ROSSLYN, VA–New York City-based Paramount Group has closed on its previously-announced $460 million record sale of the Waterview, a 24-story, 647,000 square foot office building in the Rosslyn, Va. submarket.
Morgan Stanley Real Estate won the bidding for the Waterview, according to an earlier report in Real Estate Alert.
The Waterview is currently 99% occupied by a single tenant whose lease expires in January 2028. The last time it sold was in May 2007 for $413 million.
Paramount reports that it intends to use the net proceeds to repay the $87 million loan at 1899 Pennsylvania Ave., and the $84 million loan at Liberty Place, as well as the outstanding balance under its revolving credit facility.
Originally, it was indicated that Paramount planned to use the proceeds to finance a like-kind exchange for its acquisition of One Front Street, an approximately 645,000 square foot, 38-story, office building in San Francisco, which it closed on for $521 million in cash in December.
Paramount did not immediately return a request for comment to GlobeSt.com in time for publication.
ROSSLYN, VA–New York City-based Paramount Group has closed on its previously-announced $460 million record sale of the Waterview, a 24-story, 647,000 square foot office building in the Rosslyn, Va. submarket.
The Waterview is currently 99% occupied by a single tenant whose lease expires in January 2028. The last time it sold was in May 2007 for $413 million.
Paramount reports that it intends to use the net proceeds to repay the $87 million loan at 1899 Pennsylvania Ave., and the $84 million loan at Liberty Place, as well as the outstanding balance under its revolving credit facility.
Originally, it was indicated that Paramount planned to use the proceeds to finance a like-kind exchange for its acquisition of One Front Street, an approximately 645,000 square foot, 38-story, office building in San Francisco, which it closed on for $521 million in cash in December.
Paramount did not immediately return a request for comment to GlobeSt.com in time for publication.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
