NEW YORK: Paramount Group Inc. has completed the previously announced sale of 1899 Pennsylvania Avenue, a 190,955 square foot trophy office building located in Washington, D.C.
The final sales price was $103 million, and reflected a $12 million, or 10% reduction versus the previously announced sales price, due to the ongoing COVID-19 pandemic. With the closing of this transaction, Paramount has completed its strategic exit from the Washington, D.C. market.
Headquartered in New York City, Paramount Group, Inc. is a fully-integrated real estate investment trust that owns, operates, manages, acquires and redevelops high-quality, Class A office properties located in select central business district submarkets of New York City and San Francisco.
Paramount is focused on maximizing the value of its portfolio by leveraging the sought-after locations of its assets and its proven property management capabilities to attract and retain high-quality tenants.