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Penzance Closes on Watergate Office

WASHINGTON, DC-The storied office building is trading at an undisclosed price, but Penzance’s Tom Ikeler shares his plans for the building’s repositioning with GlobeSt.com’s Erika Morphy.

By Erika Morphy | Updated on November 29, 2011

WASHINGTON, DC-One of the two office buildings in the Watergate office and residential community–perhaps the most iconic complex in a city of famous structures–has traded for an undisclosed price to Penzance. The acquisition is a value-add play for the firm, which is acquiring the 200,000-square-foot building at 2600 Virginia Ave., NW with 80,000 square feet of office space still available to lease.

The building is also home to Safeway–one of the few grocery stores available to residents in Foggy Bottom–which has just announced plans to leave the Watergate. Safeway is not a major component of the building’s approximate 65,000 square feet of retail, but its departure is still a significant loss to the community, Tom Ikeler, managing director of Capital Markets for Penzance, tells GlobeSt.com.

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