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Capital Business
Posted at 10:24 PM ET, 11/22/2011

Source: Penzance lands Watergate offices for $76 million

The Penzance Cos. closed Tuesday on a deal to acquire the Watergate office building, home of the infamous break-in that led to President Richard M. Nixon’s resignation, according to Eastdil Secured, which brokered the sale.

A spokeswoman for Penzance declined to comment.

The deal marks the second sale of the building, at 2600 Virginia Ave. NW, in six years, following a 2005 transaction 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 source familiar with the deal who was not authorized to discuss it publicly, said the building will change hands this time for $76 million — nearly $9 million less than it did six years ago — a reflection of where real estate values are today compared to before the recession.

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.

By  |  10:24 PM ET, 11/22/2011

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