Paramount acquired the tower from the development team of JBG, CIM and Brookfield. The building is expected to deliver in September.
Paramount Group represented itself in the transaction. Its legal counsel was Alison Jones of Alston & Bird. Cassidy & Pinkard represented the seller. Michael Pickett of Bingham McCutchen was legal counsel for the development team.
According to the JBG website, Waterview, which is located on a 2.2-acre site at the foot of the Key Bridge, is comprised of two 300-foot high towers designed by Pei, Cobb Freed and Partners. The other tower is a 633,000-sf, 24-story structure with 10,000 sf of retail. The 29-story tower also features 136 condo residences and a 154-key boutique hotel, but these were not included in the sale to Paramount.
The property also has a 901-space parking garage, much of which is dedicated to the office tower.
"The Waterview office tower is the perfect acquisition complimenting our stellar portfolio," says Albert Behler, president and CEO of Paramount Group, in a statement. "The property is exceptionally well located minutes from the nation's capital, is leased to a leading Washington employer and benefits from an innovative architectural design allowing for terrific views of all that the DC area offers."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
