Paramount to Sell 2099 Pennsylvania Ave. for $220M
The trophy office asset has traded twice in the last decade.
WASHINGTON, DC–Paramount Group announced this morning that it has entered into an agreement to sell 2099 Pennsylvania Ave., NW, for $220 million. The company acquired the 12-story, 208,776 square foot building in 2012 from Vico Capital for $155 million. Prior to that deal, the building traded during the depth of the recession at one of the highest per square foot prices at the time — $867 per square foot, or $172.5 million.
Paramount did not disclose the buyer.
The transaction, subject to customary closing conditions, is expected to close in the third quarter of 2018.
When Paramount acquired the building it had large blocks of vacancy.
CEO Albert Behler said that it has increased leased occupancy to 98.5% from 31.6%. “With this sale, we are harvesting that value,” he said in a prepared statement.
He also noted that 2099 Pennsylvania Ave. now has a market value of over $1,050 per square foot.