Rockrose Buys 2000 L St. Office Building in DC from Brookfield for $192M
- Sep 25, 2013
Washington, D.C., witnessed the closing of another huge office transaction this week, as the Rockrose Development Corp., in its quest to increase its presence in the District’s office market, acquired the building at 2000 L St., NW, for $192 million, or about $479 per square foot.
This is Rockrose’s second office purchase in D.C. in just a little over a month. In August, the New York-based company paid $26.5 million for the office building at 1146 19th St. NW.
2000 L St. was constructed in 1968 and underwent a comprehensive renovation in 1998. The eight-story freestanding building offers 383,000 square feet of space in the Central Business District’s amenity-rich Golden Triangle, close to numerous fine dining and shopping establishments, as well as four Metro Stations serving the Red, Orange and Blue Lines. Amenities also include two levels of underground parking.
The building was 96 percent leased to 31 tenants at the time of the sale, according to Holliday Fenoglio Fowler. HFF marketed the property on behalf of the seller, Brookfield Office Properties, and announced the closing of the deal on Monday, Sept. 23. The HFF sales team representing Brookfield Office Properties was led by senior managing directors Jim Meisel, Dek Potts and Andrew Weir, executive managing director Stephen Conley and senior real estate analyst Matt Nicholson.
2000 L St. is just Rockrose’s latest acquisition in the vibrant Golden Triangle. In the past few years, the company acquired several other properties in the area: 1776 Eye St. NW for about $120 million, 1150 18th St. NW for $43 million and 1900 M St. NW for $55 million. According to the Washington Business Journal, Rockrose plans to upgrade 2000 L Street, by improving the building’s lobby and its retail mix.
Several other D.C. office buildings changed hands this year in transactions that exceeded $100 million. The list includes the seven-story One Metro Center, acquired by Atlanta-based Jamestown Properties for $307 million, and the 12-story Arlington Gateway, sold to the Piedmont Office Realty Trust for $175.6 million.