A nearly-fully occupied Watergate Office Building is up for sale as Eastdil Secured has been retained to market the globally-recognized property. Washington, DC-based investment company Penzance is selling the property at 2600 Virginia Ave. NW after acquiring it for $76 million in 2011 from a group led by BentleyForbes, a private Los Angeles-based investor in high-end office buildings; prior to that, it traded from TrizecHahn Corp. to BentleyForbes' group in 2005 for $84.5 million. The offering comes as $125 million in renovations to the Watergate Hotel wrapped up last summer when the hotel was reopened. The building is not listed for a specific price.
The 11-story, 198,000-square-foot office building was still new in 1972 when thieves broke into the sixth-floor offices of the Democratic National Committee, alerting a security guard and beginning a chain of events that drove Nixon from the presidency and gave the building's name to the historic scandal. When BentleyForbes purchased the office building in 2005, it issued a press release saying, "the underlying market fundamentals, stable tenant base and quality of the asset made this investment a strong addition" to the company's portfolio.
In mid-2012, Penzance began a multimillion-dollar upgrade to the Watergate Office Building's lobby, common areas, and Virginia Avenue entrance. The modernization was complete in December 2012, and the building began leasing space again in January 2013. Penzance decided to offer the building for sale after boosting occupancy from 45% to more than 90%, said Penzance Senior Vice President Matt Pacinelli.
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