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Washington DC & Mid-Atlantic  + Office  |  March 9, 2020
David Cohen
By: David Cohen

Paramount Group to Sell D.C. Office Building for $115M

New York City-based real estate investment trust Paramount Group has entered into an agreement to sell 1899 Pennsylvania Avenue, a 191,000-square-foot office building in Washington, D.C., for $115 million. The buyer was not disclosed.

The transaction is expected to close in the fourth quarter of 2020.

“With the successful sale of 1899 Pennsylvania Avenue, we have now strategically sold all five of our wholly-owned assets in Washington, D.C.,” said Albert Behler, CEO and president at Paramount. “This transaction once again demonstrates our determination to sell stabilized or non-core assets and redeploy that capital into higher growth opportunities.”

For comments, questions or concerns, please contact David Cohen

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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