Paramount Pays $800+ PSF for DC Trophy
Washington Business Journal reports: After putting 1899 Pennsylvania Ave on the market in July, seller KanAm Grund Kapitalanlagegesellschaft has found a buyer for its 186,462-square-foot trophy asset. According to Real Capital Analytics, Paramount Group Inc has gone into contract for the Washington, DC property at a price just below $150 million. Depending on the final price, the property looks set to sell for over $800 per-square-foot and with a cap rate in the low 5.0%-range.
The office property involved in the sale was built in 1925 and was once occupied by the World Bank. It was extensively renovated in 2001 and is currently 100% leased. The Frankfurt-based seller of 1899 Pennsylvania Ave also recently sold the Evening Star Building, also in Washington, DC, for about $180 million.
View the full article on Washington Business Journal: Paramount Pays $800+ PSF for DC Trophy
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Posted by: Nina Turner