NOT MANY office blocks have the kind of fame of Washington DC’s Watergate tower. It’s here that burglars were arrested trying to break into Democratic party offices in 1972, a burglary that spawned an investigation into what became known as the Watergate scandal and eventually led to former US president Richard Nixons resignation. (Not to mention books, a movie and a whole generation of journalists looking for their own “Deep Throat” sources.)

Now the 11-storey building, owned by LA real estate investment firm Bentley Forbes, is for sale and Savills New York MD Arthur Milston expects to get “north of $100 million” (€76.1m) for it. Few office buildings have been sold in the region amid the economic crisis and credit crunch. Milston plans to market the building to investors in Europe and Asia. “It is a quality asset with strong tenants, a stable cash flow and good location. And it is an iconic brand name, and that’s a strong driver for bringing people here to look at the asset.”

Why sell in one of the worst markets ever? “It is basic portfolio and fund management. Youve done what you wanted to do with them,” said Milston. Bentley Forbes bought its portion of the Watergate complex in 2005 for $86.5m (€65.9m) and put about $4m (€3m) into renovations.

The Watergate, on the banks of the Potomac river, was designed in the 1960s by Italian architect Luigi Moretti and sits next to the Kennedy Center. In addition to the buildings for sale, the complex also contains a hotel, three residential buildings and another office building.

The hotel has been closed since 2004. Its owner, Monument Realty, and partner, the now-bankrupt Lehman Brothers, had plans to turn it into co-operative apartments after a long fight with the neighbouring co-op owners.