WASHINGTON, Nov. 29, 2011 /PRNewswire/ — Penzance announced today that it has acquired the Watergate office building at 2600 Virginia Avenue, NW, in Washington, DC. The 12-story, 200,000 square foot Class A office building is one of two office buildings in the renowned Watergate office and residential complex.

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“The iconic Watergate office building and retail plaza, with its prime location in Foggy Bottom, has Potomac River frontage, proximity to the Kennedy Center, Georgetown and downtown,” said Penzance Managing Partner and Co-Founder, Victor K. Tolkan. “Penzance will be applying a broad array of value enhancement strategies and an intense focus on day-to-day operations in order to reposition and revitalize this property. We are thrilled to have the opportunity to own and manage 2600 Virginia Avenue, which will once again become known for its architecture, amenities and its prime location in the Washington landscape.”

Jones Lang LaSalle has been retained to market and lease the vacant office space, 80,000 contiguous square feet of which is located on the top floors of the building. The premises have extensive Potomac River and Washington Monument views and is one of Washington, DC‘s most historic and distinguished sites. Penzance will manage both the office building and the retail plaza.

The Watergate office building was built in 1967 as part of the 10-acre Watergate complex and, at the time, was the largest privately funded urban renewal project in the history of Washington, DC. Designed by famed Italian architect Luigi Moretti, and originally developed by the Italian firm Societa Generale Immobiliare (SGI), the project was the first mixed-use development in the District. The Watergate complex was designed to be a “town within a city” to transform the area, making it a home along the Potomac River for businesses and residents alike, and was named after the terraced steps to the river from the western side of the Lincoln Memorial.

Penzance extends its appreciation to the Washington, DC office of Eastdil Secured, the sole broker involved in this transaction.

About Penzance

Penzance is a private equity real estate investment company that owns, develops and manages commercial properties. The company focuses on investment grade real estate opportunities in the metropolitan Washington, DC area and has completed more than $1 billion in real estate transactions since its inception in 1997. For more information, please visit www.penzco.com.

Contact:
Karen Widmayer, KW Communications LLC
widmayerpr@aol.com
301.661.1448

SOURCE Penzance