Paramount Closes $460M DC Office Sale
ByThe 24-story Waterview tower in Arlington, Va., sold for $711 per square foot, a record-breaking price for suburban Washington.
One decade after acquiring the premier Waterview office tower in Arlington, Va., just outside Washington, D.C., Paramount Group has traded the 647,000-square-foot property in a head-turning transaction first announced in February. The company sold Waterview to Morgan Stanley Real Estate for $460 million, or roughly $711 per square foot—a deal that, according to a report by commercial real estate services firm NAI KLNB, “breaks the record for a suburban Washington office building sale [in] price per square foot.”
Paramount had owned Waterview, sited at 1919 N. Lynne St. in Arlington’s Rosslyn submarket, since 2007, when it acquired the then brand-new property for approximately $413 million from its developers, JBG Cos., Brookfield Properties Corp. and CIM Group. The 24-story tower, which includes 5,500 square feet of retail space, is 99 percent leased to CEB Inc., as it has been from day one. CEB (formerly The Corporate Executive Board Co.) pre-leased the building in 2004 in what was then the largest private sector office lease transaction ever completed in the metro Washington, D.C., market. The tenant has a claim on the space through 2027…
Paramount Closes $460M DC Office Sale
