Real estate services concern Jones Lang LaSalle helped arrange the sale to DGB Enterprises on behalf of seller LaSalle Investment Management, Income and Growth Fund, which brought the property into its portfolio in 1999. "The purchaser rightly determined that this was an opportunity to own one of the most valuable pieces of real estate in what can be argued to be the best real estate market in the United States and maybe the world," notes Jones Lang LaSalle senior vice president John Kevill.

Situated across from the Kennedy Center for Performing Arts in the Foggy Bottom section of the District, the 282,000-sf property--part of the infamous Watergate Complex where the groundwork was laid for the fall of former President Richard M. Nixon--was built in 1974, and carries a 2004 assessed value of nearly $66 million. It was only four years ago that the building hit the market and brought in $50 million--a figure that seems like chicken feed compared to its most recent price tag.

However, the history surrounding the property was not the only factor that made the building an attractive item for potential investors. "The main reason it was a hot investment, to a large extent, is because it is location driven," Kevill explains to GlobeSt.com. "Despite its age, it is truly a world-class location. It has great views, sits right on the Potomac River and is convenient to Capitol Hill and the suburbs. So for law firms, lobbyists, and people doing business in Downtown DC and the suburbs, it is a great location."