Rockrose Development Corporation completed the acquisition this month of 1776 Eye St. NW in Washington, DC, from Dweck Properties for nearly $119.69 million, or $533 per square foot, according to a CoStar report. The seller was represented by Gerry Trainer of Transwestern. Craig Deitelzweig, head of Rockrose's office division, represented Rockrose in-house.
Rockrose announced in November of last year that it was under contract to purchase the property as part of a strategic plan for Rockrose to expand its office portfolio in D.C. and New York. Henry Elghanayan, Rockrose CEO, said at the time that "Plans are already underway to provide a two-story glass entrance to the building, a dramatic new lobby infused with art work, renovated restrooms, common areas, new building systems, an expanded and reformulated rooftop terrace and a new fitness center. Essentially, after our major renovations 1776 Eye Street will be a brand new building."
The building was reportedly 90% leased at the time of sale with major tenants including Gavi Alliance, Carr Properties and Japan International Cooperation Agency. Rockrose has engaged the architecture firm Leo A. Daly to transform the building and has appointed Cassidy Turley as exclusive leasing agents for the property.
For more news and information visit Blumberg Capital Partners.
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