East End Office Building Sells For Over $150M
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An office building across from the Archives-Navy Memorial Metro station has just traded hands for over $150M.
Paramount Group Friday announced it sold the Liberty Place office building at 325 Seventh St. NW for $154.5M. Documents posted to the D.C. Recorder of Deeds Friday show the building sold for $152.4M to Artemis Real Estate Partners.
The building has 174K SF of office space across its 12 stories, bringing the deal to nearly $900/SF. It was constructed in 1991.
The sale comes one year after Paramount sold a Mount Vernon Triangle office building for $141M. The New York-based firm said it plans to use the proceeds from the latest sale to fund the acquisition of a 44% stake in San Francisco's Market Center, a deal it announced last month.
"We continue to execute on our capital recycling strategy by selling stabilized assets at attractive prices and redeploying that capital into higher-growth opportunities, such as Market Center," Paramount Group CEO Albert Behler said in a release.