August 10, 2018 Comments Off on Paramount Divesting D.C. Asset for $220M Views: 2673 National News, Southeast, Washington, D.C.

Paramount Divesting D.C. Asset for $220M

New York-based Paramount Group, Inc. is selling 2099 Pennsylvania Ave., a 12-story, 208,776 square foot, Class A office building in Washington, DC for roughly $220 million. The buyer reportedly is Los Angeles-based real estate investment firm CommonWealth Partners.

Paramount’s Albert Behler says, “Since our IPO, we have been creating value at 2099 Pennsylvania Avenue by increasing leased occupancy to 98.5% from 31.6%. With this sale, we are harvesting that value. This transaction is a prime example of our approach to create shareholder value. In this instance, our strong leasing team converted an asset with large blocks of vacancy into one of the best Class A properties in the Washington, DC market, valued at over $1,050 per square foot.”

The property is near the White House, U.S. Treasury and Executive Office Buildings, white table cloth restaurants, numerous bars and the retail collection at 2000 Pennsylvania Avenue.

The transaction is expected to close in the third quarter of 2018.

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