Watergate complex to Nixon's resignation on August 9, 1974. The name "Watergate" and the suffix "-gate" have since become synonymous with political scandals in the United States and elsewhere. The Watergate superblock is bounded on the north by Virginia Avenue, on the east by New Hampshire Avenue, on the south by F Street, and on the west by the Rock Creek and Potomac Parkway. It is in the Foggy Bottom neighborhood overlooking the Potomac River, next to the Kennedy Center and the embassy of Saudi Arabia. The nearest Metro station, 0.4 miles (650 m) distant, is Foggy Bottom-GWU. For more than a
Watergate complex residents' hands: In the Watergate South, for example, owners cannot rent their unit until a full year has passed, and no lease may last more than two years. In 1977, one of the Watergate's financiers (Nicholas Salgo) and Continental Illinois Properties bought SGI's stake in the development for $49 million. Two years later, Continental Illinois sold its interest to the National Coal Board Pension Fund in the U.K. Salgo did the same in 1986. The coal board pension fund put the Watergate complex up for sale in 1989, and estimated the complex's worth at between $70 million and $100 million.