Historic Watergate Office Building To Be Sold
Five years after buying the Watergate office building, and after significant renovations and an occupancy boost, Penzance is selling the historic Foggy Bottom building for $107M.
The 12-story, 270k SF office building best known for the scandal that brought down Richard Nixon's presidency—and spawning the overused "-gate" scandal suffix—is being sold to New York-based Steinbridge Group and Dallas-based Lincoln Property, Bloomberg reports.
DC-based Penzance bought the building in 2011 for $76M from a creditor, who controlled the property after BentleyForbes fell into debt from the financial crash in 2008. Penzance is selling it as part of a partnership with Connecticut-based Greenfield Partners.
Penzance completed a multimillion-dollar renovation and the building is now roughly 90% occupied, double what it was five years ago.
The office tenants include publishing firm SAGE, the National Trust for Historic Preservation and the Washington National Opera. George Washington University signed a full-floor lease earlier this year. [Bloomberg]
