Paramount Group, a fully-integrated real estate investment trust and headquartered in New York City, has sold Liberty Place, a 172,000 square foot office building located in the East End submarket of Washington, D.C., for $154.5 million, or approximately $900 per square foot.
A 12-story, 174,000 square foot glass and limestone, LEED-certified office tower, Liberty Place was constructed in 1991 and fully incorporated with the historic Fireman’s Fund Building in 1993. The office building is one of the elite trophy properties in Washington, D.C. and offers open air views of the Washington Monument, the National Archives and the National Mall. Conveniently located equidistant from the White House and U.S. Capitol and adjacent to the Archives Metrorail station, the property is within a few blocks of the diverse amenity base surrounding the Verizon Center, including 28 premium restaurants and bars.
The Company intends to use net proceeds from the sale to fund its share of the previously announced purchase of Market Center in San Francisco, as well as for general corporate purposes.
”We continue to execute on our capital recycling strategy by selling stabilized assets at attractive prices and redeploying that capital into higher-growth opportunities, such as Market Center,” said Albert Behler, Chairman, Chief Executive Officer and President of the Company.