Trophy office building in Washington, D.C. sells for $103m

Trophy office building in Washington, D.C. sells for $103m
1899 Pennsylvania Avenue, Washington, D.C.

Paramount Group, Inc., announced today that it 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,” the company said in a statement.

With the closing of this transaction, Paramount has completed its strategic exit from the Washington, D.C. market,” said Paramount.

READ ALSO : Paramount sells office building in Washington D.C for $154.5M

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.