Paramount Group on Dec. 29 disclosed the completion of its previously announced sale of 1899 Pennsylvania Avenue for $103 million. Shares fell 1.2% at the close on Tuesday.
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Earlier on Mar. 6, Paramount Group (PGRE) had announced an agreement to sell the 1899 Pennsylvania Avenue, a 191,000 square foot office building located in Washington, D.C., for $115 million. The final price tag reflected a discount of 10% or $12 million from the originally agreed price, due to the coronavirus pandemic. The transaction is expected to close in Q420, pending customary closing conditions.
With this sale, Paramount finalized its strategic exit from the Washington, D.C. market, the company said.
Morgan Stanley analyst Vikram Malhorta on Dec. 14 reiterated a Buy rating on PGRE stock with a price target of $10.50 (17.3% upside potential).
Malhorta expects Paramount to post a net loss per share of $0.03 in Q420. The company reported a net loss per share of $0.03 in Q320. (See PGRE stock analysis on TipRanks)
From the rest of the Street, the stock scores an analyst consensus of a Hold based on 1 Buy, 1 Hold, and 2 Sells. The average analyst price target of $8.94 implies that the stock is fully priced to current levels. Shares have lost 36% year-to-date.
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