NEW YORK--(BUSINESS WIRE)--Paramount Group, Inc. (NYSE:PGRE) (“Paramount” or the “Company”) today announced it has entered into an agreement to acquire 111 Sutter Street, a 293,000 square foot office building located in San Francisco’s North Financial District, for $227 million or approximately $775 per square foot.
The property is currently 79.6% leased primarily to technology, media, business services and not-for-profit tenants. The transaction, which is subject to customary closing conditions, is expected to close in the first quarter of 2019. In connection with the transaction, the Company is considering bringing in a joint venture partner at the property.
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, Washington, D.C. 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.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Federal securities laws. You can identify these statements by our use of the words “expects,” “plans,” “estimates,” “projects,” “intends,” “believes” and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Paramount’s control and could materially affect actual results, performance or achievements. These factors include, without limitation, the Company’s ability to satisfy the closing conditions to the transaction described above, the ability to enter into new leases or renew leases on favorable terms, dependence on tenants’ financial condition, the effects of local economic and market conditions, and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission. Paramount does not undertake a duty to update or revise any forward-looking statement whether as a result of new information, future events or otherwise.