Paramount Completes Sale of 1899 Pennsylvania Avenue
NEW YORK–(BUSINESS WIRE)–
Paramount Group, Inc. (NYSE: PGRE) (“Paramount” or the “Company”) announced today that it has completed the previously announced sale of 1899 Pennsylvania Avenue, a 190,955 square foot trophy office building located in Washington, D.C. The final sales price was $103 million, and reflected a $12 million, or 10% reduction versus the previously announced sales price, due to the ongoing COVID-19 pandemic. With the closing of this transaction, Paramount has completed its strategic exit from the Washington, D.C. market.
About Paramount Group, Inc.
Headquartered in New York City, Paramount Group, Inc. is a fully-integrated real estate investment trust that owns, operates, manages, acquires and redevelops high-quality, Class A office properties located in select central business district submarkets of New York City and San Francisco. Paramount is focused on maximizing the value of its portfolio by leveraging the sought-after locations of its assets and its proven property management capabilities to attract and retain high-quality tenants.
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Wilbur Paes
Executive Vice President, Chief Financial Officer
212-237-3122
[email protected]
Robert Simone
Director, Business Development & Investor Relations
212-237-3138
[email protected]
Media:
212-492-2285
[email protected]
KEYWORDS: District of Columbia New York United States North America
INDUSTRY KEYWORDS: Commercial Building & Real Estate Construction & Property REIT
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