{"id":1004356406,"date":"2019-09-30T04:28:15","date_gmt":"2019-09-30T12:28:15","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004356406"},"modified":"2019-09-30T04:28:15","modified_gmt":"2019-09-30T12:28:15","slug":"watergate-office-building-changes-ownership","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/watergate-office-building-changes-ownership\/","title":{"rendered":"Watergate Office Building Changes Ownership"},"content":{"rendered":"
\"The<\/a>

The Watergate Office Building<\/p><\/div>\n

Rockwood Capital has sold the famous Watergate Office Building <\/strong>in Washington, D.C. Friedman Capital acquired the 215,520-square-foot iconic asset for $101.5 million, according to Curbed Washington D.C.<\/em><\/p>\n

Newmark Knight Frank represented the seller in the deal. The property last traded in 2016, when Rockwood purchased it from Penzance for $75 million, Yardi Matrix data shows.<\/p>\n

The transaction comes neck and neck with another high-profile office building sale<\/a> in Washington, D.C. Paramount Group has recently sold Liberty Place for more than $150 million and intends to use the proceeds to fund its other ventures.<\/p>\n

The historic 11-story building rises at 2600 Virginia Ave., N.W., within the Watergate complex, a 10-acre mixed-use development on the Potomac Riverfront. The property is 1.4 miles west of the White House and 1 mile north of the Lincoln Memorial. The surrounding area, part of the core downtown submarket, hosts numerous hotels, high-end restaurants and luxury residential properties.<\/p>\n

A future Nixon museum<\/h2>\n

The Class A tower was built in 1967 and completely renovated in 2013, per Yardi Matrix data. The $14 million worth of improvements included a new fitness center, secure bike storage and repair station, electric car charging stations and a fully renovated lobby.<\/p>\n

The property is currently 90 percent leased, with a tenant roster that includes the National Trust for Historic Preservation and George Washington University. The new owner intends to add various amenities, such as a sports book, urban athletic club, coworking office and restaurants, as well as a Nixon museum.<\/p>\n

Newmark Knight Frank\u2019s Executive Managing Directors Jud Ryan and James Cassidy, together with Vice President Cliff Cummings, brokered the deal on behalf of the seller.<\/p>\n","protected":false},"excerpt":{"rendered":"

The buyer of the historic property plans further improvements, which include the addition of a Nixon museum.<\/p>\n","protected":false},"author":870,"featured_media":1004356424,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,11,21742,21747,1615],"tags":[47216,40185,40188,36007,47219,47213],"class_list":["post-1004356406","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-midatlantic","category-latest","category-office","category-washington-dc","tag-friedman-capital","tag-james-cassidy","tag-jud-ryan","tag-newmark-knight-frank","tag-penzance","tag-rockwood-capital-corp"],"acf":[],"yoast_head":"\nWatergate Office Building Changes Ownership - 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\/watergate-office-building-changes-ownership\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Watergate Office Building Changes Ownership\" \/>\n<meta property=\"og:description\" content=\"The buyer of the historic property plans further improvements, which include the addition of a Nixon museum.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/watergate-office-building-changes-ownership\/\" \/>\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=\"2019-09-30T12:28:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/The-Watergate-Office-Building-e1569841725386.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adriana Marinescu\" \/>\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\/watergate-office-building-changes-ownership\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/watergate-office-building-changes-ownership\/\",\"name\":\"Watergate Office Building Changes Ownership - 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