Developer working magic in Washington DC

Rockrose Development Corporation is in contract to buy 1776 Eye Street NW, a Class-A office building three blocks from the White House in Washington's Golden Triangle Business District.

The purchase is part of a strategic plan for Rockrose to expand its office portfolio in D.C. and New York. In addition to 1776 Eye, Rockrose intends to purchase at least two more properties over the next 12 months.

Rockrose engaged the architecture firm of Leo A. Daly to transform the Class A building.

Henry Elghanayan, Rockrose CEO, said, "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 seller is Ralph Dweck. The selling price was not disclosed, but the reported asking price was $140 million.

The seller was represented by Gerry Trainer of Transwestern. Craig Deitelzweig, head of Rockrose's office division, represented Rockrose in-house.

Elghanayan recently purchased 1150 18th Street, and increased occupancy from 78% to 96% in six months. "We intend to perform the same magic at 1776 Eye Street," said Elghanayan.

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