Paramount Group, Inc. (NYSE: PGRE) has entered into an agreement to sell 1899 Pennsylvania Avenue, a 191,000 square foot office building located in Washington, D.C., for $115 million. The transaction, which is subject to customary closing conditions, is expected to close in the fourth quarter of 2020.
“With the successful sale of 1899 Pennsylvania Avenue, we have now strategically sold all five of our wholly-owned assets in Washington, D.C.,” said Albert Behler, Chairman, Chief Executive Officer and President of the Company. “This transaction once again demonstrates our determination to sell stabilized or non-core assets and redeploy that capital into higher growth opportunities.”
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The impact of the sale of 1899 Pennsylvania Avenue was not included in the Company’s most recent earnings guidance issued on February 12, 2020. Based on the timing of the closing of this sale, the Company no longer expects to receive $0.01 per share of Core FFO in 2020 that had previously been included in its full year 2020 Core FFO guidance.
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