Watergate office building to be sold

[alp227]

Source: The Washington Post

The Watergate office building, home of the infamous break-in that led to President Richard M. Nixon’s resignation, is under contract to be sold to District-based private equity real estate investor Penzance Cos., according to two sources familiar with the deal.

The deal is expected to close later this fall according to the sources, who spoke on the condition of anonymity because the sale has not been completed.

The sale would mark the second sale of the building, at 2600 Virginia Ave. NW, in six years, following a 2005 deal in which a group led by BentleyForbes, a private Los Angeles-based investor in high-end office buildings, bought the property for $84.5 million from TrizecHahn Corp.

A spokeswoman for Penzance declined to comment, citing a company policy against discussing deals that have not closed. Penzance is an investor and owner of office buildings in the District and Northern Virginia, including 1101 and 1130 Connecticut Avenue, and plans to develop a new 300,000-square-foot office building in Clarendon.

Read more: http://www.washingtonpost.com/business/capitalbusiness/watergate-office-building-to-be-sold/2011/09/20/gIQA2Di2iK_story.html?wprss=

[Demeter]

1. The Pirates of Penzance? How appropriate!