 30, 2024, and $147,000 and $1,243,000 for the nine months ended September 30, 2025 and 2024, respectively, related to the charter by Mr. Behler of such aircraft for business purposes, which is included as a component of “general and administrative” in our consolidated statements of income.
Kramer Design Services
Kramer Design Services (“Kramer Design”) is 100% owned by the spouse of Mr. Behler. In February 2025, we entered into agreements with Kramer Design to provide branding and design services relating to certain of our properties in San Francisco for an aggregate cost of $220,000 excluding expenses. We incurred costs aggregating $123,000 and $162,000 for the three and nine months ended September 30, 2025 respectively, in connection with services rendered pursuant to these agreements. In addition, we had entered into an agreement with Kramer Design to develop branding and signage for the Paramount Club, our amenity center at 1301 Avenue of the Americas, which opened in May 2024. We incurred costs aggregating $42,000 for the nine months ended September 30, 2024, in connection with services rendered pursuant to this agreement.
Mannheim Trust
The Mannheim Trust is for the benefit of the children of Dr. Martin Bussmann, who is a member of our board of directors. A subsidiary of Mannheim Trust leases 3,127 square feet of office space at 712 Fifth Avenue, our 50.0% owned unconsolidated joint venture, pursuant to a lease agreement which expires in August 2026. We recognized $31,000 and $30,000 for the three months ended September 30, 2025 and 2024, respectively, and $92,000 and $89,000 for the nine months ended September 30, 2025 and 2024, respectively, for our share of rental income pursuant to this lease.
ParkProperty Capital, LP
ParkProperty Capital, LP (“ParkProperty”), an entity partially owned by Katharina Otto-Bernstein, leases 4,233 square feet at 1325 Avenue of the Americas, pursuant to a lease agreement that expires in November 2027. Ms. Otto-Bernstein is a former member of our board of directors whose term ended in May 2025 and is currently one of our significant stockholders. We recognized rental revenue of $72,000 and $71,000 for the three months ended September 30, 2025 and 2024, respectively, and $214,000 and $212,000 for the nine months ended September 30, 2025 and 2024, respectively, pursuant to this lease.
Debevoise and Plimpton LLP
We have entered into indemnification agreements with each of our directors and executive officers, including Wilbur Paes, our former Chief Operating Officer, Chief Financial Officer and Treasurer. Pursuant to the indemnification agreement with Mr. Paes, we have agreed to reimburse Mr. Paes for certain costs incurred in connection with the investigation described in Note 22, Commitments and Contingencies. These costs include certain legal fees incurred for Mr. Paes’s counsel, Debevoise and Plimpton LLP (“Debevoise”), where Mr. Paes’s brother is a partner, which aggregated $635,000 and $909,000 for the three and nine months ended September 30, 2025, respectively. As of September 30, 2025, we owed $13,000 to Debevoise under this agreement, which is included as a component of “accounts payable and accrued expenses” on our consolidated balance sheets.
Management Agreements
We provide property management, leasing and other related services to certain properties owned by members of the Otto Family, which are collectively one of our significant stockholders. We recognized fee income of $136,000 and $195,000 for the three months ended September 30, 2025 and 2024, respectively, and $427,000 and $562,000 for the nine months ended September 30, 2025 and 2024, respectively, in connection with these agreements, which is included as a component of “fee and other income” in our consolidated statements of income. As of September 30, 2025 and December 31, 2024, amounts owed to us under these agreements aggregated $39,000 and $31,000, respectively, which are included as a component of “accounts and other receivables” on our consolidated balance sheets.
We also provide asset management, property management, leasing and other related services to our unconsolidated joint ventures and real estate related funds. We recognized fee income of $3,230,000 and $5,404,000 for the three months ended September 30, 2025 and 2024, respectively, and $9,743,000 and $14,214,000 for the nine months ended September 30, 2025 and 2024, respectively, in connection with these agreements, which is included as a component of “fee and other income” in our consolidated statements of income. As of September 30, 2025 and December 31, 2024, amounts owed to us under these agreements aggregated $1,220,000 and $1,652,000, respectively, which are included as a component of “accounts and other receivables” on our consolidated balance sheets. |
Commitments and Contingencies |
9 Months Ended |
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Sep. 30, 2025 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | 22. Commitments and Contingencies
Insurance
We carry commercial general liability coverage on our properties, with limits of liability customary within the industry. Similarly, we are insured against the risk of direct and indirect physical damage to our properties including coverage for perils such as floods, earthquakes and windstorms. Our policies also cover the loss of rental income during an estimated reconstruction period. Our policies reflect limits and deductibles customary in the industry and specific to the buildings and portfolio. We also obtain title insurance policies when acquiring new properties. We currently have coverage for losses incurred in connection with both domestic and foreign terrorist-related activities, as well as cybersecurity incidents. While we do carry commercial general liability insurance, property insurance, terrorism insurance and cybersecurity insurance, these policies include limits and terms we consider commercially reasonable. In addition, there are certain losses (including, but not limited to, losses arising from known environmental conditions or acts of war) that are not insured, in full or in part, because they are either uninsurable or the cost of insurance makes it, in our belief, economically impractical to maintain such coverage. Should an uninsured loss arise against us, we would be required to use our own funds to resolve the issue, including litigation costs. We believe the policy specifications and insured limits are adequate given the relative risk of loss, the cost of the coverage and industry practice and, in consultation with our insurance advisors, we believe the properties in our portfolio are adequately insured.
Other Commitments and Contingencies
We are a party to various claims and routine litigation arising in the ordinary course of business. Some of these claims or others to which we may be subject from time to time may result in defense costs, settlements, fines or judgments against us, some of which are not, or cannot be, covered by insurance. Payment of any such costs, settlements, fines or judgments that are not insured could have an adverse impact on our financial position and results of operations. Should any litigation arise, we would contest it vigorously. In addition, certain litigation or the resolution of certain litigation may affect the availability or cost of some of our insurance coverage, which could adversely impact our results of operations and cash flow, expose us to increased risks that would be uninsured, and/or adversely impact our ability to attract officers and directors.
The Division of Enforcement of the SEC is conducting an investigation into the adequacy of our disclosures concerning executive compensation, perquisites, the use of corporate assets, related party transactions, and conflicts of interest. The investigation also covers possible failures of our controls and procedures relating to the topics of those disclosures. We are cooperating with the SEC. We are unable to estimate the likely outcome of this matter, or a reasonably probable range of potential costs or exposure, or the potential duration of the process, at this time.
The terms of our consolidated mortgage debt agreements in place include certain restrictions and covenants which may limit, among other things, certain investments, the incurrence of additional indebtedness and liens and the disposition or other transfer of assets and interests in the borrower and other credit parties, and require compliance with certain debt yield, debt service coverage and loan to value ratios. As of September 30, 2025, we believe we are in compliance with all of our covenants.
On March 29, 2024, the joint venture that owns 60 Wall Street, in which we have a 5.0% ownership interest, modified the existing $575,000,000 non-recourse mortgage loan and extended the maturity to May 2029. In connection with the modification, the joint venture committed to redevelop the property and fund the necessary costs to complete the project. On behalf of the joint venture, we have provided the lender with certain guarantees, including a completion guarantee. We have agreements with our joint venture partners that indemnify us for their share of guarantees we provided. In accordance with GAAP, we recorded a liability equal to the fair value of the obligations undertaken in issuing the guarantees and record an asset equal to the fair value of the indemnification we have received. As of September 30, 2025, we have a $13,314,000 asset and liability, which are included as a component of “other assets” and “other liabilities,” on our consolidated balance sheets. |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segments | 23. Segments
Our operating segments, which consist of each one of our properties, are aggregated into two reportable segments based on two geographic regions in which we conduct our business: New York and San Francisco. Our determination of segments is aligned with our method of internal reporting and the way our , who is also our Chief Operating Decision Maker, makes key operating decisions, evaluates financial results and manages our business.
The following tables provide Paramount's share of Net Operating Income (“NOI”) for each reportable segment for the periods set forth below.
(1) Primarily comprised of cleaning, security, repairs and maintenance, and utilities. (2) 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 present Paramount’s share of NOI which represents our share of NOI of consolidated and unconsolidated joint ventures, based on our percentage ownership in the underlying assets. We use NOI internally as a performance measure and believe it provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Other real estate companies may use different methodologies for calculating NOI and, accordingly, our presentation of NOI may not be comparable to other real estate companies.
The following table provides a reconciliation of Paramount's share of NOI to net loss attributable to common stockholders for the periods set forth below.
The following table provides the total assets for each of our reportable segments as of the dates set forth below.
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Basis of Presentation and Significant Accounting Policies (Policies) |
9 Months Ended |
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Sep. 30, 2025 | |
| Accounting Policies [Abstract] | |
| Basis of Presentation | Basis of Presentation
The accompanying consolidated financial statements are unaudited and have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in conjunction with the instructions to Form 10-Q of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures required by GAAP for complete financial statements have been condensed or omitted. These consolidated financial statements include the accounts of Paramount and its consolidated subsidiaries, including the Operating Partnership. In the opinion of management, all significant adjustments (which include only normal recurring adjustments) and eliminations (which include intercompany balances and transactions) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. The consolidated balance sheet as of December 31, 2024 was derived from audited financial statements as of that date but does not include all information and disclosures required by GAAP. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC. |
| Significant Accounting Policies | Significant Accounting Policies
There are no material changes to our significant accounting policies as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024. |
| Use of Estimates | Use of Estimates
We have made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from those estimates. The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the operating results for the full year. Certain prior year balances have been reclassified to conform to current year presentation. |
| Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, an update to Accounting Standards Codification (“ASC”) Topic 740, Income Taxes. ASU 2023-09 enhances income tax disclosures by expanding the effective tax rate reconciliation and requiring disaggregated income tax information by jurisdictions. ASU 2023-09 is effective for fiscal years that begin after December 15, 2024, with early adoption permitted. We will adopt the provisions of ASU 2023-09 in our Annual Report on Form 10-K for the year ended December 31, 2025, and we do not believe that the adoption will have a material impact on our consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, an update to ASC Topic 220, Income Statement - Reporting Comprehensive Income. ASU 2024-03 requires disaggregated disclosures in the notes to the financial statements of each income statement line item that contains certain categories of expenses, including employee compensation, depreciation and amortization. ASU 2024-03 is effective for our year ending December 31, 2027, and interim periods beginning after December 15, 2027, with early adoption permitted. We are evaluating the impact of ASU 2024-03 on our consolidated financial statements and the related disclosures. In May 2025, the FASB issued ASU 2025-03, an update to ASC Topic 805, Business Combinations, and ASC Topic 810, Consolidation. ASU 2025-03 amends the guidance for determining the accounting acquirer in a business combination in which the legal acquiree is a variable interest entity (“VIE”). This amendment aligns the determination of the accounting acquirer for VIEs with the guidance used for other business combinations. ASU 2025-03 is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. We are evaluating the impact of ASU 2025-03 on our consolidated financial statements and related disclosures. In July 2025, the FASB issued ASU 2025-05, an update to ASC Topic 326, Financial Instruments - Credit Losses. ASU 2025-05 simplifies the guidance for estimating expected credit losses for accounts receivable and other current assets by assuming current conditions as of the balance sheet date do not change for the remaining life of the asset. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, with early adoption permitted. We are evaluating the impact of ASU 2025-05 on our consolidated financial statements and related disclosures. |
Consolidated Real Estate Related Funds (Tables) |
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| Summary of Income from Real Estate Related Fund Investments | The following table sets forth the details of income or loss from real estate related fund investments for the three and nine months ended September 30, 2025 and 2024.
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Investments in Unconsolidated Joint Ventures (Tables) |
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| Summary of Financial Information of Unconsolidated Joint Ventures | The following tables summarize our investments in unconsolidated joint ventures as of the dates thereof and the income or loss from these investments for the periods set forth below.
(1) As of September 30, 2025, the carrying amount of our investments in One Steuart Lane and 1600 Broadway was greater than our share of equity in these investments by $462 and $294, respectively, and primarily represents the unamortized portion of our capitalized acquisition costs. (2) Represents RDF’s economic interest in One Steuart Lane, a for-sale residential condominium project. Our economic interest in One Steuart Lane (based on our 7.4% ownership interest in RDF) is 2.6%. (3)
As of September 30, 2025, the carrying amount of our investments in the joint ventures that own 712 Fifth Avenue, 55 Second Street, 111 Sutter Street and Oder-Center, Germany were $0. Since we have no further obligation to fund additional capital to these joint ventures, we have discontinued the equity method of accounting, and accordingly, we no longer recognize our proportionate share of earnings. Instead, we recognize income only to the extent we receive cash distributions from the joint ventures and recognize losses to the extent we make cash contributions to the joint ventures. |
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| Summary of Financial Information of Unconsolidated Joint Ventures | The following tables provide the combined summarized financial information of our unconsolidated joint ventures as of the dates thereof and for the periods set forth below.
(1) Represents residential condominium units at One Steuart Lane that are available for sale. (2) Includes proceeds from the sale of residential condominium units at One Steuart Lane. (3) Includes cost of sales relating to residential condominium units sold at One Steuart Lane. (4)
Represents gain on extinguishment of debt related to Market Center. In December 2023, we wrote off our investment in Market Center to zero and discontinued the equity method of accounting for this joint venture. Accordingly, the gain on extinguishment of debt did not have an impact on our consolidated financial statements. |
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Intangible Assets and Liabilities (Tables) |
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| Summary of Intangible Assets and Liabilities | The following tables summarize our intangible assets (acquired above-market leases and acquired in-place leases) and intangible liabilities (acquired below-market leases) and the related amortization as of the dates thereof and for the periods set forth below.
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| Schedule of Estimated Annual Amortization of Acquired Below-Market Leases, Net of Acquired Above-Market Leases and In Place Leases | The following table sets forth amortization of acquired above and below-market leases, net and amortization of acquired in-place leases for the three-month period from October 1, 2025 through December 31, 2025, and each of the five succeeding years commencing from January 1, 2026.
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Debt (Tables) |
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Sep. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Outstanding Debt | The following table summarizes our consolidated outstanding debt.
(1)
These loans mature within the next twelve months. Although these loan balances exceed our projected liquidity at the time of their respective maturities, we are currently exploring various refinancing options and believe that, based on each property’s operating performance, it is probable that we will be successful in refinancing each loan prior to its maturity. |
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Derivative Instruments and Hedging Activities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Rate Cap [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Interest Rate Swaps and Interest Rate Caps | The table below provides additional details on our interest rate caps that are designated as cash flow hedges.
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Accumulated Other Comprehensive Income (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Changes in Accumulated Other Comprehensive Income by Component | The following table sets forth changes in accumulated other comprehensive income by component for the three and nine months ended September 30, 2025 and 2024, respectively, including amounts attributable to noncontrolling interests in the Operating Partnership.
(1)
Represents amounts related to interest rate caps and interest rate swaps which were designated as cash flow hedges. |
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Variable Interest Entities ("VIEs") (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Consolidated VIEs [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Assets and Liabilities of Consolidated Variable Interest Entities | The following table summarizes the assets and liabilities of consolidated VIEs of the Operating Partnership.
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| Unconsolidated VIEs [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Investments in Unconsolidated Real Estate Funds and Unconsolidated Joint Ventures and Maximum Risk of Loss from Investments | The following table summarizes our investments in these entities and the maximum risk of loss from these investments.
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Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Value of Financial Assets Measured at Fair Value | The following table summarizes the fair value of our financial assets that are measured at fair value on our consolidated balance sheet as of the date set forth below, based on their levels in the fair value hierarchy.
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| Summary of Carrying Amounts and Fair Value of Financial Instruments | The following table summarizes the carrying amounts and fair value of these financial instruments as of the dates set forth below.
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Leases (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Rental Revenues | The following table sets forth the details of our rental revenue.
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| Schedule of Future Undiscounted Cash Flows Under Non-Cancellable Operating Leases | The following table is a schedule of future undiscounted cash flows under non-cancellable operating leases in effect as of September 30, 2025, for the three-month period from October 1, 2025 through December 31, 2025, and each of the five succeeding years and thereafter commencing January 1, 2026.
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Fee and Other Income (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disaggregation of Revenue [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Fee and Other Income | The following table sets forth the details of our fee and other income.
(1)
Primarily comprised of (i) tenant requested services, including cleaning, overtime heating and cooling and (ii) parking income. |
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Interest and Other Income, net (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest and Other Income [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Details of Interest and Other Income, Net | The following table sets forth the details of interest and other income, net.
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Interest and Debt Expense (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest and Debt Expense [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Details of Interest and Debt Expense | The following table sets forth the details of interest and debt expense.
(1)
Includes $2,257 in the three and nine months ended September 30, 2025 of expense from the write-off of deferred financing costs in connection with the refinancing of 1301 Avenue of the Americas, and $1,751 in the nine months ended September 30, 2025 of expense from the write-off of deferred financing costs in connection with the modification and termination of our revolving credit facility. |
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Earnings Per Share (Tables) |
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Sep. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Computation of Earnings Per Share | The following table summarizes our net income or loss, and the number of common shares used in the computation of basic and diluted income or loss per common share, which includes the weighted average number of common shares outstanding and the effect of dilutive potential common shares, if any.
(1)
The effect of dilutive securities excludes 18,415 and 22,105 weighted average share equivalents for the three months ended September 30, 2025 and 2024, respectively, and 19,628 and 22,079 weighted average share equivalents for the nine months ended September 30, 2025 and 2024, respectively, as their effect was anti-dilutive. |
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Segments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Paramount's Share of Net Operating Income for Each Reportable Segment Information | The following tables provide Paramount's share of Net Operating Income (“NOI”) for each reportable segment for the periods set forth below.
(1) Primarily comprised of cleaning, security, repairs and maintenance, and utilities. (2)
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 present Paramount’s share of NOI which represents our share of NOI of consolidated and unconsolidated joint ventures, based on our percentage ownership in the underlying assets. We use NOI internally as a performance measure and believe it provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Other real estate companies may use different methodologies for calculating NOI and, accordingly, our presentation of NOI may not be comparable to other real estate companies. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Reconciliation of NOI to Net (Loss) Income Attributable to Common Stockholders | The following table provides a reconciliation of Paramount's share of NOI to net loss attributable to common stockholders for the periods set forth below.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Total Assets for Each Reportable Segments Information | The following table provides the total assets for each of our reportable segments as of the dates set forth below.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions - Additional Information (Details) |
9 Months Ended | |||||
|---|---|---|---|---|---|---|
|
May 05, 2025
USD ($)
ft²
|
Jan. 17, 2025
USD ($)
ft²
|
Sep. 30, 2025
USD ($)
ft²
|
Sep. 30, 2024
USD ($)
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
|
| Dispositions [Line items] | ||||||
| Area of office property | ft² | 13,100,000 | |||||
| Restricted cash | $ 324,150,000 | $ 173,510,000 | $ 180,391,000 | $ 81,391,000 | ||
| Transaction of seller financing | $ 40,545,000 | |||||
| 900 Third Avenue [Member] | ||||||
| Dispositions [Line items] | ||||||
| Disposition of asset interest percentage | 45.00% | 45.00% | ||||
| Area of office property | ft² | 600,000 | |||||
| Value of property | $ 210,000,000 | |||||
| Net Proceeds | $ 94,000,000 | |||||
| Restricted cash | $ 9,450,000 | |||||
| One Front Street [Member] | ||||||
| Dispositions [Line items] | ||||||
| Disposition of asset interest percentage | 25.00% | 25.00% | ||||
| Area of office property | ft² | 649,000 | |||||
| Value of property | $ 255,000,000 | |||||
| Net Proceeds | 11,500,000 | |||||
| Transaction of seller financing | $ 40,545,000 | $ 40,545,000 | $ 0 | |||
| Maturity term | 2 years | |||||
| Fixed rate | 5.50% | |||||
Consolidated Real Estate Related Funds - Additional Information (Details) |
9 Months Ended |
|---|---|
Sep. 30, 2025 | |
| Real Estate Related Fund [Line Items] | |
| Equity method paramount ownership percentage | 1.30% |
| One Steuart Lane [Member] | |
| Real Estate Related Fund [Line Items] | |
| Equity method economic interest percentage | 2.60% |
| Fund X [Member] | |
| Real Estate Related Fund [Line Items] | |
| Equity method paramount ownership percentage | 13.00% |
| Residential Development Fund's [Member] | |
| Real Estate Related Fund [Line Items] | |
| Equity method paramount ownership percentage | 7.40% |
| Interest not owned as noncontrolling interest in real estate related funds | 92.60% |
| Residential Development Fund's [Member] | One Steuart Lane [Member] | |
| Real Estate Related Fund [Line Items] | |
| Equity method paramount ownership percentage | 35.00% |
Consolidated Real Estate Related Funds - Summary of Income From Real Estate Related Fund Investments (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
|
| Real Estate Related Fund [Line Items] | ||||
| Loss from real estate related fund investments | $ (18) | $ (22) | $ (67) | $ (92) |
| Net (loss) income attributable to common stockholders | (28,947) | (9,688) | (58,758) | (7,642) |
| Fund X [Member] | ||||
| Real Estate Related Fund [Line Items] | ||||
| Net investment (loss) income | (18) | (22) | (67) | 683 |
| Net unrealized losses | 0 | 0 | 0 | (775) |
| Loss from real estate related fund investments | (18) | (22) | (67) | (92) |
| Less: noncontrolling interests in consolidated real estate related funds | 15 | 19 | 58 | 93 |
| Net (loss) income attributable to common stockholders | $ (3) | $ (3) | $ (9) | $ 1 |
Investments in Unconsolidated Real Estate Related Funds - Additional Information (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
Dec. 31, 2024 |
|
| Real Estate [Line Items] | |||||
| Alternative Investment Fund Ownership Interest Percentage | 1.30% | 1.30% | |||
| Investment, Type [Extensible Enumeration] | Fund VIII [Member] | Fund VIII [Member] | |||
| Investments in the unconsolidated real estate related funds | $ 4,416,000 | $ 4,416,000 | $ 4,649,000 | ||
| Loss (income) from unconsolidated real estate related funds | $ (71,000) | $ (109,000) | $ 79,000 | $ (199,000) | |
Investments in Unconsolidated Joint Ventures - Additional Information (Details) - Market Center [Member] - USD ($) |
Jan. 31, 2025 |
Aug. 31, 2024 |
|---|---|---|
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of ownership interest in joint venture | 67.00% | |
| Nonrecourse [Member] | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Non-recourse mortgage loan defaulted amount | $ 416,544,000 |
Investments in Unconsolidated Joint Ventures - Summary of Financial Information of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
Dec. 31, 2024 |
|||||||||
| Schedule Of Equity Method Investments [Line Items] | |||||||||||||
| Rental revenue | $ 164,687 | $ 184,235 | $ 511,741 | $ 543,636 | |||||||||
| Other income | 4,148 | 3,888 | 11,913 | 10,220 | |||||||||
| Total revenues | 172,959 | 194,899 | 537,023 | 571,184 | |||||||||
| Operating | 79,392 | 80,316 | 232,326 | 226,248 | |||||||||
| Depreciation and amortization | 57,766 | 60,071 | 176,707 | 182,920 | |||||||||
| Total expenses | 163,479 | 157,301 | 477,985 | 459,949 | |||||||||
| Interest and other income | 3,112 | 3,517 | 10,953 | 26,830 | |||||||||
| Interest and debt expense | (44,419) | (43,805) | (129,903) | (124,078) | |||||||||
| (Loss) income before income taxes | (31,113) | (3,584) | (57,438) | 10,996 | |||||||||
| Income tax expense | 831 | (619) | 1,430 | (1,328) | |||||||||
| Net (loss) income attributable to common stockholders | (28,947) | (9,688) | (58,758) | (7,642) | |||||||||
| Unconsolidated Joint Ventures [Member] | |||||||||||||
| Schedule Of Equity Method Investments [Line Items] | |||||||||||||
| Real estate, net | 1,383,558 | 1,383,558 | $ 1,567,771 | ||||||||||
| Cash and cash equivalents and restricted cash | 124,488 | 124,488 | 154,669 | ||||||||||
| Intangible assets, net | 35,474 | 35,474 | 42,672 | ||||||||||
| For-sale residential condominium units | [1] | 175,089 | 175,089 | 195,113 | |||||||||
| Deferred rent receivable | 32,724 | 32,724 | 42,128 | ||||||||||
| Other assets | 29,351 | 29,351 | 26,813 | ||||||||||
| Total assets | 1,780,684 | 1,780,684 | 2,029,166 | ||||||||||
| Notes and mortgages payable, net | 1,412,745 | 1,412,745 | 1,783,587 | ||||||||||
| Accounts payable and accrued expenses | 42,324 | 42,324 | 59,860 | ||||||||||
| Intangible liabilities, net | 1,682 | 1,682 | 2,480 | ||||||||||
| Other liabilities | 67,961 | 67,961 | 73,129 | ||||||||||
| Total liabilities | 1,524,712 | 1,524,712 | 1,919,056 | ||||||||||
| Equity | 255,972 | 255,972 | 110,110 | ||||||||||
| Total liabilities and equity | 1,780,684 | 1,780,684 | $ 2,029,166 | ||||||||||
| Rental revenue | 24,985 | 35,374 | 84,209 | 106,557 | |||||||||
| Other income | [2] | 11,368 | 2,188 | 39,701 | 20,432 | ||||||||
| Total revenues | 36,353 | 37,562 | 123,910 | 126,989 | |||||||||
| Operating | [3] | 22,717 | 23,985 | 72,630 | 80,345 | ||||||||
| Depreciation and amortization | 8,207 | 12,464 | 29,094 | 38,232 | |||||||||
| Total expenses | 30,924 | 36,449 | 101,724 | 118,577 | |||||||||
| Interest and other income | 1,788 | 1,855 | 5,334 | 4,351 | |||||||||
| Interest and debt expense | (8,536) | (14,782) | (42,673) | (44,729) | |||||||||
| Gain on extinguishment of debt | [4] | 162,517 | |||||||||||
| Gain on settlement of interest rate swap | 2,498 | 2,498 | |||||||||||
| (Loss) income before income taxes | (1,319) | (9,316) | 147,364 | (29,468) | |||||||||
| Income tax expense | (1) | (29) | (26) | ||||||||||
| Net (loss) income attributable to common stockholders | $ (1,319) | $ (9,317) | $ 147,335 | $ (29,494) | |||||||||
| |||||||||||||
Intangible Assets and Intangible Liabilities - Schedule of Estimated Annual Amortization of Acquired Below-Market Leases, Net of Acquired Above-Market Leases and In Place Leases (Details) $ in Thousands |
Sep. 30, 2025
USD ($)
|
|---|---|
| Finite Lived Intangible Assets [Line Items] | |
| 2025 | $ 998 |
| 2026 | 2,854 |
| 2027 | 2,541 |
| 2028 | 2,493 |
| 2029 | 2,066 |
| 2030 | 1,677 |
| Leases, Acquired-in-Place [Member] | |
| Finite Lived Intangible Assets [Line Items] | |
| 2025 | 2,116 |
| 2026 | 6,915 |
| 2027 | 6,271 |
| 2028 | 6,258 |
| 2029 | 5,634 |
| 2030 | $ 4,545 |
Debt - Additional Information (Details) ft² in Millions |
7 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
|
Aug. 05, 2025
USD ($)
ft²
|
May 05, 2025
USD ($)
|
Aug. 04, 2025 |
Sep. 30, 2025
USD ($)
|
Sep. 30, 2024
USD ($)
|
|
| Debt Instrument [Line Items] | |||||
| Debt instrument effective percentage | 4.26% | ||||
| Loan repayment amount | $ 860,000,000 | $ 975,000,000 | |||
| One Front Street [Member] | |||||
| Debt Instrument [Line Items] | |||||
| Disposition of asset interest percentage | 25.00% | 25.00% | |||
| Credit Facility | $ 0 | ||||
| 1301 Avenue of the Americas [Member] | |||||
| Debt Instrument [Line Items] | |||||
| Debt refinanced | $ 900,000,000 | ||||
| Number of square foot | ft² | 1.8 | ||||
| Debt instrument interest term | 5 years | ||||
| Debt instrument effective percentage | 6.39% | ||||
| Maturity date of debt | 2030-08 | 2026-08 | |||
| Loan repayment amount | $ 860,000,000 | ||||
| Fixed/Variable Rate | 2.77% | ||||
| Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||
| Remaining proceeds after repayment of existing loan | $ 26,000,000 | ||||
Derivative Instruments and Hedging Activities - Schedule of Interest Rate Swaps and Interest Rate Caps (Details) - Interest Rate Cap [Member] - USD ($) $ in Thousands |
9 Months Ended | |
|---|---|---|
Sep. 30, 2025 |
Dec. 31, 2024 |
|
| Derivative [Line Items] | ||
| Total interest rate cap assets designated as cash flow hedges (included in "other assets") | $ 0 | $ 3,650 |
| 1301 Avenue of the Americas [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Cap Rate One [Member] | ||
| Derivative [Line Items] | ||
| Notional Amount | $ 860,000 | |
| Effective Date | Aug. 31, 2024 | |
| Maturity Date | Aug. 31, 2025 | |
| Strike Rate | 3.50% | |
| Total interest rate cap assets designated as cash flow hedges (included in "other assets") | $ 0 | $ 3,650 |
Equity - Additional Information (Details) - USD ($) |
9 Months Ended | |
|---|---|---|
Sep. 30, 2025 |
Nov. 30, 2019 |
|
| Stockholders' Equity Note [Abstract] | ||
| Common stock shares authorized amount | $ 200,000,000 | |
| Stock repurchased | 0 | |
| Stock repurchase remaining authorized amount | $ 15,000,000 |
Accumulated Other Comprehensive Income - Summary of Changes in Accumulated Other Comprehensive Income by Component (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
|---|---|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
|||
| Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
| Amount of income (loss) related to the cash flow hedges recognized in other comprehensive loss | [1] | $ 0 | $ (876) | $ 642 | $ 1,008 | |
| Amounts reclassified from accumulated other comprehensive income decreasing interest and debt expense | [1] | (345) | (2,710) | (1,461) | (15,249) | |
| Amount of income (loss) related to unconsolidated joint ventures recognized in other comprehensive loss | $ 0 | $ (34) | $ 0 | $ 38 | ||
| ||||||
Noncontrolling Interests - Additional Information (Details) - USD ($) |
9 Months Ended | |||
|---|---|---|---|---|
May 05, 2025 |
Sep. 30, 2025 |
Sep. 30, 2024 |
Dec. 31, 2024 |
|
| Noncontrolling Interest [Line Items] | ||||
| Consolidated joint ventures | $ 744,813,000 | $ 495,340,000 | ||
| Mezzanine loan receivable in connection with the sale of interest | 40,545,000 | |||
| Noncontrolling interests in consolidated real estate related funds aggregated | 85,431,000 | 82,875,000 | ||
| Operating partnerships | 222,107,000 | 290,005,000 | ||
| Redemption value | $ 106,593,000 | $ 99,085,000 | ||
| Common units conversion basis | one-for-one | |||
| One Front Street [Member] | ||||
| Noncontrolling Interest [Line Items] | ||||
| Mezzanine loan receivable in connection with the sale of interest | $ 40,545,000 | $ 40,545,000 | $ 0 | |
| Disposition of asset interest percentage | 25.00% | 25.00% | ||
Variable Interest Entities ("VIEs") - Additional Information (Details) |
9 Months Ended |
|---|---|
Sep. 30, 2025 | |
| Variable Interest Entities [Member] | Paramount Group Operating Partnership [Member] | |
| Variable Interest Entity [Line Items] | |
| Percentage of ownership in operating partnership | 93.20% |
Variable Interest Entities ("VIEs") - Summary of Assets and Liabilities of Consolidated Variable Interest Entities (Details) - USD ($) $ in Thousands |
Sep. 30, 2025 |
Dec. 31, 2024 |
Sep. 30, 2024 |
Dec. 31, 2023 |
||
|---|---|---|---|---|---|---|
| Variable Interest Entity [Line Items] | ||||||
| Real estate, net | $ 6,612,697 | $ 6,651,805 | ||||
| Cash and cash equivalents and restricted cash | 654,357 | 555,447 | $ 492,235 | $ 509,599 | ||
| Accounts and other receivables | 26,582 | 18,229 | ||||
| Investments in unconsolidated joint ventures | 81,509 | 85,952 | ||||
| Deferred rent receivable | 352,906 | 356,425 | ||||
| Deferred charges, net | 126,587 | 100,684 | ||||
| Intangible assets, net | 41,093 | 50,492 | ||||
| Other assets | 74,348 | 47,820 | ||||
| Total assets | [1] | 7,974,495 | 7,871,503 | |||
| Notes and mortgages payable, net | 3,711,504 | 3,676,630 | ||||
| Accounts payable and accrued expenses | 138,689 | 119,881 | ||||
| Intangible liabilities, net | 16,541 | 20,870 | ||||
| Other liabilities | 31,473 | 44,625 | ||||
| Total liabilities | [1] | 3,898,207 | 3,862,006 | |||
| Variable Interest Entities [Member] | ||||||
| Variable Interest Entity [Line Items] | ||||||
| Real estate, net | 3,938,898 | 3,199,972 | ||||
| Cash and cash equivalents and restricted cash | 364,339 | 280,258 | ||||
| Accounts and other receivables | 14,708 | 10,067 | ||||
| Investments in unconsolidated joint ventures | 66,932 | 76,579 | ||||
| Deferred rent receivable | 201,373 | 192,939 | ||||
| Deferred charges, net | 56,786 | 38,610 | ||||
| Intangible assets, net | 22,930 | 28,569 | ||||
| Other assets | 25,032 | 7,078 | ||||
| Total assets | 4,690,998 | 3,834,072 | ||||
| Notes and mortgages payable, net | 2,325,671 | 2,320,880 | ||||
| Accounts payable and accrued expenses | 68,066 | 54,877 | ||||
| Intangible liabilities, net | 10,042 | 12,581 | ||||
| Other liabilities | 6,436 | 5,334 | ||||
| Total liabilities | $ 2,410,215 | $ 2,393,672 | ||||
| ||||||
Variable Interest Entities ("VIEs") - Summary of Investments in Unconsolidated Real Estate Funds and Unconsolidated Joint Ventures and Maximum Risk of Loss from Investments (Details) - USD ($) $ in Thousands |
Sep. 30, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Variable Interest Entity [Line Items] | ||
| Investment, Type [Extensible Enumeration] | Property Fund V I I I [Member] | |
| Unconsolidated Real Estate Funds [Member] | ||
| Variable Interest Entity [Line Items] | ||
| Maximum risk of loss | $ 4,416 | $ 4,649 |
| Investment, Type [Extensible Enumeration] | us-gaap:RealEstateInvestmentMember | us-gaap:RealEstateInvestmentMember |
| Unconsolidated Joint Ventures [Member] | ||
| Variable Interest Entity [Line Items] | ||
| Maximum risk of loss | $ 6,803 | $ 1,212 |
| Investment, Type [Extensible Enumeration] | us-gaap:RealEstateInvestmentMember | us-gaap:RealEstateInvestmentMember |
| Asset Management Fees and Other Receivables [Member] | ||
| Variable Interest Entity [Line Items] | ||
| Maximum risk of loss | $ 794 | $ 482 |
| Investment, Type [Extensible Enumeration] | us-gaap:RealEstateInvestmentMember | us-gaap:RealEstateInvestmentMember |
| Maximum Risk of Loss [Member] | ||
| Variable Interest Entity [Line Items] | ||
| Maximum risk of loss | $ 12,013 | $ 6,343 |
| Investment, Type [Extensible Enumeration] | us-gaap:RealEstateInvestmentMember | us-gaap:RealEstateInvestmentMember |
Fair Value Measurements - Schedule of Fair Value of Financial Assets Measured at Fair Value (Details) $ in Thousands |
Dec. 31, 2024
USD ($)
|
|---|---|
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
| Total assets | $ 3,650 |
| Interest Rate Cap [Member] | |
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
| Interest rate assets (included in "other assets") | 3,650 |
| Level 2 [Member] | |
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
| Total assets | 3,650 |
| Level 2 [Member] | Interest Rate Cap [Member] | |
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
| Interest rate assets (included in "other assets") | $ 3,650 |
Fair Value Measurements - Summary of Carrying Amounts and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands |
Sep. 30, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Carrying Amount [Member] | ||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
| Notes and mortgages payable | $ 3,732,050 | $ 3,692,050 |
| Total liabilities | 3,732,050 | 3,692,050 |
| Fair Value [Member] | ||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
| Notes and mortgages payable | 3,554,506 | 3,412,126 |
| Total liabilities | $ 3,554,506 | $ 3,412,126 |
Leases - Additional Information (Details) |
Sep. 30, 2025 |
|---|---|
| Minimum [Member] | |
| Lessor Lease Description [Line Items] | |
| Lease term | 5 years |
| Maximum [Member] | |
| Lessor Lease Description [Line Items] | |
| Lease term | 15 years |
Leases - Schedule of Rental Revenues (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
|
| Disaggregation of Revenue [Abstract] | ||||
| Fixed rental revenues | $ 146,712 | $ 156,190 | $ 445,240 | $ 475,420 |
| Variable rental revenues | 17,975 | 28,045 | 66,501 | 68,216 |
| Total rental revenue | $ 164,687 | $ 184,235 | $ 511,741 | $ 543,636 |
Leases - Schedule of Future Undiscounted Cash Flows Under Non-Cancellable Operating Leases (Details) $ in Thousands |
Sep. 30, 2025
USD ($)
|
|---|---|
| Leases [Abstract] | |
| 2025 | $ 135,534 |
| 2026 | 513,976 |
| 2027 | 523,072 |
| 2028 | 544,302 |
| 2029 | 530,602 |
| 2030 | 484,175 |
| Thereafter | 2,100,959 |
| Total | $ 4,832,620 |
Fee and Other Income - Summary of Fee and Other Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
|
| Fee income: | ||||
| Fee income | $ 4,124 | $ 6,776 | $ 13,369 | $ 17,328 |
| Other income | 4,148 | 3,888 | 11,913 | 10,220 |
| Total fee and other income | 8,272 | 10,664 | 25,282 | 27,548 |
| Asset Management Fees [Member] | ||||
| Fee income: | ||||
| Fee income | 1,944 | 2,134 | 5,724 | 6,756 |
| Property Management Fees [Member] | ||||
| Fee income: | ||||
| Fee income | 1,280 | 1,695 | 4,179 | 5,096 |
| Acquisition, Disposition, Leasing And Other [Member] | ||||
| Fee income: | ||||
| Fee income | $ 900 | $ 2,947 | $ 3,466 | $ 5,476 |
Interest and Other Income, net - Details of Interest and Other Income, Net (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
|
| Interest and Other Income [Abstract] | ||||
| Interest income, net | $ 3,112 | $ 3,517 | $ 10,953 | $ 11,393 |
| Non-cash gain on extinguishment of IPO related tax liability | 0 | 15,437 | ||
| Total interest and other income, net | $ 3,112 | $ 3,517 | $ 10,953 | $ 26,830 |
Interest and Debt Expense - Details of Interest and Debt Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
|
| Interest and Debt Expense [Abstract] | ||||
| Interest expense | $ 39,774 | $ 41,178 | $ 118,862 | $ 116,456 |
| Amortization of deferred financing costs | 4,645 | 2,627 | 11,041 | 7,622 |
| Total interest and debt expense | $ 44,419 | $ 43,805 | $ 129,903 | $ 124,078 |
Interest and Debt Expense - Details of Interest and Debt Expense (Parenthetical) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended |
|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2025 |
|
| Debt Instrument [Line Items] | ||
| Write-off of deferred financing costs | $ 1,751 | |
| 1301 Avenue of the Americas [Member] | ||
| Debt Instrument [Line Items] | ||
| Write-off of deferred financing costs | $ 2,257 | $ 2,257 |
Incentive Compensation - Additional Information (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Dec. 31, 2025 |
Feb. 07, 2025 |
Dec. 31, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
| Stock-based compensation expense | $ 2,649,000 | $ 4,373,000 | $ 14,261,000 | $ 15,635,000 | |||
| Expense relating to acceleration of vesting of equity based awards | $ 4,438,000 | ||||||
| 2022 Performance Program [Member] | |||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
| Performance measurement period, term | 3 years | ||||||
| LTIP units, earned | 474,463 | ||||||
| Percentage of LTIP units earned | 26.70% | ||||||
| LTIP units, vested | 237,225 | ||||||
| 2022 Performance Program [Member] | Forecast [Member] | |||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
| LTIP units, vested | 237,238 | ||||||
Earnings Per Share - Summary of Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
|
| Numerator: | ||||
| Net loss attributable to common stockholders | $ (28,947) | $ (9,688) | $ (58,758) | $ (7,642) |
| Earnings allocated to unvested participating securities, basic | 0 | 0 | 0 | (14) |
| Earnings allocated to unvested participating securities, diluted | 0 | 0 | 0 | (14) |
| Numerator for loss per common share - basic | (28,947) | (9,688) | (58,758) | (7,656) |
| Numerator for loss per common share - diluted | $ (28,947) | $ (9,688) | $ (58,758) | $ (7,656) |
| Denominator: | ||||
| Denominator for basic loss per common share - weighted average shares | 220,512,867 | 217,314,706 | 219,254,194 | 217,208,809 |
| Effect of dilutive stock-based compensation plans | 0 | 0 | 0 | 0 |
| Denominator for diluted loss per common share - weighted average shares | 220,512,867 | 217,314,706 | 219,254,194 | 217,208,809 |
| Loss per common share - basic | $ (0.13) | $ (0.04) | $ (0.27) | $ (0.04) |
| Loss per common share - diluted | $ (0.13) | $ (0.04) | $ (0.27) | $ (0.04) |
Earnings Per Share - Summary of Computation of Earnings Per Share (Parenthetical) (Details) - shares shares in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
|
| Earnings Per Share [Abstract] | ||||
| Effect of dilutive securities excluded from computation of earning per share | 18,415 | 22,105 | 19,628 | 22,079 |
Related Parties - Additional Information (Details) |
1 Months Ended | 2 Months Ended | 3 Months Ended | 9 Months Ended | ||||
|---|---|---|---|---|---|---|---|---|
|
Aug. 15, 2025
USD ($)
|
Feb. 28, 2025
USD ($)
|
Sep. 30, 2025
USD ($)
ft²
|
Sep. 30, 2025
USD ($)
ft²
|
Sep. 30, 2024
USD ($)
|
Sep. 30, 2025
USD ($)
ft²
|
Sep. 30, 2024
USD ($)
|
Dec. 31, 2024
USD ($)
|
|
| Related Party Transaction [Line Items] | ||||||||
| Fee and other income | $ 8,272,000 | $ 10,664,000 | $ 25,282,000 | $ 27,548,000 | ||||
| Accounts and other receivables | $ 26,582,000 | 26,582,000 | 26,582,000 | $ 18,229,000 | ||||
| Fee income | 4,124,000 | 6,776,000 | 13,369,000 | 17,328,000 | ||||
| Transaction related costs | 9,981,000 | 242,000 | 10,840,000 | 843,000 | ||||
| Accounts payable and accrued expenses | $ 138,689,000 | 138,689,000 | 138,689,000 | 119,881,000 | ||||
| General and administrative | $ 16,340,000 | 16,672,000 | $ 58,112,000 | 49,938,000 | ||||
| Area of leased properties | ft² | 13,100,000 | 13,100,000 | 13,100,000 | |||||
| Rental revenue | $ 164,687,000 | 184,235,000 | $ 511,741,000 | 543,636,000 | ||||
| CNBB-RDF Holdings Otto Family [Member] | Management Agreements [Member] | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Fee and other income | 136,000 | 195,000 | 427,000 | 562,000 | ||||
| Accounts and other receivables | $ 39,000 | 39,000 | 39,000 | 31,000 | ||||
| Unconsolidated Joint Ventures and Real Estate Funds [Member] | Management Agreements [Member] | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Accounts and other receivables | $ 1,220,000 | 1,220,000 | 1,220,000 | 1,652,000 | ||||
| Fee income | $ 3,230,000 | 5,404,000 | $ 9,743,000 | 14,214,000 | ||||
| Hamburg Trust Consulting GMBH ("HTC") [Member] | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Mark-up cost percentage | 10.00% | 10.00% | 10.00% | |||||
| Transaction related costs | $ 0 | $ 0 | $ 159,000 | 141,000 | $ 378,000 | 386,000 | ||
| Accounts payable and accrued expenses | $ 267,000 | $ 267,000 | $ 267,000 | $ 113,000 | ||||
| Hamburg Trust Consulting GMBH ("HTC") [Member] | Chairman, Chief Executive Officer and President [Member] | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Percentage of ownership | 100.00% | 100.00% | 100.00% | |||||
| Aircraft Services [Member] | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| General and administrative | $ 0 | 439,000 | $ 147,000 | 1,243,000 | ||||
| Aircraft Services [Member] | Chairman, Chief Executive Officer and President [Member] | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Percentage of ownership | 50.00% | 50.00% | 50.00% | |||||
| Mannheim Trust [Member] | Board of Director [Member] | 712 Fifth Avenue [Member] | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Lease rental income | $ 31,000 | 30,000 | $ 92,000 | 89,000 | ||||
| Mannheim Trust [Member] | Board of Director [Member] | 712 Fifth Avenue [Member] | Lease expiring in June 2025 [Member] | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Area of leased properties | ft² | 3,127 | 3,127 | 3,127 | |||||
| Equity method paramount ownership percentage | 50.00% | 50.00% | 50.00% | |||||
| ParkProperty Capital, LP [Member] | Former Board of Directors [Member] | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Rental revenue | $ 72,000 | $ 71,000 | $ 214,000 | 212,000 | ||||
| ParkProperty Capital, LP [Member] | Former Board of Directors [Member] | 1325 Avenue of the Americas [Member] | Lease expiring in November 2027 [Member] | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Area of leased properties | ft² | 4,233 | 4,233 | 4,233 | |||||
| Debevoise and Plimpton LLP [Member] | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Accounts payable and accrued expenses | $ 13,000 | $ 13,000 | $ 13,000 | |||||
| General and administrative | 635,000 | 909,000 | ||||||
| Kramer Design Services [Member] | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Transaction related costs | $ 220,000 | |||||||
| Business development costs incurred | $ 123,000 | $ 162,000 | $ 42,000 | |||||
| Kramer Design Services [Member] | Chairman, Chief Executive Officer and President [Member] | ||||||||
| Related Party Transaction [Line Items] | ||||||||
| Percentage of ownership | 100.00% | 100.00% | 100.00% | |||||
Commitments and Contingencies - Additional Information (Details) - USD ($) |
Mar. 29, 2024 |
Sep. 30, 2025 |
Dec. 31, 2024 |
|---|---|---|---|
| Other Commitments [Line Items] | |||
| Notes and mortgages payable | $ 3,732,050,000 | $ 3,692,050,000 | |
| 60 Wall Street [Member] | |||
| Other Commitments [Line Items] | |||
| Asset | 13,314,000 | ||
| Liability | $ 13,314,000 | ||
| Equity method ownership percentage | 5.00% | 5.00% | |
| Debt instrument modified and extended maturity date | 2029-05 | ||
| 60 Wall Street [Member] | Non-recourse [Member] | |||
| Other Commitments [Line Items] | |||
| Notes and mortgages payable | $ 575,000,000 |
Segments - Additional Information (Details) |
9 Months Ended |
|---|---|
|
Sep. 30, 2025
Segment
| |
| Segment Reporting [Abstract] | |
| Number of reportable segments | 2 |
| Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] | srt:ChiefExecutiveOfficerMember |
Segments - Schedule of Paramount's Share of Net Operating Income for Each Reportable Segment Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
|||||
| Segment Reporting Information [Line Items] | ||||||||
| Property-related revenues | $ 168,835 | $ 188,123 | $ 523,654 | $ 553,856 | ||||
| Less property-related operating expenses: | ||||||||
| Real estate related taxes | (38,559) | (37,955) | (115,264) | (112,379) | ||||
| Other operating expenses | [1] | (40,833) | (42,361) | (117,062) | (113,869) | |||
| NOI attributable to noncontrolling interests in consolidated joint ventures | (18,686) | (23,723) | (61,385) | (70,532) | ||||
| NOI from unconsolidated joint ventures | 4,743 | 5,384 | 14,706 | 16,611 | ||||
| Paramount's share of NOI | [2] | 75,500 | 89,468 | 244,649 | 273,687 | |||
| New York [Member] | ||||||||
| Segment Reporting Information [Line Items] | ||||||||
| Property-related revenues | 112,225 | 116,383 | 336,082 | 347,669 | ||||
| Less property-related operating expenses: | ||||||||
| Real estate related taxes | (30,086) | (29,440) | (88,942) | (87,191) | ||||
| Other operating expenses | [1] | (24,346) | (26,172) | (72,427) | (69,801) | |||
| NOI attributable to noncontrolling interests in consolidated joint ventures | (3,340) | (2,424) | (10,048) | (7,600) | ||||
| NOI from unconsolidated joint ventures | 3,156 | 3,407 | 9,620 | 10,442 | ||||
| Paramount's share of NOI | [2] | 57,609 | 61,754 | 174,285 | 193,519 | |||
| San Francisco [Member] | ||||||||
| Segment Reporting Information [Line Items] | ||||||||
| Property-related revenues | 56,040 | 71,523 | 185,981 | 206,337 | ||||
| Less property-related operating expenses: | ||||||||
| Real estate related taxes | (8,473) | (8,515) | (26,322) | (25,188) | ||||
| Other operating expenses | [1] | (14,610) | (14,983) | (38,177) | (41,203) | |||
| NOI attributable to noncontrolling interests in consolidated joint ventures | (15,346) | (21,299) | (51,337) | (62,932) | ||||
| NOI from unconsolidated joint ventures | 1,570 | 2,018 | 4,960 | 6,128 | ||||
| Paramount's share of NOI | [2] | 19,181 | 28,744 | 75,105 | 83,142 | |||
| Other [Member] | ||||||||
| Segment Reporting Information [Line Items] | ||||||||
| Property-related revenues | 570 | 217 | 1,591 | (150) | ||||
| Less property-related operating expenses: | ||||||||
| Real estate related taxes | 0 | 0 | 0 | 0 | ||||
| Other operating expenses | [1] | (1,877) | (1,206) | (6,458) | (2,865) | |||
| NOI attributable to noncontrolling interests in consolidated joint ventures | 0 | 0 | 0 | 0 | ||||
| NOI from unconsolidated joint ventures | 17 | (41) | 126 | 41 | ||||
| Paramount's share of NOI | [2] | $ (1,290) | $ (1,030) | $ (4,741) | $ (2,974) | |||
| ||||||||
Segments - Schedule of Reconciliation of NOI to Net (Loss) Income Attributable to Common Stockholders (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
|---|---|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
|||
| Segment Reporting [Abstract] | ||||||
| Paramount's share of NOI | [1] | $ 75,500 | $ 89,468 | $ 244,649 | $ 273,687 | |
| NOI attributable to noncontrolling interests in consolidated joint ventures | 18,686 | 23,723 | 61,385 | 70,532 | ||
| Fee income | 4,124 | 6,776 | 13,369 | 17,328 | ||
| Depreciation and amortization | (57,766) | (60,071) | (176,707) | (182,920) | ||
| General and administrative | (16,340) | (16,672) | (58,112) | (49,938) | ||
| Transaction related costs | (9,981) | (242) | (10,840) | (843) | ||
| Income (loss) from unconsolidated joint ventures | 661 | (981) | 2,620 | (3,098) | ||
| NOI from unconsolidated joint ventures | (4,743) | (5,384) | (14,706) | (16,611) | ||
| Interest and other income, net | 3,112 | 3,517 | 10,953 | 26,830 | ||
| Interest and debt expense | (44,419) | (43,805) | (129,903) | (124,078) | ||
| Other, net | 53 | 87 | (146) | 107 | ||
| (Loss) income before income taxes | (31,113) | (3,584) | (57,438) | 10,996 | ||
| Income tax benefit (expense) | 831 | (619) | 1,430 | (1,328) | ||
| Net (loss) income | (30,282) | (4,203) | (56,008) | 9,668 | ||
| Consolidated joint ventures | (279) | (6,959) | (5,095) | (18,434) | ||
| Consolidated real estate related funds | (688) | 581 | (2,556) | 408 | ||
| Operating Partnership | 2,302 | 893 | 4,901 | 716 | ||
| Net (loss) income attributable to common stockholders | $ (28,947) | $ (9,688) | $ (58,758) | $ (7,642) | ||
| ||||||
Segments - Schedule of Total Assets for Each Reportable Segments Information (Details) - USD ($) $ in Thousands |
Sep. 30, 2025 |
Dec. 31, 2024 |
||
|---|---|---|---|---|
| Segment Reporting Information [Line Items] | ||||
| Total assets | [1] | $ 7,974,495 | $ 7,871,503 | |
| New York [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Total assets | 5,318,143 | 5,138,087 | ||
| San Francisco [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Total assets | 2,356,144 | 2,332,583 | ||
| Other [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Total assets | $ 300,208 | $ 400,833 | ||
| ||||