NEW YORK--(BUSINESS WIRE)--Paramount Group, Inc., (NYSE:PGRE) (“Paramount” or the “Company”) announced today that it has completed the previously announced sale of Waterview, a 24-story, 647,000 square foot, Class A office building in Rosslyn, Virginia for $460 million in cash. The Company intends to use the net proceeds from the transaction to repay the $87 million loan at 1899 Pennsylvania Avenue, $84 million loan at Liberty Place and the outstanding balance under its revolving credit facility.
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, Washington, D.C. 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.
This press release contains forward-looking statements within the meaning of the Federal securities laws. You can identify these statements by our use of the words “expects,” “plans,” “estimates,” “projects,” “intends,” “believes” and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Paramount’s control and could materially affect actual results, performance or achievements. These factors include, without limitation, the Company’s ability to satisfy the closing conditions to the transaction described above. Paramount does not undertake a duty to update or revise any forward-looking statement whether as a result of new information, future events or otherwise.