Rockrose Development Corporation has acquired 1776 Eye Street, N.W., Washington, D.C., a freestanding 10-story class-A office building totaling 224,666 sq. ft. The property was acquired from Washington Republic LLC for $119,685,608. Transwestern’s Institutional Commercial Group brokered the sale on behalf of Washington Republic LLC.
1776 Eye Street, N.W. is a 90 percent leased office building originally constructed in 1987. The property is located in Washington, D.C.’s Central Business District at the corner of 18th and Eye Streets, directly across from the Farragut West Metro Rail Station and two blocks from the White House. 1776 Eye Street, N.W. is in an amenity-rich location within the Central Business District and Golden Triangle business district. The building features two levels of on-site parking, a tenant-only fitness center, a penthouse and rooftop terrace, private balconies, on-site banking and two on-site restaurants.
Current tenants of 1776 Eye Street, N.W. include The Gavi Fund, Carr Properties, Trak Legal Staffing, Conoco Phillips and The Representative of German Industry and Trade.
According to Transwestern’s research affiliate, Delta Associates, vacancy rates in Washington, D.C.’s Central Business District, while currently at 7.2 percent, are beginning to fall, and with concessions drying up and limited product under construction in the area, rental rates are anticipated to spike as vacancy continues to decline over the next few years.