Paramount Group has officially parted way with Waterview, the 24-story, 647,000-square-foot office tower overlooking the Key Bridge in Rosslyn.
New York-based Paramount, which acquired the prime office property at 1919 N. Lynn St. in 2007 for $413 million, according to Arlington tax records, sold it off for $460 million in cash, per a release. The buyer, while not disclosed, was previously reported to be Morgan Stanley Real Estate.
The latest sale amounts to about $711 per square foot, which is believed to be a suburban record. The building’s main tenants include Gartner (formerly CEB) and Deloitte.
Waterview, developed by The JBG Cos., was completed in 2008. The Waterview complex was designed by Pei Cobb Freed & Partners and includes the office tower, the Waterview residences and the Le Meridien Hotel in a separate building, though the latter two were not part of the latest sale.
Paramount will use the net proceeds to repay an $87 million loan tied to its 1899 Pennsylvania Ave. NW…Read the full story from the Washington Business Journal.
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