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Rreef Affiliate Nabs 1800 K St. for $98M

WASHINGTON, DC-After a two-year hold and renovation, Paramount Group Inc. earns $29 million from the 275,000-sf office handover.

By Erika Morphy | Updated on September 28, 2006

WASHINGTON, DC-An affiliate of Rreef America has acquired a 275,000-sf office building for $98 million from Manhattan-based Paramount Group Inc.

Paramount bought the building in March 2004 for $69 million for the Paramount Group Real Estate Fund I, which focuses on class A investments in CBDs. As part of the plan, Paramount upgraded the 1800 K. St. asset’s appearance after its acquisition. “We repositioned the property per the fund’s objective by doing a complete facade and lobby renovation along with the lease-up,” Paramount Group president and CEO Albert Behler says in a statement. “We will continue to expand our portfolio by investing in additional class A, CBD-located office properties throughout the United States.”

The property’s lead tenant is the Center for Strategic and International Studies, which occupies about half of the building, John Norjen, a broker in CB Richard Ellis’ Washington, DC office, tells GlobeSt.com. CBRE represented Paramount while the Rreef affiliate used in-house brokers to work out the deal.

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