NEW YORK’S ROCKROSE MAKES A LESS LABOR-INTENSIVE BUY IN DOWNTOWN D.C.

Jun. 17, 2015 - Washington Business Journal

New York City-based Rockrose Development Corp. has made another high-profile addition to its portfolio of high-end Washington office buildings, but this one won’t require nearly as much work as some of its past projects.

Rockrose closed last week on its $40.5 million purchase of 1140 19th St. NW, a roughly 74,000 square foot building, from an affiliate of American Real Estate Partners. The sale, which works out to about $547 per square foot, comes after AREP wrapped up a roughly $8 million renovation that helped land it new retail and tenants including Anne Lewis Strategies LLC.

The building is now about 95 percent leased, with letters of intent out for nearly all of its remaining vacant space, and includes restaurants GRK Fresh Greek and Noodles & Co. Rockrose President Justin Elghanayan said he sought out 1140 19th given its occupancy and condition following the renovations designed by Fox Architects.