Well it looks like we can now close the book, because Watergate Towers has brand new ownership (and it isn't the bank). As widely reported in the Bay Area media, three of the four buildings in the Watergate office complex have been purchased by a joint venture between LBA Realty and Starwood Capital Group.
No surprise that the estimated purchase price of $130 Million represents a steep (+ / - 40%) discount from the original purchase price paid by a Hines backed investment group back in 2006. (Hopefully they can fix the elevators now)...
Some previous posts on the Watergate Towers saga:
July - 2009
November - 2009
February - 2010
September - 2010
