(Bloomberg) -- Washington’s Watergate office building, made famous by the political scandal that brought down President Richard M. Nixon, is under contract to be sold, according to financing documents obtained by Bloomberg.
New York real estate investment firm Steinbridge Group and Dallas-based Lincoln Property Co. are buying 2500 and 2600 Virginia Ave. NW, also known as Watergate East, for $107 million, according to the document by brokerage Holliday Fenoglio Fowler LP.
The 12-story, 270,000-square-foot (25,100-square-meter) office property in the Foggy Bottom neighborhood, about a mile west of the White House, is part of a six-building complex that also includes co-op apartments and a hotel that has just been renovated. Burglars in 1972 broke into the office building’s 11th floor, then the headquarters of the Democratic National Committee, a crime that ultimately led to the unraveling of the Nixon presidency.
|Earlier sale
The seller is a partnership led by Greenfield Partners LLC, a Westport, Connecticut-based real estate investment-management firm, said a person with knowledge of the transaction, who asked not to be named because the details are private. Washington-based Penzance Cos., said to be part of the partnership, paid $76 million for it in November 2011, data from Real Capital Analytics Inc. show. That sale resolved a “troubled situation,” according to Real Capital, in which the property was controlled by a creditor after owner BentleyForbes fell into debt following the 2008 financial crisis.
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