Take advantage of this rare opportunity to buy perhaps the greatest emblem of political malfeasance in the whole, corrupt world! The Watergate Complex! That’s right. Take advantage of this rare opportunity now.
Savills LLC has just announced that it is marketing components of the 10-acre development, which includes “three luxury residential towers, two Class-A office buildings, a 200-room hotel that is presently under renovation, and an ancillary parking garage,” for landlord BentleyForbes.
The full release is below:
SAVILLS TO SELL ELEMENTS March 12, 2009: Savills LLC, an international real estate investment banking firm, has been exclusively retained by BentleyForbes to market the sale of The Watergate Office Tower, Retail Promenade and Parking Facility.
The property, made famous by the political scandal that led to the resignation of former President Richard M. Nixon, is located at the banks of the Potomac River in Washington, D.C.’s desirable West End/Georgetown sub-market.
The Watergate Complex is a ten-acre, mixed-use development that comprises three luxury residential towers, two Class-A office buildings, a 200-room hotel that is presently under renovation, and an ancillary parking garage.
The assets available for sale include: 2600 Virginia Avenue, a 198,538-square-foot, Class-A office building; 2500 Virginia Avenue, a retail venue with a total accommodation of 66,034 square feet; and a 314-space underground parking facility.
“Washington, D.C. is one of the healthiest office markets in the country, and with government as its core industry, has a tremendous outlook, especially as the current administration expands its holdings,” said John D. Lyons, CEO of Savills. “This is a prime opportunity for savvy investors seeking best-in-class assets with global recognition.”
Managing director Arthur Milston and vice president Stephen Shapiro are leading the national sales initiative for Savills. They are supported by managing director Dan Gorczycki, who will provide financing-related services to interested parties.
The property for sale is more than 90 percent leased to a diversified tenant roster that includes the Saudi Arabian Cultural Mission, Saul Ewing, the Washington Opera and PNC Bank. Retail tenants include the US Postal Service, CVS Pharmacy and Safeway supermarket. The property is being sold subject to attractive assumable financing which runs through to October 2015 and has an initial blended rate of 5.43 percent.