The Washington Post

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.

Jonathan O'Connell has covered land use and development in the Washington area for more than five years.

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