NEW YORK--(BUSINESS WIRE)--Paramount Group, Inc. (NYSE:PGRE) announced today that it has entered into a definitive agreement to sell 2099 Pennsylvania Avenue, a 12-story, 208,776 square foot, Class A office building in Washington, D.C. for approximately $220 million. The transaction, which is subject to customary closing conditions, is expected to close in the third quarter of 2018.

“Since our IPO, we have been creating value at 2099 Pennsylvania Avenue by increasing leased occupancy to 98.5% from 31.6%. With this sale, we are harvesting that value,” said Albert Behler, Chairman, Chief Executive Officer and President. “This transaction is a prime example of our approach to create shareholder value. In this instance, our strong leasing team converted an asset with large blocks of vacancy into one of the best Class A properties in the Washington, D.C. market valued at over $1,050 per square foot.”

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, Washington, D.C. 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.