DC Office Building Sells for $350 Per SF

WASHINGTON, DC-The Paramount Group has acquired the 387,200-sf Chester A. Arthur Building for $135.5 million. The property, according to District real estate records, has a current assessed value of approximately $68.6 million.

With the guidance of Ken Marks, Gerry Trainor and Donald McCully of Transwestern Commercial Services’ Washington, DC Investment Services Group, Circle Office Associates LLC turned the deed to 425 I St. NW in exchange for what amounted to nearly $350 per sf. Situated just blocks from the MCI Center in the District’s East End submarket, the site was developed in 1973.