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Paramount sells DC office building for $154.5M

Paramount Group Inc. sold the Liberty Place office building in Washington, D.C.'s East End submarket for $154.5 million.

Net proceeds from the sale of the 172,000-square-foot property will be used to fund Paramount's share of the Market Center acquisition in San Francisco and for general corporate purposes.

The Market Center office complex in San Francisco's South Financial District is being acquired for approximately $722.0 million.

The company noted that based on the timing of the closing of the Liberty Place sale, it no longer expects to receive 1 cent per share of core funds from operations in the fourth quarter that it had included in its full-year guidance. The company had provided a full-year core FFO guidance range of 93 cents to 97 cents per share with its second-quarter results.

For the full year, the S&P Global Market Intelligence consensus FFO-per-share estimate is 94 cents.