1899 Pennsylvania Avenue,Washington DC

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WASHINGTON DC – Paramount Group Inc. has entered into anagreement to sell a 191,000-square-foot office building inWashington DC for $115 million.

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The sale of 1899 Pennsylvania Avenue is expected to close in thefourth quarter of this year and is subject to customary closingconditions.

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With the upcoming sale, Paramount Group will have sold all fiveof its wholly-owned assets within Washington DC; aligning with itsstrategy to sell stabilized or non-core assets and redeploy capitalinto higher growth opportunities.

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The impending sale was excluded from Paramount Group's recentearnings guidance, issued on February 12. Due to the time of thesale's closing, the company no longer expects to receive $0.01 pershare of Core FFO in 2020, as previously stated in its full year2020 Core FFO guidance.

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Paramount Group Inc., headquartered in New York City, is afully-integrated REIT, which owns, operates, manages, acquires andredevelops class-A office properties within select businessdistrict submarkets of New York City and San Francisco.

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Ingrid Tunberg

Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.