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WASHINGTON, DC-Penzance is slowly building up occupancy at one of Washington’s most iconic complexes: the Watergate. The company acquired it at the end of last year from the mezz lender, amidst news that its anchor retail tenant, Safeway, would be leaving. Since then leasing at the complex has been relatively quiet, Matt Pacinelli, Penzance SVP of Leasing, tells GlobeSt.com, with tenants sitting back in wait-and-see mode to observe the new owner.

That may be changing with the announcement that CVS/pharmacy has signed a long-term lease to expand its presence from its current 8,000-square-foot space to 13,000 square feet at the former Safeway space. The deal makes CVS the largest tenant in the 65,000-square-foot retail plaza.

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