Washington DC
WASHINGTON DC – Paramount Group Inc. has sold Liberty Place, a 172,000-square-foot office building in Washington DC, for $154.5 million.
The asset, located in the East End neighborhood, sold for $900 per square foot.
The company intends to utilize the sale's net proceeds to fund its acquisition share of San Francisco's Market Center, a two-building, class-A office complex located in the South Financial District, which was acquired for $722 million. The remaining net proceeds will be used for general corporate purposes.
Through it capital recycling strategy, Paramount aims to sell stabilized assets and redeploy acquired capital into high-growth opportunities in sought-after locations, in efforts to leverage its portfolio to retain high-quality tenants.
Paramount Group Inc. is a real estate investment trust headquartered in New York City. The company owns, operates, manages, acquires and redevelops class-A office properties throughout business district submarkets of New York City, San Francisco and Washington DC.
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