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Five years after buying the Watergate office building, and after significant renovations and an occupancy boost, Penzance is selling the historic Foggy Bottom building for $107M.
The 12-story, 270k SF office building best known for the scandal that brought down Richard Nixon's presidency—and spawning the overused "-gate" scandal suffix—is being sold to New York-based Steinbridge Group and Dallas-based Lincoln Property, Bloomberg reports.
DC-based Penzance bought the building in 2011 for $76M from a creditor, who controlled the property after BentleyForbes fell into debt from the financial crash in 2008. Penzance is selling it as part of a partnership with Connecticut-based Greenfield Partners.
Penzance completed a multimillion-dollar renovation and the building is now roughly 90% occupied, double what it was five years ago.
The office tenants include publishing firm SAGE, the National Trust for Historic Preservation and the Washington National Opera. George Washington University signed a full-floor lease earlier this year. [Bloomberg]
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