Paramount selling Washington, DC, office property for $220M

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Paramount Group Inc. agreed to sell the 2099 Pennsylvania Ave. office building in Washington, D.C., for roughly $220 million.

The deal for the 12-story, 208,776-square-foot class A property is expected to close in the third quarter, subject to customary conditions.

The property is 98.5% leased, Paramount Chairman, CEO and President Albert Behler said.

The Washington Business Journal reported, citing industry sources, that the buyer is Los Angeles-based CommonWealth Partners LLC.