Famed Watergate office building to be sold for $107 million IN ESCROW KONA COASTVIEW Adorable 2 Bedroom/ 1 Bath Home with unobstructable ocean views. Skylight in Kitchen Large Lanai-room to expand. IOLANI-1 ACRE Knoll top home with stunning 180 degree ocean views. 3B/3B plus offi ce and outdoor kitchen and outdoor shower. Beautiful, gated park-like yard. MLS # 287732 $1,499,000 SOLD MLS #293178 $389,900 OCEANFRONT-ALII VILLA Dynamic Ocean and Town Views - 2 Bed/2 Bath condo with Granite Counters and KONA ONENALO #7 Almost oceanfront-spacious 3B/3B condo in small gated complex. Rarely available. Great Oceanside living. MLS# 289994 $1,275,000 SOLD Spacious Lanai. MLS #291055 $495,000 SOLD KAPA’ AU COMMERCIAL BUILDING & 2 HOMES Highway Frontage Parcel Zoned CV-l0 plus two 2 Bed/l Bath Plantation Homes. OCEANFRONT-ALII DRIVE 3 Side-By-Side OCEANFRONT LOTS Build 3 separate homes! Beautiful park-like setting. MLS #282351 $2,900,000 REDUCED MLS#282345 $599,000 REDUCED NEW LISTING WHITE SANDS TERRACE Legal Ohana-5 Bed/4 Baths with 15' x 35' pool, walk to White Sands Beach. Owned Photovoltaic System. Well Maintained. MLS #294944 $998,000 NEW LISTING WHITE SANDS TERRACE Newer Custom Quality home – easy walk to White Sands Beach. 4Bed/4Bath w/ocean views. Downstairs separate entry. Boat Parking. Oversized Garage w/workshop. MLS#297010 $849,000 Linda Bradley Realtor/Broker Certifi ed Residential Specialist 808.896.1579 Linda@ElitePacifi c.com www.LindaBradley.com 808-896-1579 12 West Hawaii Real Estate | July 20, 2016 By David M. Levitt Bloomberg News Washington’s Watergate office building, made famous by the political scandal that brought down President Richard M. Nixon, is under contract to be sold, according to financing documents obtained by Bloomberg. New York real estate investment firm Steinbridge Group and Dallasbased Lincoln Property Co. are buying 2500 and 2600 Virginia Ave. NW, also known as Watergate East, for $107 million, according to the document by brokerage Holliday Fenoglio Fowler LP. The 12-story, 270,000-square-foot office property in the Foggy Bottom neighborhood, about a mile west of the White House, is part of a sixbuilding complex that also includes co-op apartments and a hotel that has just been renovated. Burglars in 1972 broke into the office building’s 11th floor, then the headquarters of the Democratic National Committee, a crime that ultimately led to the unraveling of the Nixon presidency. Earlier Sale The seller is a partnership led by Greenfield Partners LLC, a Westport, Connecticut-based real estate investment management firm, said a person with knowledge of the transaction, who asked not to be named because the details are private. Washington- based Penzance Cos., said to be part of the partnership, paid $76 million for it in November 2011, data from RealCapital Analytics Inc. show. That sale resolved a “troubled situation,” according to Real Capital, in which the property was controlled by a creditor after owner BentleyForbes fell into debt following the 2008 financial crisis. Russ Colchamiro, a spokesman for Steinbridge Group, said the company won’t comment. Calls to Mack Pogue, founder and chairman of Lincoln Property, and Tim Byrne, its president, weren’t returned. Representatives for Greenfield and Penzance also didn’t return calls. Office Tenants The building has about 205,000 square feet of offices, with the rest retail space, according to the person with knowledge of the deal. About 14 percent of the office space is vacant, and asking rents are about $47 a square foot, according to leasing- data firm CoStar Group Inc. Tenants include the National Trust for Historic Preservation, George Washington University and Sage Publications. The owners of the hotel, which shares a wall with the office building, recently completed a $125 million makeover by Israeli architect Ron Arad.
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