DC Office Building Commands $157M

By Corina Stef

425 Eye Street, Washington, D.C.

Paramount Group Inc. has sold 425 Eye Street, a Class A office building in the Mount Vernon Triangle neighborhood of Washington, D.C. Saban Capital Group paid $157 million for the seven-story property, while EagleBank provided an $81.5 million acquisition loan, Yardi Matrix data shows.

The 372,552-square-foot asset was originally completed in 1973 and underwent complete renovations in 2010. As a result, it received LEED Platinum certification, currently featuring state-of-the-art building systems and on-site parking. At the end of June, the property was 98.7 percent leased. The anchor tenant is the U.S. Government, which occupies 90 percent of the existing space. The average in-place gross annualized rent is $46.16 per square foot.

Located at 425 Eye St. NW, the building is within walking distance of Capitol Hill, the Washington Convention Center, restaurants and popular destinations such as the National Mall and the Smithsonian. Nearby Union Station and two metro stations provide easy transportation throughout the entire area.

Image courtesy of Yardi Matrix