Paramount Group buys 2099 Pennsylvania Ave.

WASHINGTON, DC-Vico Capital bought the building in 2008 at one of the highest prices per square foot trades at the time.

By Erika Morphy | Updated on January 31, 2012

WASHINGTON, DC-2099 Pennsylvania Ave., a trophy office building in the heart of the city, has traded for an undisclosed price to Paramount Group. The address should ring a bell to local commercial real estate watchers: the last time this building sold was during the depth of the recession and it sold for one of the highest per square foot prices at the time–$867 per square foot, or $172.5 million.

The buyer in that 2008 transaction was Dublin-based Vico Capital, which spurred hopes and expectations that foreign real estate investors would ride in to save the markets, or at least the DC market. That ending never quite happened as we know, although Washington rode out the recession relatively unscathed.

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