Paramount Group Sells NoMa Office for $157M
Saban Capital Group is the buyer of the 372,552-square foot building.
WASHINGTON, DC–Los Angeles-based Saban Capital Group has acquired 425 Eye St., NW in the NoMa submarket for $157 million. The seller of the seven-story 372,552-square foot building is Paramount Group, which also just closed on the previously-announced sale of 2099 Pennsylvania Ave., for $220 million.
The last time 425 Eye St., NW, traded was in 2005 for $135.5 million.
As of June 30, 2018, NoMa property was 98.7% leased with weighted average in-place gross annualized rents of $46.16 per square foot. 90% of the office space is leased to the Department of Veterans Affairs.
The sale of 425 Eye St., is part of Paramount’s active approach to portfolio management, said CEO Albert Behler in a prepared statement.