WASHINGTON, DC--The city's most notorious building, the 200,000-square foot Watergate office building, is under contract for $107 million, according to a report in Bloomberg, which wrote that it has seen financing documents about the deal.
The buyers are New York City's Steinbridge Group and Dallas-based Lincoln Property Co., according to Bloomberg.
** Calls by GlobeSt.com to Steinbridge and Lincoln Property have not been returned.
A spokesman for Penzance Cos., the Watergate's owner, told GlobeSt.com that “we are not in a position to comment.”
Another source reached for comment seemed inclined to doubt the accuracy of Bloomberg's report. This person told GlobeSt.com that Penzance had been in talks with one of the parties but they did not come to fruition. Also, this person noted that the Bloomberg article cited financial documents from HFF. However, HFF is not marketing the building. Penzance tapped Eastdil Secured to represent it in the building's sale.
Washington, DC-based Penzance Cos., which acquired the building in 2011, paid $76 million for the office building, which at the time was only 45% leased. The building underwent an multi-million dollar repositioning and lobby renovation and tenants began rethinking the building's possibilities.
Earlier this year Penzance announced that George Washington University signed a full floor lease at the office building, which is located at 2600 Virginia Ave., NW, bringing the Watergate to more than 90% leased.
Other tenants include the National Trust for Historic Preservation, Sage Publications, KIPP, the National League for Nursing, and the Washington National Opera.
Listed on the National Register of Historic Places, The Watergate Office Building was constructed in 1967 as part of the 10-acre Watergate complex which was, at the time, the largest privately funded urban renewal project in Washington DC's history. It was designed by famed Italian architect Luigi Moretti and the resulting project was the first mixed-use development in the District. Its true claim to fame, though, hardly needs an explanation: the building's central role in the downfall of President Richard M. Nixon.
** This story was updated from its original version to reflect Penzance's comment and a source's speculation about the sale.
WASHINGTON, DC--The city's most notorious building, the 200,000-square foot Watergate office building, is under contract for $107 million, according to a report in Bloomberg, which wrote that it has seen financing documents about the deal.
The buyers are
** Calls by GlobeSt.com to Steinbridge and Lincoln Property have not been returned.
A spokesman for Penzance Cos., the Watergate's owner, told GlobeSt.com that “we are not in a position to comment.”
Another source reached for comment seemed inclined to doubt the accuracy of Bloomberg's report. This person told GlobeSt.com that Penzance had been in talks with one of the parties but they did not come to fruition. Also, this person noted that the Bloomberg article cited financial documents from HFF. However, HFF is not marketing the building. Penzance tapped Eastdil Secured to represent it in the building's sale.
Washington, DC-based Penzance Cos., which acquired the building in 2011, paid $76 million for the office building, which at the time was only 45% leased. The building underwent an multi-million dollar repositioning and lobby renovation and tenants began rethinking the building's possibilities.
Earlier this year Penzance announced that
Other tenants include the National Trust for Historic Preservation, Sage Publications, KIPP, the National League for Nursing, and the Washington National Opera.
Listed on the National Register of Historic Places, The Watergate Office Building was constructed in 1967 as part of the 10-acre Watergate complex which was, at the time, the largest privately funded urban renewal project in Washington DC's history. It was designed by famed Italian architect Luigi Moretti and the resulting project was the first mixed-use development in the District. Its true claim to fame, though, hardly needs an explanation: the building's central role in the downfall of President Richard M. Nixon.
** This story was updated from its original version to reflect Penzance's comment and a source's speculation about the sale.
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