WASHINGTON, D.C. — Paramount Group Inc. has agreed to sell 1899 Pennsylvania Ave., a 191,000-square-foot office building in Washington, D.C., for $115 million.
Originally built in 1915 and most recently renovated in 2002, the 11-story building is located just three blocks from The White House in the city’s central business district.
The property features 18,200-square-foot floor plates and floor-to-ceiling glass façades, as well as amenities such as a fitness center, rooftop terrace and 64 covered parking spaces. In addition, four Metrorail lines serve the building.
“With the sale of 1899 Pennsylvania Ave., we have now strategically sold all five of our wholly owned assets in Washington, D.C.,” says Albert Behler, chairman, CEO and president of Paramount Group. “This transaction demonstrates our determination to sell stabilized or non-core assets and redeploy that capital into higher-growth opportunities.”
The transaction is expected to close during the fourth quarter. The buyer was not disclosed. The Washington Business Journal reported in 2010 that Paramount Group had acquired the asset for $149 million.
Paramount Group is a New York City-based investment and management firm that specializes in owning and operating Class A office properties in the core markets of New York City, San Francisco and Washington, D.C.
— Taylor Williams