New York City-based Rockrose Development Corp. announced today that it has purchased 555 11th Street, NW in the East End submarket of Washington, DC.
Rockrose brokered the acquisition in-house, and Gerald Trainor, Kenneth Marks, and James Cardellicchio of Transwestern represented the seller, Ralph Dweck.
The selling price of the property was $300 million.
Designed by Hartman-Cox architects and completed in 2001, the Class A Trophy building is a 13-story office property with street level retail totaling 406,929 rentable square feet.
Latham & Watkins LLC, one of the world’s largest full-service law firms, currently occupies 58 percent of the building and also just announced a 15-year lease renewal for 238,000 s/f within the building.
The building is 97% leased to a diversified roster of professional businesses and government agencies including the federal GSA (FBI and Homeland Security) and the American Cancer Society.
Justin Elghanayan, Rockrose president, said, “555 11th Street attracts the highest quality tenants in the District. The property provides Rockrose with submarket geographic diversity and is a key piece in our continuing strategy to acquire outstanding office buildings in Washington.”
Rockrose aggressively entered the Washington, D.C. commercial real estate market three years ago.
In addition to 555 11th Street, the firm has purchased 1776 Eye Street, 1150 18th Street, 1900 M Street,1146 19th Street and 2000 L Street.
555 11th Street has a three-story lobby atrium with cross-vaulted ceiling, marble walls and patterned limestone floors, a 330 underground parking garage, tenant fitness center, balconies on five floors, and 24/7 security with a front desk guard.
Its location is within Washington, D.C.’s heaviest concentration of premier office buildings, shopping, upscale restaurants, luxury hotels and new, high-end residential development.
Elghanayan added, “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. The building is also home to the Landmark Theatres’ E Street Cinema.”