KanAm Grund Kapitalanlagegesellschaft mbH put 1899 Pennsylvania Ave. NW on the market back in July and this week found a buyer in NYC-based Paramount Group Inc. for about $149.4 million, according to Real Capital Analytics. The Frankfurt-based investment company bought a 95% stake in the building for $76 million in 2003 after DRI Development Services LLC bought and renovated the property in 2001. The building is currently 100% leased with tenants including Prognoz Corp. and the Science and Technology Policy Institute.
The 186,462-square-foot office building, located three blocks from the White House, was put on the market in hopes of fetching $150 million upon sale. Sources not authorized to discuss the deal put the final price at $151.1 million, or $812 per square foot, according to a Washington Business Journal article. The building was owned by a partnership between KanAm Grund Kapitalanlagegesellschaft mbH, Westwind Capital Partners and DRI Partners.
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