Velarion · Company Intelligence
Compensation Brief
Fiscal year 2024 · Filings through 2026-04-23

Paramount Group, Inc. (PGRE)

Fiscal year 2024 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$4,447,497
Albert Behler total, FY2024
18th
CEO pay percentile vs peers
CEO-to-median pay ratio
49.67%
Say-on-pay support, latest vote
Companies that benchmark against PGRE
6 companies name PGRE as a compensation peer

Each company listed discloses PGRE in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named PGRE in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2024

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Albert Behler$1,134,000$0$0$0$2,615,000$0$698,497$4,447,497
Chairman Chief Executive Officer and President
Wilbur Paes670,0000001,735,000052,0802,457,080
Chief Operating Officer Chief Financial Officer and Treasurer
Peter Brindley577,500025,00001,283,000040,2331,925,733
Executive Vice President
Gage Johnson400,000025,0000505,000025,419955,419
Senior Vice President General Counsel and Secretary

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2024 totalFY2023 totalFY2022 totalΔ FY20232024
Albert Behler$4,447,497$20,235,912$9,325,413−15,788,415
Wilbur Paes2,457,0809,072,1764,418,176−6,615,096
Peter Brindley1,925,7336,313,9833,160,454−4,388,250
Gage Johnson955,4192,452,3681,412,868−1,496,949

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2024

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Peter BrindleyRSU2024-02-296,143$25,000
Gage JohnsonRSU2024-02-296,14325,000
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Peter Brindley$25,000$0$00.0%
Gage Johnson25,000000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2024

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Gage JohnsonRSU4,123$20,368
Peter BrindleyRSU30,713151,722
Gage JohnsonRSU30,713151,722
Albert BehlerPSU703,5653,475,611
Peter BrindleyRSU377,3591,864,153
Peter BrindleyRSU180,941893,849
Peter BrindleyPSU150,094741,464
Albert BehlerRSU29,445145,458
Gage JohnsonRSU17,73187,591
Gage JohnsonRSU7,64937,786
Gage JohnsonRSU3,15715,596
Peter BrindleyOption84,7469.31
Gage JohnsonRSU123,821611,676
Wilbur PaesRSU180,941893,849
Gage JohnsonOption16,4078.63
Wilbur PaesOption47,5008.63
Peter BrindleyOption43,7508.63
Peter BrindleyOption6,2508.63
Peter BrindleyRSU16,56581,831
Albert BehlerRSU1,037,7365,126,416
Wilbur PaesRSU566,0382,796,228
Albert BehlerRSU123,573610,451
Wilbur PaesRSU81,050400,387
Albert BehlerRSU54,633269,887
Wilbur PaesRSU79,087390,690
Peter BrindleyRSU54,034266,928
Peter BrindleyRSU52,725260,462
Gage JohnsonPSU49,250243,295
Albert BehlerOption195,3138.63
Peter BrindleyRSU6,31431,191
Wilbur PaesOption65,6258.63
Albert BehlerOption331,0399.31
Albert BehlerOption641,6606.17
Wilbur PaesOption246,3986.17
Wilbur PaesOption127,1199.31
Peter BrindleyOption164,2656.17
Gage JohnsonOption27,8089.31
Albert BehlerRSU253,2791,251,198
Wilbur PaesPSU225,1411,112,197
Wilbur PaesRSU34,966172,732
Peter BrindleyRSU23,311115,156
Gage JohnsonRSU17,30185,467
Wilbur PaesRSU16,48981,456
Peter BrindleyRSU10,99354,305
Gage JohnsonRSU6,62632,732
Gage JohnsonOption53,9006.17
05

Incentive-plan design — the Compensation Discussion & Analysis

Our executive compensation program is designed to incentivize the creation and maximization of long-term stockholder value by aligning the compensation structure for executives with the achievement of our business strategies.

CEO STI target (% of salary)150%
CEO LTI target (% of salary)
Independent consultantFrederic W. Cook & Co., Inc.
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20242024-05-1692,351,03393,596,4978,82449.67%Failed
20232023-05-18137,826,23228,128,710776,40183.05%Passed
20222022-05-12141,500,93927,140,55212,272,57783.91%Passed
20212021-05-13159,154,83116,763,629203,18490.47%Passed
20202020-05-19163,169,50524,133,35441,02487.12%Passed
20192019-05-16184,953,30020,275,36851,02090.1%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20242024-05-1649.67%a
20232023-05-1883.05%b
20222022-05-1283.91%c

a. Approved under the standard stated in the filing — “Majority Voting." Abstentions and broker non-votes with respect to Proposal 1 will have no effect on the election of directors.”.

b. Approved under the standard stated in the filing — “Majority Voting." Abstentions and broker non-votes with respect to Proposal 1 will have no effect on the election of directors.”.

c. Approved under the standard stated in the filing — “In respect of Proposal 2, Proposal 3, Proposal 4 and Proposal 5, abstentions and broker non-votes will have no effect on the votes for these proposals.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

08

Director compensation — fiscal year 2024

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Martin BussmannIndependent · Compensation · Nominating and Corporate Governance (Chair)$145,000$108,000$0$253,000
Paula SutterIndependent · Audit (Chair) · Compensation95,625108,0000203,625
Greg WrightIndependent · Compensation (Chair)95,000108,0000203,000
Hitoshi SaitoIndependent · Investment and Finance75,000120,0000195,000
Mark PattersonIndependent · Audit · Nominating and Corporate Governance83,125108,0000191,125
Karin KleinIndependent · Audit80,000108,0000188,000
09

Board fee structure and ownership guideline

Annual cash retainer$75,000
Annual equity retainer$108,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 15,000 / 5,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2024
Cash retainers and fees$573,750
Equity awards (grant-date value)$660,000
All other compensation$0
Total cost of the board$1,233,750

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2024

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Paramount Group, Inc. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Paramount Group, Inc..

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Boston Properties, Inc.2025Michael Mahoney$1,442,603$13,608,056$3,749,980$4,002,001$23,532,050
2SL Green Realty Corp.2025Marc Holliday1,400,00014,271,65601,639,39017,356,826
3Empire State Realty Trust, Inc.2025Anthony Malkin896,9239,422,6970012,669,394
4Douglas Emmett, Inc.2025Jordan Kaplan800,0008,170,000009,012,069
5Alexandria Real Estate Equities, Inc.2025Peter Moglia840,0006,106,50201,890,0008,844,053
6COPT Defense Properties2025Stephen Budorick799,4235,085,41701,680,0007,582,340
7Kilroy Realty Corporation2025Angela Aman820,0004,433,57701,801,8507,072,527
8Piedmont Office Realty Trust, Inc.2025C. Brent Smith710,0003,766,34201,250,0005,757,342
9Highwoods Properties, Inc.2025Theodore Klinck772,0672,795,39701,291,1545,124,352
10Paramount Group, Inc.2024Albert Behler1,134,000002,615,0004,447,497
11Vornado Realty Trust2025Steven Roth1,000,000001,760,0673,135,628
12Hudson Pacific Properties, Inc.2025Victor Coleman1,000,000356,326002,766,883

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Paramount Group, Inc.154%PSU 60 · RSU 40NoFrederic W. Cook & Co., Inc.
Alexandria Real Estate Equities, Inc.not disclosedPSU 50 · RSU 50Yes — Absolute TSRFTI Consulting, Inc.
Boston Properties, Inc.173%PSU 50 · RSU 25 · Options 25NoSemler Brossy Consulting Group, LLC
COPT Defense Properties150%PSU 60 · LTIP Units 40Yes — Total Shareholder Return (TSR)Ferguson Partners Consulting, L.P.
Douglas Emmett, Inc.not disclosedLTIP Units 100not disclosedFTI Consulting, Inc.
Empire State Realty Trust, Inc.164%PSU 55 · LTIP Units 45Yes — TSR performance relative to the Nareit Office IndexFerguson Partners
Highwoods Properties, Inc.119%RSU 50 · MSU 50Yes — Relative TSR vs FTSE NAREIT Equity Office IndexPearl Meyer
Hudson Pacific Properties, Inc.140%LTIP Units 50 · PSU 50Yes — Relative TSR vs. Nareit Office IndexFerguson Partners Consulting
Kilroy Realty Corporation125.6%PSU 75 · RSU 25Yes — TSR Percentile RankingKorn Ferry
Piedmont Office Realty Trust, Inc.117%PSU 60 · RSU 40Yes — Total Shareholder Return (TSR) relative to peersFerguson Partners Consulting L.P.
SL Green Realty Corp.not disclosedPSU 67 · RSU 33Yes — Office REIT Peers TSRFerguson Partners
Vornado Realty Trust168%PSU 100Yes — Relative TSR vs LTPP Peer GroupFTI Consulting, Inc.

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

FAQ

Frequently asked questions

Who was the highest-paid executive at Paramount Group, Inc. in fiscal 2024?
The highest-paid executive at Paramount Group, Inc. in fiscal 2024 was Albert Behler, who served as Chairman Chief Executive Officer and President.
How does Paramount Group, Inc.'s chief executive pay compare to its disclosed peer group?
The filing shows that Albert Behler's compensation placed him in the 18th percentile of disclosed peers.
What is Paramount Group, Inc.'s CEO-to-median employee pay ratio?
The CEO-to-median employee pay ratio was not disclosed in this extract.
How did shareholders vote on Paramount Group, Inc.'s executive compensation?
Shareholders voted 49.67% in support of the executive compensation plan.
How much does Paramount Group, Inc. spend in total on board compensation for fiscal 2024?
The company reported total board compensation for fiscal 2024 was $1,233,750.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Albert BehlerDEF 14A2025-04-030001558370-25-004397Section “Summary Compensation Table”. As printed: 4,447,497. Filing ↗machine: span 1533974–1533983
2Section 01, Wilbur PaesDEF 14A2025-04-030001558370-25-004397Section “Summary Compensation Table”. As printed: 2,457,080. Filing ↗machine: span 1546897–1546906
3Section 01, Peter BrindleyDEF 14A2025-04-030001558370-25-004397Section “Summary Compensation Table”. As printed: 1,925,733. Filing ↗machine: span 1563788–1563797
4Section 01, Gage JohnsonDEF 14A2025-04-030001558370-25-004397Section “Summary Compensation Table”. As printed: 955,419. Filing ↗machine: span 1576684–1576691
5Section 03, Peter Brindley RSUDEF 14A2025-04-030001558370-25-004397Section “ELECTION OF DIRECTORS &” · grants of plan-based awards table. Filing ↗machine: t266 · r7 · c18 · span 1744328–1744333
6Section 03, Gage Johnson RSUDEF 14A0001558370-25-004397Section “ELECTION OF DIRECTORS &” · grants of plan-based awards table. Filing ↗machine: t251 · r12 · c10 · span 1575014–1575020
7Section 08, Martin BussmannDEF 14A2025-04-030001558370-25-004397Section “Director Compensation”. As printed: 253,000. Filing ↗machine: t69 · r3 · c6 · span 530916–530923
8Section 08, Paula SutterDEF 14A2025-04-030001558370-25-004397Section “Director Compensation”. As printed: 203,625. Filing ↗machine: t69 · r8 · c6 · span 540133–540140
9Section 08, Greg WrightDEF 14A2025-04-030001558370-25-004397Section “Director Compensation”. As printed: 203,000. Filing ↗machine: t69 · r9 · c6 · span 542107–542114
10Section 08, Hitoshi SaitoDEF 14A2025-04-030001558370-25-004397Section “Director Compensation”. As printed: 195,000. Filing ↗machine: t69 · r7 · c6 · span 538294–538301
11Section 08, Mark PattersonDEF 14A2025-04-030001558370-25-004397Section “Director Compensation”. As printed: 191,125. Filing ↗machine: t69 · r6 · c6 · span 536435–536442
12Section 08, Karin KleinDEF 14A2025-04-030001558370-25-004397Section “Director Compensation”. As printed: 188,000. Filing ↗machine: t69 · r4 · c6 · span 532724–532731
13Section 06, 2024 voteForm 8-K2024-05-170000950170-24-061716Item 5.07 · say-on-pay result. As reported: 49.67% (votes for as printed: 92,351,033). Filing ↗
14Section 06, 2023 voteForm 8-K2023-05-230000950170-23-023653Item 5.07 · say-on-pay result. As reported: 83.05% (votes for as printed: 137,826,232). Filing ↗
15Section 06, 2022 voteForm 8-K2022-05-160001564590-22-020404Item 5.07 · say-on-pay result. As reported: 83.91%. Filing ↗
16Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
17Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
18Section 09b board cost (computed)ComputedcomputedCash 573,750 + equity 660,000 + all other 0 = 1,233,750, summed across the director compensation table rows.machine: formula: Σ = 1,233,750
19Boston Properties, Inc., Section 10b CEO totalDEF 14A2026-03-180000885725-26-000025CEO total compensation as printed in Boston Properties, Inc.'s own proxy. As printed: 23,532,050. Filing ↗machine: r2 · c27 · span 1249807–1249817
20SL Green Realty Corp., Section 10b CEO totalDEF 14A2026-04-220001104659-26-046866CEO total compensation as printed in SL Green Realty Corp.'s own proxy. As printed: 17,356,826. Filing ↗machine: span 1592570–1592580
21Empire State Realty Trust, Inc., Section 10b CEO totalDEF 14A2026-04-020001104659-26-038890CEO total compensation as printed in Empire State Realty Trust, Inc.'s own proxy. As printed: 12,669,394. Filing ↗machine: r1 · c18 · span 1693420–1693430
22Douglas Emmett, Inc., Section 10b CEO totalDEF 14A2026-04-170001364250-26-000020CEO total compensation as printed in Douglas Emmett, Inc.'s own proxy. As printed: 9,012,069. Filing ↗machine: span 506518–506527
23Alexandria Real Estate Equities, Inc., Section 10b CEO totalDEF 14A2026-04-010001035443-26-000031CEO total compensation as printed in Alexandria Real Estate Equities, Inc.'s own proxy. As printed: 8,844,053. Filing ↗machine: r6 · c19 · span 3171042–3171051
24COPT Defense Properties, Section 10b CEO totalDEF 14A2026-03-300000860546-26-000017CEO total compensation as printed in COPT Defense Properties's own proxy. As printed: 7,582,340. Filing ↗machine: t88 · r2 · c25 · span 765245–765254
25Kilroy Realty Corporation, Section 10b CEO totalDEF 14A2026-04-090001193125-26-149727CEO total compensation as printed in Kilroy Realty Corporation's own proxy. As printed: 7,072,527. Filing ↗machine: r4 · c27 · span 996331–996340
26Piedmont Office Realty Trust, Inc., Section 10b CEO totalDEF 14A2026-03-180001174947-26-000393CEO total compensation as printed in Piedmont Office Realty Trust, Inc.'s own proxy. As printed: 5,757,342. Filing ↗machine: r1 · c6 · span 848772–848781
27Highwoods Properties, Inc., Section 10b CEO totalDEF 14A2026-03-270000921082-26-000030CEO total compensation as printed in Highwoods Properties, Inc.'s own proxy. As printed: 5,124,352. Filing ↗machine: t16 · r2 · c3 · span 333023–333032
28Paramount Group, Inc. (subject), Section 10b CEO totalDEF 14A2025-04-030001558370-25-004397CEO total compensation as printed in Paramount Group, Inc.'s own proxy. As printed: 4,447,497. Filing ↗machine: span 1533974–1533983
29Vornado Realty Trust, Section 10b CEO totalDEF 14A2026-04-070001104659-26-040386CEO total compensation as printed in Vornado Realty Trust's own proxy. As printed: 3,135,628. Filing ↗machine: t140 · r1 · c54 · span 1243172–1243181
30Hudson Pacific Properties, Inc., Section 10b CEO totalDEF 14A2026-04-230001104659-26-047885CEO total compensation as printed in Hudson Pacific Properties, Inc.'s own proxy. As printed: 2,766,883. Filing ↗machine: t204 · r7 · c14 · span 1248681–1248690
31Section 10a, Alexandria Real Estate Equities, Inc. reciprocityDEF 14A0001035443-26-000031Alexandria Real Estate Equities, Inc.'s most recent proxy was read; its disclosed peer group does not include Paramount Group, Inc.. Filing ↗
32Section 10a, Piedmont Office Realty Trust, Inc. reciprocityDEF 14A0001174947-26-000393Piedmont Office Realty Trust, Inc.'s most recent proxy was read; its disclosed peer group does not include Paramount Group, Inc.. Filing ↗
33Section 10a, Highwoods Properties, Inc. reciprocityDEF 14A0000921082-26-000030Highwoods Properties, Inc.'s most recent proxy was read; its disclosed peer group does not include Paramount Group, Inc.. Filing ↗
34Section 10a, Vornado Realty Trust reciprocityDEF 14A0001104659-26-040386Vornado Realty Trust's most recent proxy was read; its disclosed peer group does not include Paramount Group, Inc.. Filing ↗
35Section 10a, Hudson Pacific Properties, Inc. reciprocityDEF 14A0001104659-26-047885Hudson Pacific Properties, Inc.'s most recent proxy was read; its disclosed peer group does not include Paramount Group, Inc.. Filing ↗
36Section 10a, COPT Defense Properties reciprocityDEF 14A0000860546-26-000017COPT Defense Properties's most recent proxy was read; its disclosed peer group does not include Paramount Group, Inc.. Filing ↗
37Section 10a, Kilroy Realty Corporation reciprocityDEF 14A0001193125-26-149727Kilroy Realty Corporation's most recent proxy was read; its disclosed peer group does not include Paramount Group, Inc.. Filing ↗
38Section 10a, SL Green Realty Corp. reciprocityDEF 14A0001104659-26-046866SL Green Realty Corp. names Paramount Group, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
39Section 10a, Boston Properties, Inc. reciprocityDEF 14A0000885725-26-000025Boston Properties, Inc.'s most recent proxy was read; its disclosed peer group does not include Paramount Group, Inc.. Filing ↗
40Section 10a, Douglas Emmett, Inc. reciprocityDEF 14A0001364250-26-000020Douglas Emmett, Inc.'s most recent proxy was read; its disclosed peer group does not include Paramount Group, Inc.. Filing ↗