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WASHINGTON, DC-BentleyForbes has put on the market one of the most iconic commercial landmarks in the District: the Watergate complex. A ten-acre, mixed-use development, the Watergate is comprised of three luxury residential towers, two class-A office buildings, a 200-room hotel–currently under renovation–and an ancillary parking garage. The assets that are up for sale are 2600 Virginia Ave., a 198,538-square-foot office building; 2500 Virginia Ave., a 66,034-square-foot retail venue; and a 314-space underground parking facility. These assets have been tentatively valued at north of $100 million.

Managing director Arthur Milston and vice president Stephen Shapiro at Savills, a real estate investment banking firm, have been retained to market the sale. Managing director Dan Gorczycki will provide financing-related services.

Milston tells GlobeSt.com that Savills has not yet decided how far north the valuation should go, in part because the firm was only recently retained and is still putting together offering materials. BentleyForbes wants to sell the complex in one transaction, he adds, meaning it is unlikely to sell the office or retail components in separate transactions. “The property has strong fundamentals and we believe it will be very appealing to both domestic and offshore investors.”

The complex has an occupancy rate that averages in the low 90s, with the office occupied at around 96%, he says. Office tenants include the Saudi Arabian Cultural Mission, Saul Ewing, the Washington Opera and PNC Bank. The US Postal Service, CVS Pharmacy and Safeway supermarket are among the retail tenants.

The property’s financing is assumable. With a term that ends October 2015, it has an initial blended rate of 5.43%. The Watergate is famous for its role in the downfall of former president Richard Nixon, leading to his resignation and the popularization of adding ‘gate’ to the phrases associated with scandals.

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