Paramount Agrees to $115M DC Office Disposition
- Mar 09, 2020
Paramount Group has agreed to sell 1899 Pennsylvania Avenue, a 191,000-square-foot office building in Washington, D.C., for $115 million. The transaction is slated to close in the fourth quarter. According to Yardi Matrix, Paramount acquired the property from KanAm Grund in 2010. The asset sold at the time for $151 million.
The Class A office building came online in 1917 and was completely redeveloped in 2002. The 11-story property has 18,200-square-foot floor plates and includes a subterranean parking garage. The Class A asset was certified to the LEED Gold level in December 2016. Tenants within 1899 Pennsylvania include Newmark Knight Frank and Global Environmental Facility.
Located less than three blocks northwest of the White House, the property is a short walk from K Street and the Farragut West metro station. Ronald Reagan Washington National Airport is 5 miles from the asset. 1899 Pennsylvania is also within 2 miles of a 172,000-square-foot office building, which Paramount sold for $154.5 million in September.