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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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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as 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, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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