Watergate office building for sale

The Watergate office building is up for sale. Hatchet file photo.
The Watergate office building is up for sale. Hatchet file photo.

One of D.C.’s most high-profile buildings is on the market.

A real estate investment banking company is seeking buyers for the Watergate office building, the Washington Business Journal reported Wednesday.

Penzance, the company that currently owns the Watergate building, retained Eastdil Secured to find buyers for the building this week, according to Washington Business Journal. Penzance has boosted occupancy from 45 percent to more than 90 percent, Matt Pacinelli, the company’s senior vice president, told the Business Journal. The building is not listed for a specific price.

GW recently signed on to take over an entire floor of the building, about 20,000 square feet, the Business Journal reported. The building now has about 12,000 square feet unoccupied, the Business Journal reported.

Penzance planned to give the Watergate office building a facelift about four years ago.

The Watergate Hotel reopened last summer after a $125 million renovation. Renovations were pushed back when neighbors worried the plans would increase outdoor noise.

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