Paramount Group acquires 190,000 s/f property

Paramount Group, Inc. has acquired the 11-story, 190,000 s/f 1899 Pennsylvania Ave. "Trophy asset quality and location along with a superb tenant such as WilmerHale make this acquisition a winning combination that complements the rest of our portfolio," said Albert Behler, president and CEO of Paramount Group. The property is part of a three-building campus along Pennsylvania Avenue between 18th and 19th streets that is anchored by WilmerHale, Washington D.C.'s largest indigenous law firm. WilmerHale occupies 87% of the building and also occupies 100% of 1875 Pennsylvania Ave. and 75% of 1801 Pennsylvania Ave., which are located immediately next to the 1899 building. The property was originally built in 1915 and completely redeveloped in 2002 by the world-renowned architectural firm of Leo Daly. Just three blocks from the White House, 1899 Pennsylvania Avenue features a floor-to-ceiling glass façade, approximately 18,000 s/f floor plates, a below grade parking garage, White House and city views, a stunning marble lobby, a rooftop terrace and many other features that make it a most attractive asset. Renowned for environmentally responsible leadership, Paramount plans to invest further in the property to achieve LEED Gold certification. Long-term market strength ranks Washington, D.C. as one of the world's most attractive cities for real estate investment and one of the best performing economies throughout the recent recession. The area is poised for continued prosperity as government and related private sector contractors benefit from projected federal spending programs.