WASHINGTON, DC-New York-based Rockrose Development Corp. says it under contract to purchase 1776 Eye Street NW, a CBD office building located in the heart of the Golden Triangle Business District. The seller is Ralph Dweck. Rockrose did not disclose the contract price but did note that the reported asking priced was $140 million.

Gerry Trainer of Transwestern represented the seller. Craig Deitelzweig, head of Rockrose’s office division, represented Rockrose in-house. Neither Rockrose nor Trainer returned a call to GlobeSt.com in time for publication.

The 225,000-square foot, 10-story building is 90% leased.  Tenants include Dow Chemical, Conoco Phillips, Fujitsu and the Representative of German Industry and Trade.

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Rockrose views this acquisition as part of a larger initiative to expand its office portfolio in Washington, DC and New York. The company says it intends to acquire at least two additional properties in these markets over the coming year. It is also planning a renovation of 1776 Eye Street, and has engaged Leo A. Daly for that purpose. Plans call for a two-story glass entrance to the building, a new lobby, renovated restrooms, common areas, new building systems, an expanded and reformulated rooftop terrace and a new fitness center.

The company hopes the renovation will bring the same lease improvements as a similar project did at its recently-purchased 1150 18th St., NW. After redesigning the lobby, common areas and restrooms, it increased the building’s occupancy from 78% to 96% in six months.