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.