Market Overview

Paramount to Sell 2099 Pennsylvania Avenue for $220 Million


Group, Inc.
(NYSE:PGRE) ("Paramount" or the "Company") announced
today that it has entered into a definitive agreement to sell 2099
Pennsylvania Avenue, a 12-story, 208,776 square foot, Class A office
building in Washington, D.C. for approximately $220 million. The
transaction, which is subject to customary closing conditions, is
expected to close in the third quarter of 2018.

"Since our IPO, we have been creating value at 2099 Pennsylvania Avenue
by increasing leased occupancy to 98.5% from 31.6%. With this sale, we
are harvesting that value," said Albert Behler, Chairman, Chief
Executive Officer and President. "This transaction is a prime example of
our approach to create shareholder value. In this instance, our strong
leasing team converted an asset with large blocks of vacancy into one of
the best Class A properties in the Washington, D.C. market valued at
over $1,050 per square foot."

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.

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