Penzance Scores Another for Watergate
In 2011, Penzance scooped up the historic Watergate office building with tons of maintenance to perform and half the building to fill. Fast forward to today, and the renovations are done and the space is 85% leased, including a 25k SF deal the firm just signed with publishing firm SAGE. Penzance's Matt Pacinelli tells us there were 120k SF in new deals in the past 15 months. SAGE—which'll move in by the end of '14—and other signed tenants, such as the National Trust for Historic Preservation and the National League for Nursing, have been attracted to the quality of the renovation, the proximity to the Georgetown waterfront, monument views, and the prospect of a 5-star Watergate hotel next door, which Matt says could deliver next year. CBRE's Scott Frankel and Jena Belinkie repped SAGE; JLL's Carroll Cavanagh and Herb Mansinne repped Penzance.