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Paramount Divests D.C. Asset for $157M
New York-based Paramount Group, Inc. sold 425 Eye Street, a seven-story, 372,552-square-foot office building in Washington, D.C.’s NoMa submarket for roughly $157 million. The buyer was Saban Real Estate, an affiliate of Los Angeles-based Saban Capital Group.
The 98.7%-leased building is LEED Platinum certified, and features an Energy Star score of 100. The U.S. Government has claimed 90% of the office space at the 1970’s-era Mount Vernon Triangle building that was renovated in 2010. The U.S. Dept. of Veterans Affairs anchors the building with more than 296,000 square feet.
Paramount Group’s Albert Behler says, “The sale of 425 Eye Street is another example of our active approach to portfolio management and our ability to crystalize value for our stockholders.”
HFF’s Jim Meisel represented the seller in the transaction. HFF’s Cary Abod led the team that secured financing for the buyer from EagleBank.
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- ◦Sale/Acquisition
