Paramount Group to Sell DC Office Asset for $115M
The sale of the 191,000-square-foot, 1899 Pennsylvania Avenue is expected to close in the fourth quarter of this year.
WASHINGTON DC – Paramount Group Inc. has entered into an agreement to sell a 191,000-square-foot office building in Washington DC for $115 million.
The sale of 1899 Pennsylvania Avenue is expected to close in the fourth quarter of this year and is subject to customary closing conditions.
With the upcoming sale, Paramount Group will have sold all five of its wholly-owned assets within Washington DC; aligning with its strategy to sell stabilized or non-core assets and redeploy capital into higher growth opportunities.
The impending sale was excluded from Paramount Group’s recent earnings guidance, issued on February 12. Due to the time of the sale’s closing, the company no longer expects to receive $0.01 per share of Core FFO in 2020, as previously stated in its full year 2020 Core FFO guidance.
Paramount Group Inc., headquartered in New York City, is a fully-integrated REIT, which owns, operates, manages, acquires and redevelops class-A office properties within select business district submarkets of New York City and San Francisco.