Business Wire | Dec 29, 2020 04:15PM EST

Paramount Completes Sale of 1899 Pennsylvania Avenue

Dec. 29, 2020

NEW YORK--(BUSINESS WIRE)--Dec. 29, 2020--Paramount Group, Inc. (NYSE: PGRE) ("Paramount" or the "Company") announced today that it has completed the previously announced sale of 1899 Pennsylvania Avenue, a 190,955 square foot trophy office building located in Washington, D.C. The final sales price was $103 million, and reflected a $12 million, or 10% reduction versus the previously announced sales price, due to the ongoing COVID-19 pandemic. With the closing of this transaction, Paramount has completed its strategic exit from the Washington, D.C. market.

About Paramount Group, Inc.

Headquartered in New York City, Paramount Group, Inc. is a fully-integrated real estate investment trust that owns, operates, manages, acquires and redevelops high-quality, Class A office properties located in select central business district submarkets of New York City and San Francisco. Paramount is focused on maximizing the value of its portfolio by leveraging the sought-after locations of its assets and its proven property management capabilities to attract and retain high-quality tenants.

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CONTACT: Wilbur Paes Executive Vice President, Chief Financial Officer 212-237-3122 ir@paramount-group.com

CONTACT: Robert Simone Director, Business Development & Investor Relations 212-237-3138 ir@paramount-group.com

CONTACT: Media: 212-492-2285 pr@paramount-group.com