Stafford Place I & II Sold for $300M

Ralph Dweck and his D.C.-based Dweck Properties Ltd. retained Transwestern to market Stafford Place I and Stafford Place II in Arlington, VA, which just successfully sold the properties for $300 million, according to a report by Real Estate Alert. The two trophy assets total 748,066 square feet and are 100% leased and occupied, primarily to the U.S. Government’s National Science Foundation (NSF). Dweck originally purchased Stafford Place I in 2006 for $197 million, or $355 per square foot; the year before, they'd purchased Stafford Place II in a $420 per square foot sale, which was the highest price paid for a commercial office building in the Ballston submarket at the time.

The NSF occupies 86% of the buildings and utilizes this premises as its headquarters location dispersing over $7 billion worth of grants annually to the scientific community on behalf of the U.S. Government. This premier location in the Ballston submarket of Arlington, VA has served as the NSF’s headquarters for close to 20 years due to the highly-educated workforce living in the immediate vicinity. Other tenants include CENTRA Technology, a government contractor, and the National Telecom Cooperative Association.

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Rockrose Buys Lincoln Square in $300M Deal

Rockrose Development Corp., one of New York's most pre-eminent and prolific developers, has purchased Lincoln Square, a 414,204-square-foot office building in Washington, D.C. The deal was brokered by The Singer & Bassuk Organization which helped obtain a $227 million loan from Morgan Stanley to fund the acquisition. Rockrose brokered the acquisition in-house, and Gerald Trainor, Kenneth Marks, and James Cardellicchio of Transwestern represented the seller, Ralph Dweck, according to a Citybizlist article.

"The East End is one of the greatest cultural destinations in the Washington area, with museums, galleries and theatres within walking distance, and 555 11th Street is at its epicenter," Rockrose President Justin Elghanayan said in a statement. "The building is also home to the Landmark Theatres' E Street Cinema, a destination for cineastes in search of the finest indie and art films."

Designed by Hartman-Cox architects and completed in 2001, the Class A Trophy building at 555 11th St. is a 13-story office property with street level retail totaling 406,929 rentable square feet. Lincoln Square boasts a three-story marble lobby atrium, three levels of underground parking, a fitness center and retailers such as Jos. A. Bank, Starbucks and a 35,000-square-foot Landmark Theatre. Latham & Watkins' new lease, which solidified its commitment to Lincoln Square with a 15-year extension through 2031, contends that ownership will carry out a capital improvement program involving base building upgrades to the restrooms, fitness center and main lobby.

For more news and information visit Blumberg Capital Partners.