WASHINGTON, DC – Cushman & Wakefield announced today that the firm is representing an affiliate of Katherine and David Bradley in the sale of 600 New Hampshire Ave., NW, also known as 600 Watergate. Washington Real Estate Investment Trust is scheduled to close on the $135 million sale in early April in a transaction structured to include cash and the issuance of operating units for a portion of the acquisition price.
The Cushman & Wakefield Capital Markets team engaged in the transaction includes Paul Collins, Bill Collins, Drew Flood, Shaun Weinberg and Brad Geiger. The Collins’ team’s relationship with the Bradleys dates back more than a decade and originated with arranging financing for 600 Watergate.
"We are grateful to Paul and the Cushman team for their long-standing support of the building and its owners and for their excellent representation on this transaction," Katherine Bradley said.
600 Watergate is located on Washington, DC’s Potomac riverfront and part of the historic, iconic Watergate mixed-use development. The 309,000-square-foot, 12-story Class A office building is 97 percent leased and currently undergoing modernization and renovation. Atlantic Media Co., which is owned by the Bradleys, anchors the property on a long-term lease. It is located 0.3 miles from the Foggy Bottom Metro station.
Washington REIT’s acquisition of 600 Watergate follows the reopening of the posh Watergate Hotel last year after a $125 million renovation as well as the January sale of a neighboring Watergate building at 2600 Virginia Ave., NW.
“Most of DC’s waterfront property is controlled by the National Park Service, so 600 Watergate offered an extremely rare opportunity to acquire a Class A office building directly on the Potomac,” said Paul Collins, Vice Chairman of Cushman & Wakefield. “What’s more, this transaction also brings together two icons of our community in the Bradleys and Washington REIT, and their ongoing partnership at 600 Watergate will only further Foggy Bottom’s renaissance.”
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.