Penzance purchased one of two Watergate office buildings in Washington, DC for $76 million according to a CoStar report. Capri Capital Partners finalized the sale of the building at 2600 Virginia Avenue, NW for nearly $287 per square foot. According to the report, a group of investors led by BentleyForbes purchased the structure in 2005 for $86.5 million. Capri recently took over its management.
"The iconic Watergate office building and retail plaza, with its prime location in Foggy Bottom, has Potomac River frontage, proximity to the Kennedy Center, Georgetown and downtown," said Penzance Managing Partner and Co-Founder, Victor K. Tolkan. "Penzance will be applying a broad array of value enhancement strategies and an intense focus on day-to-day operations in order to reposition and revitalize this property. We are thrilled to have the opportunity to own and manage 2600 Virginia Avenue, which will once again become known for its architecture, amenities and its prime location in the Washington landscape."
Penzance's plans include marketing and leasing the vacant office space, 80,000 contiguous square feet of which is located on the top floors of the building. Penzance will manage both the office building and the retail plaza.
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