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Confirmed: 1615 L Street Trades for $229M | Watergate is 90% Leased

WASHINGTON, DC—Cushman Wakefield announces that the building has traded. Meanwhile, GWU is taking a full floor at The Watergate Office building, bringing the property to 90% occupancy.

By Erika Morphy | erikamorphy | | Updated on March 16, 2016
1615 L St., NW 1615 L St., NW
WASHINGTON, DC—Cushman Wakefield has made official what we reported last week : Spitzer Enterprises has sold 1615 L St., NW to Carr Properties for $229 million, or $549 per square foot. C&W’s Eric Berkman, Steven Gichner, Michael Katcher, Bill Collins, Paul Collins, Drew Flood and John Skolnik represented the seller. Gichner passed away before the deal’s closing. Spitzer Enterprises acquired the 417,273-square foot building in March of 2009 for $180 million, or $430 per square foot. The acquisition has been in the works since last July, we are told by a source.
The Watergate The Watergate
GW Takes Full Floor at Watergate WASHINGTON, DC—Nearby George Washington University is leasing a full floor at The Watergate Office Building, according to building owner Penzance. The university plans to move into the space this summer. Zeke Dobson, Laurie McMahon and Stephanie Heffernan of Cushman & Wakefield and Carroll Cavanagh and Mark Klug of CBRE brokered the transaction. The building is now 90% leased, up from 45% in 2011 when Penzance acquired it. Tenants include the National Trust for Historic Preservation, Sage Publications, KIPP, the National League for Nursing, and the Washington National Opera.

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