-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001481782-10-000001.txt : 20100122
<SEC-HEADER>0001481782-10-000001.hdr.sgml : 20100122
<ACCEPTANCE-DATETIME>20100122143606
ACCESSION NUMBER:		0001481782-10-000001
CONFORMED SUBMISSION TYPE:	D
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(7)
FILED AS OF DATE:		20100122
DATE AS OF CHANGE:		20100122
EFFECTIVENESS DATE:		20100122

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Paramount Group Real Estate Funds I & II Inc.
		CENTRAL INDEX KEY:			0001481782
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-138083
		FILM NUMBER:		10541590

	BUSINESS ADDRESS:	
		STREET 1:		1633 BROADWAY
		STREET 2:		SUITE 1801
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-237-3154

	MAIL ADDRESS:	
		STREET 1:		1633 BROADWAY
		STREET 2:		SUITE 1801
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001481782</cik>
        <entityName>Paramount Group Real Estate Funds I &amp; II Inc.</entityName>
        <issuerAddress>
            <street1>1633 BROADWAY</street1>
            <street2>SUITE 1801</street2>
            <city>NEW YORK</city>
            <stateOrCountry>NY</stateOrCountry>
            <zipCode>10019</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>212-237-3154</issuerPhoneNumber>
        <jurisdictionOfInc>MARYLAND</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Corporation</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2009</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Gage</firstName>
                <lastName>Johnson</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1633 Broadway</street1>
                <street2>Suite 1801</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10019</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Albert</firstName>
                <middleName>P.</middleName>
                <lastName>Behler</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1633 Broadway</street1>
                <street2>Suite 1801</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10019</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jolanta</firstName>
                <middleName>K.</middleName>
                <lastName>Bott</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1633 Broadway</street1>
                <street2>Suite 1801</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10019</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Thomas</firstName>
                <lastName>Finne</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1633 Broadway</street1>
                <street2>Suite 1801</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10019</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Roger</firstName>
                <middleName>S.</middleName>
                <lastName>Newman</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1633 Broadway</street1>
                <street2>Suite 1801</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10019</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Daniel</firstName>
                <middleName>A.</middleName>
                <lastName>Lauer</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1633 Broadway</street1>
                <street2>Suite 1801</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10019</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>David</firstName>
                <middleName>P.</middleName>
                <lastName>Spence</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1633 Broadway</street1>
                <street2>Suite 1801</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10019</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Vito</firstName>
                <lastName>Messina</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1633 Broadway</street1>
                <street2>Suite 1801</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10019</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>REITS and Finance</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2009-12-21</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>1000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Charles Harrison</recipientName>
                <recipientCRDNumber>3071551</recipientCRDNumber>
                <associatedBDName>H &amp; L Equities</associatedBDName>
                <associatedBDCRDNumber>113794</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1175 Peachtree St., NE</street1>
                    <street2>100 Colony Square, Suite 2120</street2>
                    <city>Atlanta</city>
                    <stateOrCountry>GA</stateOrCountry>
                    <zipCode>30361</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>FL</state>
                    <state>GA</state>
                    <state>MD</state>
                    <state>NC</state>
                    <state>OK</state>
                    <state>PA</state>
                    <state>SC</state>
                    <state>TN</state>
                    <state>TX</state>
                    <state>VA</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Phyllis Beck</recipientName>
                <recipientCRDNumber>1020488</recipientCRDNumber>
                <associatedBDName>H &amp; L Equities</associatedBDName>
                <associatedBDCRDNumber>113794</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1175 Peachtree St., NE</street1>
                    <street2>100 Colony Square, Suite 2120</street2>
                    <city>Atlanta</city>
                    <stateOrCountry>GA</stateOrCountry>
                    <zipCode>30361</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>GA</state>
                    <state>TX</state>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>125000</totalOfferingAmount>
            <totalAmountSold>119000</totalAmountSold>
            <totalRemaining>6000</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>119</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>6250</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Paramount Group Real Estate Funds I &amp; II Inc.</issuerName>
                <signatureName>Gage Johnson</signatureName>
                <nameOfSigner>Gage Johnson</nameOfSigner>
                <signatureTitle>Vice President and General Counsel</signatureTitle>
                <signatureDate>2010-01-22</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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