Rockwood Buying Watergate Office Building For $80M From Penzance
Penzance had been in talks to sell the Watergate office building to the Steinbridge Group this summer, but it appears those discussions fell through and the firm has found another buyer.
The iconic building, best known for the scandal that brought down a presidency, has reportedly been bought by Rockwood Capital for $80M, GlobeSt reports.
The New York-based firm would pay $390/SF for the 205k SF building at 2600 Virginia Ave NW.
After buying the building in 2011, Penzance gave it a significant renovation and brought the building from 45% to 90% occupancy, most recently signing a full-floor lease with George Washington University. The building is also occupied by publishing firm Sage, the National Trust for Historic Preservation and the Washington National Opera. [GS]
