{"id":1004036164,"date":"2012-02-01T05:53:23","date_gmt":"2012-02-01T13:53:23","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004036164"},"modified":"2025-02-25T00:01:34","modified_gmt":"2025-02-25T08:01:34","slug":"paramount-group-buys-12-story-207-ksf-d-c-office-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/paramount-group-buys-12-story-207-ksf-d-c-office-building\/","title":{"rendered":"Paramount Group Buys 12-Story, 207 KSF D.C. Office Building"},"content":{"rendered":"

February 1, 2012<\/strong>
\nBy Nicholas Ziegler, News Editor<\/em>
\n\"\"<\/a><\/p>\n

Large-scale transactions are becoming the norm in the Washington, D.C. market. The latest purchase comes courtesy of Paramount Group Inc., on behalf of Paramount Group Real Estate Fund IV, which picked up the 12-story building at 2099 Pennsylvania Ave. The seller, Vico Capital, an Ireland-based real estate partnership led by Brian O\u2019Donnell, acquired the building in 2008 as its sole asset in the American market.<\/p>\n

While the purchase price was not disclosed, it was likely in line with other sales in the D.C. area of late. Two weeks ago, Japanese firm Mitsui Fudosan America Inc. spent $252 million on an 80 percent stake in The Homer Building<\/a> from Investa Office Fund, the property\u2019s owner since 2005. In December, The Rockefeller Group, in a joint venture with Mitsubishi Real Estate New York, purchased 1100 First St. NE from an affiliate of Tishman Speyer for a reported $180 million<\/a>.<\/p>\n

The 206,573 square feet of 2099 Pennsylvania, sitting four blocks from the U.S. Treasury, are positioned to take advantage of some market trends in the D.C. area. According to a fourth-quarter 2011 report by services firm Jones Lang LaSalle Inc., the lack of speculative construction in the city will balance the city\u2019s office supply, favoring landlords. Market fundamentals, however, paint a less optimistic picture: \u201cReduced tenant demand, combined with stable rates of supply, produced a modest uptick in vacancy rates and a downward shift in net effective rents,\u201d the report noted.<\/p>\n

\u201cThe property\u2019s architectural pedigree, asset quality and location in the heart of Washington, D.C. made it especially attractive to Paramount Group,\u201d Albert Behler, president & CEO of Paramount Group, said. \u201cThe Washington office market weathered the recent recession exceptionally well.\u201d Behler went on to mention that 131,000 square feet of space in the building is due to roll over in the next 12 months, which will provide his firm with \u201csubstantial near-term upside.\u201d<\/p>\n

After the acquisition, Paramount Group now holds five properties in the D.C. area, encompassing 1.5 million square feet.<\/p>\n","protected":false},"excerpt":{"rendered":"

The latest purchase in the D.C. market comes courtesy of Paramount Group Inc., on behalf of Paramount Group Real Estate Fund IV, which picked up the 12-story building at 2099 Pennsylvania Ave. <\/p>\n","protected":false},"author":1201,"featured_media":1004038742,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21808,21742,21747,1615],"tags":[],"class_list":["post-1004036164","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-featured","category-latest","category-office","category-washington-dc"],"acf":[],"yoast_head":"\nParamount Group Buys 12-Story, 207 KSF D.C. Office Building - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/paramount-group-buys-12-story-207-ksf-d-c-office-building\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Paramount Group Buys 12-Story, 207 KSF D.C. 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