Rockrose Buys 555 11th Street NW for $300M
- Nov 05, 2014
By Adrian Maties, Associate Editor
Rockrose Development Corp. continues to expand in Washington, D.C. The New York City-based company recently purchased the Class A trophy building at 555 11th Street N.W. in the East End submarket for $300 million.
Designed by Hartman-Cox Architects and completed in 2001, the 406,929-square-foot building last changed hands in 2005, according to PropertyShark.com. At that time, it fetched a price of $265 million. The PropertyShark.com website lists the property’s current market value at about $257 million.
The seller, Washington-based investor Ralph Dweck, was represented by Transwestern’s Kenneth Marks and James Cardellicchio. Rockrose handled the transaction in house.
“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,” Justin Elghanayan, Rockrose’s President, said in a statement. The property’s amenities include a three-story lobby atrium, marble walls, patterned limestone floors, a 330-space underground parking garage and a fitness center.
The building’s tenant roster includes a variety of businesses and government agencies. Latham & Watkins L.L.P. is the largest tenant, occupying 58% of the space. Recently the global law firm signed a 15-year renewal for its 238,000-square-foot space. Among its other tenants are the American Cancer Society and Landmark Theatres’ E Street Cinema.
Three years after entering the Washington market, Rockrose now owns six properties in the city. In addition to 555 11th St., the company’s holdings include 1776 Eye St., 1150 18th St., 1900 M St., 1146 19th St. and 2000 L St.
Photo credit: CBRE