Watergate Towers Final Chapter...

Almost 1 year ago I posted the sad saga of Emeryville California's Watergate Towers, the marquee East Bay office complex that became a victim of the financial crisis, and fell into foreclosure in February of 2010. I closed that post by writing "Final chapter on this one isn't written yet --"

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