Savills has been exclusively retained by BentleyForbes to market the sale of The Watergate Office Tower, Retail Promenade and Parking Facility in Washington D.C, USA. 

The property, made famous by the political scandal that led to the resignation of former President Richard M. Nixon, is located beside 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 (18,445 sq m); 2500 Virginia Avenue, a retail venue with a total accommodation of 66,034 square feet (6,135 sq m); 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. The Watergate office tower is one of the world's most prestigious buildings."

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 vendor is seeking offers of more than $100 million for the property, reflecting an initial 8 percent capitalization rate based on 2009 net income. The property is subject to attractive assumable financing at an initial blended rate of 5.43 percent. Financing runs through to October 2015. 

Contact Information

Arthur Milston, Savills
+1 (1) 212 328 3944

Dan Gorczycki, Savills
+1 (1) 212 328 3942

Victoria Cambridge, Savills Press Office
+44 (0) 20 7409 8940