Los Angeles Investor Buys Mount Vernon Triangle Office Building For $141M

The office building at 425 Eye St. NW
Google Maps
The Office Building At 425 Eye St. Nw

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.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Washington, D.C. Newsletters
Related Stories

Cross Ocean Partners, Fuller Realty Acquire 829K SF Houston Office Campus

NYC Office Investor Warns It Could Go Under As Defaults Pile Up

Deutsche Bank Takes 5 Floors At Oaktree And Quadrant's Canary Wharf Scheme

Coconut Grove Office Flipped For $15M Gain After One Year

D.C.'s Office Market Is Getting A Makeover

Oxford Properties Pays $435M For Boston Office Tower, Eyes More Deals

Judge Rules FBI Can't Scrap Maryland Headquarters Plan

EXCLUSIVE: Opal Holdings' Former 700K SF Suburban Chicago Office Campus Hits The Market

CGI Merchant Had A-Rod's Backing And A $650M Fund. Then It Bought Trump's D.C. Hotel And It All Fell Apart

Judge Approves $70M Sale Of Philly's Largest Office Complex

Brookfield Offloads 3-Building Silver Spring Office Complex

Wildfires Reignite Case For Landlords To Invest In Air Quality