The Real Deal New York

Watergate office building sells for $107M

Steinbridge Group and Lincoln Property are in contract for the infamous building

July 03, 2016 11:00AM

The Watergate building

The Watergate building

The office building made famous by one of the United States’ most notorious political scandals is selling for $107 million. New York real estate investment firm Steinbridge Group and Dallas-based Lincoln Property Co. have signed the contract.

Washington’s 12-story, 270,000-square-foot Watergate office building is part of a six-building complex that also includes co-op apartments and a hotel that has just been renovated, according to Bloomberg.

The building is of course known as the 1972 headquarters of the Democratic National Committee, the burglary of which overshadowed President Nixon’s career.

Today, about 14 percent of the office space is vacant, and asking rents are about $47 a square foot. [Bloomberg] Christopher Cameron

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