WASHINGTON, DC—Lincoln Square, a 422,354-square foot office building in DC's East End, has traded for about $300 million or roughly $743 per square foot. Rockrose Development acquired the 13-story building from Ralph Dweck via the Lincoln Circle Associates LLC.
Transwestern's Institutional Commercial Group, led by Gerry Trainor, represented the seller.
Located at 555 11th St., NW, the building is nearly 60% leased through 2031 to anchor tenant Latham & Watkins LLP. In fact, the law firm just inked a 15-year renewal for 238,000 square feet as the building traded. For its part, Rockrose plans to invest a significant amount of capital on the property to maintain its trophy status. The property's average remaining lease term is more than 13 years. In total, the building has about a 94% occupancy rate.
CBRE's Randy Harrell and Scott Frankel represented Dweck Properties in the lease negotiation. "The lease became perfected today [Friday] as the transfer of ownership passed to Rockrose," Harrell says in a prepared statement.
CBRE's Scott Gamber and Mark Minich represented Latham & Watkins.
The sale resolves a troubled situation for the building, which at one point had been placed with a special servicer because it was expected to go into default.
The last time the building traded was in 2005 for $265 million.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
