{"id":1004170388,"date":"2017-03-27T03:20:45","date_gmt":"2017-03-27T11:20:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004170388"},"modified":"2022-12-09T02:20:08","modified_gmt":"2022-12-09T10:20:08","slug":"washington-reit-to-buy-watergate-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/washington-reit-to-buy-watergate-building\/","title":{"rendered":"Washington REIT to Buy Watergate Building"},"content":{"rendered":"

By Scott Baltic, Contributing Editor <\/em><\/p>\n

Washington, D.C.<\/strong>\u2014No, not that<\/em> Watergate building, but close. Washington REIT has agreed to acquire 600 New Hampshire Ave. NW, a 12-story, 309,000-square-foot Class A office building in Washington, D.C.\u2019s, Watergate complex, for about $135 million, the REIT announced late last week.<\/p>\n

\"600<\/a>

600 New Hampshire Ave.<\/p><\/div>\n

The seller of the building, also known as Watergate 600, is Bradley Holdings, a\/k\/a Katherine Bradley and David Bradley, who also control Atlantic Media, publisher of Atlantic Monthly and other publications. Atlantic Media occupies 140,000 square feet, or nearly half of Watergate 600, under a long-term lease. Overall, the building is 97 percent leased.<\/p>\n

And there\u2019s a twist in the transaction: A portion of the consideration to be received by the seller will consist of operating partnership (OP) units.<\/p>\n

\u201cBy partially structuring this acquisition as an OP unit transaction, we were able to execute a transaction that was mutually beneficial to both parties,\u201d Paul McDermott, president & CEO of Washington REIT, said in a prepared statement. \u201cThe structure allowed us to create an efficient execution for a private owner of real estate in the Washington metropolitan area. Under a similar structure, we expect to generate opportunities to acquire additional properties and portfolios from longtime private-sector property owners.\u201d<\/p>\n

(Washington REIT noted that this building is not<\/em> the one in which the infamous Watergate burglary was committed during the Nixon administration, in June 1972. That<\/em> building is the nearby Watergate Office Building, 2600 Virginia Ave. NW.)<\/p>\n

Overall, the Watergate complex, built on the Potomac riverfront between 1963 and 1972, consists of three buildings of cooperative apartments, the two office buildings and the Watergate Hotel.<\/p>\n

600 Watergate underwent a major renovation in 1997, and a second renovation, Washington REIT said, will bring the building up to Class A status, with lobby and rooftop modernization, a new fitness facility, new conference center and systems upgrades. Commercial Property Executive<\/em> has learned that the buyer expects to spend $15 million or somewhat more on the renovations, which are expected to be complete by the end of 2018.<\/p>\n

That time frame, according to Washington REIT, will mesh well with law firm Blank Rome\u2019s lease on about 90,000 square feet, which will expire at the end of 2018.<\/p>\n

The acquisition is expected to close in early April.<\/p>\n

Bradley Holdings bought Watergate 600 from LaSalle Investment Management in late 2003 for $108 million, according to information provided by Yardi Matrix.<\/p>\n

Washington REIT noted that with the recent $125 million repositioning and 2016 re-opening of the Watergate Hotel, the complex \u201cis experiencing renewed interest from both office and retail tenants.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The acquisition of the 12-story, 309,000-square-foot Class A office tower is expected to close in April. <\/p>\n","protected":false},"author":882,"featured_media":1004170389,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,11,21742,21747,1615],"tags":[34608,34609],"class_list":["post-1004170388","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-midatlantic","category-latest","category-office","category-washington-dc","tag-watergate-600","tag-watergate-hotel"],"acf":[],"yoast_head":"\nWashington REIT to Buy Watergate Building - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/washington-reit-to-buy-watergate-building\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Washington REIT to Buy Watergate Building\" \/>\n<meta property=\"og:description\" content=\"The acquisition of the 12-story, 309,000-square-foot Class A office tower is expected to close in April.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/washington-reit-to-buy-watergate-building\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-03-27T11:20:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:20:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/WATERGATE-600.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/washington-reit-to-buy-watergate-building\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/washington-reit-to-buy-watergate-building\/\",\"name\":\"Washington REIT to Buy Watergate Building - 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