BENTLEYFORBES ACQUIRES THE WATERGATE BUILDING IN WASHINGTON D.C. IN CONTINUED EXPANSION OF MULTI-TENANT PORTFOLIO National Investment Company Purchases Landmark Class A Office Building From Trizec Properties WASHINGTON D.C. (October 10, 2005) – BentleyForbes, a national commercial real estate investment and operating company, acquired the 11-story Watergate Office Building from Trizec Properties (NYSE: TRZ), announced David W. Cobb, president and CEO of BentleyForbes. The property, located in the active Washington D.C. market, is comprised of 200,000 square feet of office space and 61,000 square feet of retail space "BentleyForbes has remained focused during 2005 on expanding its national portfolio of commercial properties, emphasizing multi-tenanted Class A office properties in major MSA markets," said Cobb. "Washington D.C. is one of the nation’s top office markets, and the Watergate Building is one of its most prestigious business addresses. The underlying market fundamentals, stable tenant base and quality of the asset made this investment a strong addition to the BentleyForbes portfolio." Originally built in 1968, the Watergate Office Building at 2600 Virginia Ave., N.W., was most recently renovated in 2000. In 2003, the building received the Washington D.C. regional "The Office Building of the Year" (TOBY) award for a renovated property from the Building Owners and Managers Association (BOMA). The Lugi Moretti designed building offers a distinctive and prestigious Capitol address, featuring an eclectic “one-of-a-kind” exterior profile at a location offering spectacular views of the Potomac River, the Capitol City and the Virginia landscape. The Watergate Office Building offers 24-hour-a-day security, and access to a well-appointed retail arcade featuring boutique retail, restaurant, grocery, pharmacy, professional support and post office services. Typical floor plates at the 11-story building encompass 17,400 square feet. The building also features a renovated granite and glass lobby with brass fixtures. The Watergate Campus features a total of six buildings. Other properties at the site include the 251-room Watergate Hotel, a second office building encompassing 302,000-square-feet and three luxury condominium towers featuring a total of 600 units, a convenience for both business travelers and building tenants. It is also in close proximity to the Foggy Bottom Metro Station, Virginia Bridges and Rock Creek Parkway. |
