EXHIBIT 14

AGREEMENT

Pursuant to Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, the undersigned hereby agree that only one statement containing the information required by Schedule 13D need be filed with respect to the ownership by each of the undersigned of shares of common stock, par value $0.01, of Paramount Group, Inc.

EXECUTED this 4th day of December, 2014.

Dated: December 4, 2014	ALEXANDER OTTO
	By: KG CURA Vermögensverwaltung, G.m.b.H. & Co., by power of attorney for Alexander Otto
	By:	/s/ Thomas Armbrust
		Thomas Armbrust
		Managing Director
Dated: December 4, 2014	AROSA Vermoegensverwaltungsgesellschaft m.b.H.
	By:	/s/ Thomas Armbrust
		Thomas Armbrust
		Managing Director
	By:	/s/ Thomas Finne
		Thomas Finne
		Managing Director
Dated: December 4, 2014	KATHARINA OTTO-BERNSTEIN
	By: KG CURA Vermögensverwaltung, G.m.b.H. & Co., by power of attorney for Katharina Otto-Bernstein
	By:	/s/ Thomas Armbrust
		Thomas Armbrust
		Managing Director
Dated: December 4, 2014	MAREN OTTO
	By: KG CURA Vermögensverwaltung, G.m.b.H. & Co., by power of attorney for Maren Otto
	By:	/s/ Thomas Armbrust
		Thomas Armbrust
		Managing Director