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Washington DC & Mid-Atlantic  + Office  | 

Paramount Divesting D.C. Asset for $220M

New York-based Paramount Group, Inc. is selling 2099 Pennsylvania Ave., a 12-story, 208,776 square foot, Class A office building in Washington, DC for roughly $220 million. The buyer reportedly is Los Angeles-based real estate investment firm CommonWealth Partners.

Paramount’s Albert Behler says, “Since our IPO, we have been creating value at 2099 Pennsylvania Avenue by increasing leased occupancy to 98.5% from 31.6%. With this sale, we are harvesting that value. This transaction is a prime example of our approach to create shareholder value. In this instance, our strong leasing team converted an asset with large blocks of vacancy into one of the best Class A properties in the Washington, DC market, valued at over $1,050 per square foot.”

The property is near the White House, U.S. Treasury and Executive Office Buildings, white table cloth restaurants, numerous bars and the retail collection at 2000 Pennsylvania Avenue.

The transaction is expected to close in the third quarter of 2018.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition