Watergate yanked from market as buyers lie low
Sidney Morning Herald reports: BentleyForbes, the Los Angeles-based real estate investor that bought the office and retail portion of Washington's Watergate complex in 2005, pulled the property from the market after buyers wouldn't pay what the company sought.
BentleyForbes canceled plans to sell the 260,000-square-foot (24,000-square-meter) building earlier this month, said Vice Chairman C. Frederick Wehba II. He blamed higher financing costs for the low offers. The property, site of the bungled 1972 burglary that led to President Richard M. Nixon's resignation, had been up for sale since March.
The company wouldn't say how much it was seeking. Dan Fasulo, managing director of real estate-research company Real Capital Analytics Inc., estimated the property is worth about $120 million.
View the full article on Sidney Morning Herald: Watergate yanked from market as buyers lie low
Posted by: Matt Stone