WASHINGTON, D.C. — Rockrose Development Corp. has acquired the former Republic Place, a 10-story office tower in Washington, D.C., for $119 million. The company has renamed the building 1776 Eye and unveiled design upgrades for the property.
The Class A office building is located at the corner of 18th Street and Eye Street NW, just three blocks from the White House in the heart of Washington's Golden Triangle District. The asking price was $140 million, and the building ultimately sold for $119 million. Washington Republic LLC was the seller.
New York-based Rockrose selected architecture firm Leo A. Daly to transform the Class A building, which was built in 1987 and renovated in 2000, into a trophy property.
Craig Deitelzweig, head of Rockrose's office division, says design plans are being finalized for a new, two-story glass lobby and relocated state-of-the-art fitness center. Pei Tan of Leo A. Daly will also include his signature glass light fins in the lobby.
“Pei worked on the McPherson Building and included glass fins that are lighted from the side and make the whole space glow,” says Deitelzweig. “We're hoping for that same feel here.”
The building's amenities also include a rooftop terrace with a bell tower, on-site parking and a restaurant. Although the bell tower is not currently in use, Rockrose intends to re-christen the bell tower — in keeping with the spirit of its “1776” street address — as part of the building's renovation.
Comprising 225,000 square feet of rentable space, the building is 90 percent leased. Office tenants include Dow Chemical Co., ConocoPhillips, Fujitsu and the Representative of German Industry and Trade, as well as financial firms such as Gerson Global Advisors.
The property is also located directly across the street from the Farragut West Metro Station and one block away from The World Bank.
Deitelzweig says the purchase was part of Rockrose's strategic plan to greatly expand its office portfolio in D.C. and New York. Earlier this year, the company purchased 1150 18th St. from LNR Property for $43 million. Rockrose is renovating the property with design assistance from Fox Architects.
“We've been very happy with this property, which has encouraged us to buy more in D.C.,” says Deitelzweig.
Rockrose has appointed Cassidy Turley as the exclusive leasing agent for 1776 Eye. The Cassidy Turley team includes Bobby Schwartz, Will Ter and Elijah Barnes, who will work closely with Deitelzweig.
Gerry Trainer of Transwestern represented the seller in the deal. Deitelzweig represented the buyer.
— Liz Burlingame