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Paramount Completes $103M Sale of DC Office Property
New York City-based real estate investment trust Paramount Group has completed the $103 million sale of 1899 Pennsylvania Avenue, a 191,000-square-foot office building in Washington, D.C.
The transaction marked $12 million discount from the previously announced price in March of 2020. The price reduction was correlated to the ongoing COVID-19 pandemic, according to Paramount. The property is located between the White House and Washington Circle and was originally built in 1917 and redeveloped in 2002. The tenant roster at the property includes Newmark, Design + Construction Strategies and Bright Horizons.
The buyer was 1899 Penn Property LLC, an entity registered to an affiliate of Global Securitization Services LLC. The entity consisted of several groups, including MRP Realty, Sterling Bay and Declaration Partners.
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- ◦Sale/Acquisition
