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.

Rockrose Acquires DC Building for $120M

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.