National League for Nursing Takes Full Floor at Watergate Office Building

WASHINGTON --(Business Wire)--

Penzance announced today the signing of an 18,500-square-foot full-floor lease with the National League for Nursing at The Watergate Office Building located at 2600 Virginia Avenue, N.W. The National League for Nursing, the preferred membership organization for nurse faculty and leaders in nursing education, is relocating its headquarters to The Watergate from New York City in mid-2013. Moving to Washington, DC serves multiple strategic purposes including expanded facilities with broadened capabilities, the ability to attract and retain the next generation of NLN leadership, and proximity to allied organizations in health care as well as to the centers of government and policy-making.

"We are honored that the National League for Nursing selected The Watergate as its new headquarters in Washington and welcome them to their new home," said Matt Pacinelli, Penzance senior vice president. "They will be a vibrant addition to the Watergate community and the Foggy Bottom neighborhood."

With the National League for Nursing lease in place, remaining available space in the Watergate includes approximately 55,000 square feet on the top three floors of the eleven-story building, as well as several smaller suites throughout the property. The top floor of the building offers 12-foot ceilings, 8-foot tall windows, a large private terrace and breathtaking views of the Washington Monument, Lincoln Memorial, Potomac River, Washington Naional Cathedral and the Rosslyn skyline.

Penzance has recently completed a multi-million dollar lobby and common area renovation and will continue to enhance the building over the next few years. The intent remains, per Penzance's business plan at acquisition, to restore the famed building to its architectural glory and allure, and its position as a premier Washington commercial center.

The Watergate was built in 1967 as part of the 10-acre Watergate complex and, at the time, was the largest privately funded urban renewal project in the history of Washington, DC. Designed by famed Italian architect Luigi Moretti, and originally developed by the Italian firm Societa Generale Immobiliare (SGI), the project was the first mixed-use development in the District. The Watergate complex was designed to be a "town within a city" to transform the area, making it a home along the Potomac River for businesses and residents alike, and was named after the terraced steps to the river from the western side of the Lincoln Memorial.

Kurt Richter of Cassidy Turley represented the National League of Nursing and Herb Mansinne and Carroll Cavanagh of Jones Lang LaSalle represented Penzance in the transaction.

About Penzance

Penzance is a private equity real estate investment company that owns, develops and manages commercial properties. The company focuses on investment grade real estate opportunities in the metropolitan Washington, DC area and has completed more than $1 billion in real estate transactions since its inception in 1997. For more information, please visit www.penzco.com.

About the National League for Nursing

Dedicated to excellence in nursing, the National League for Nursing is the premier organization for nurse faculty and leaders in nursing education, offering faculty development, networking opportunities, testing services, nursing research grants, and public policy initiatives to its 37,000 individual and 1,200 institutional members.

Founded in 1893 as the American Society of Superintendents of Training Schools for Nurses, the National League for Nursing was the first nursing organization in the United States. Today the NLN is a renewed and relevant professional association for the twenty-first century. Cited by the American Society of Association Executives for the "will to govern well," the NLN is committed to delivering improved, enhanced, and expanded services to its members and championing the pursuit of quality nursing education for all types of nursing education programs.