Los Angeles Investor Buys Mount Vernon Triangle Office Building For $141M
A 1970s-era office building in D.C.'s Mount Vernon Triangle neighborhood has traded hands for $141M.
Los Angeles-based Saban Real Estate bought the Chester A. Arthur Federal Building at 425 Eye St. NW from Paramount Group in a sale recorded Thursday afternoon.
Paramount bought the 372,500 SF building in 2005 for $136M, property records show. It renovated the building in 2009.
The building has ground-floor retail, including Alba Osteria, Ottoman Taverna, Tropical Smoothie Cafe, Chez Liz Coffee Shop, liquor store Eye Street Cellars and Orangetheory Fitness. It sits roughly a half-mile from the Mount Vernon Square, Gallery Place and Judiciary Square Metro stations.
Constructed in the 1970s, the seven-story building is in a high-density D-4-R zone, which allows for buildings up to 130 feet tall. The buyer has not said if it plans to renovate or increase the density on the property. It sits across the street from the newly developed D.C. Bar headquarters and about three blocks from the Capitol Crossing development.
The deal represents the second major D.C. sale for Paramount in as many months. The New York-based firm last month announced it reached an agreement to sell 2099 Pennsylvania Ave. NW for $220M. Paramount also owns 1899 Pennsylvania Ave. NW and Liberty Place.