Paramount Strikes Record Deal to Sell NoVa Trophy Building
ByArlington, Va.—A new owner has emerged for Waterview, a 647,000-square-foot office building located in the Rosslyn section of Arlington, Northern Virginia.
New York City-based Paramount Group has sold the Class A office tower to Morgan Stanley Real Estate for a staggering $460 million. The deal represents the largest single office sale in the area since 2007, when Paramount acquired the same property. According to Real Estate Alert, Eastdill Secured negotiated the transaction on behalf of the seller.
The sale will result in a financial statement gain of approximately $110 million and a tax gain of approximately $393 million, which will be deferred as part of a like-kind exchange for the upcoming acquisition of One Front Street, a 38-story office high-rise in San Francisco. The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2017…
