Rockrose Development Corp. has bought a three-building portfolio of Washington, D.C. office properties for $193 million. The seller was the Marshall B. Coyne Trust. The three-building portfolio consists of roughly 470,000 sq. ft. of fully leased office space located just blocks away from the White House. The seller’s agent was Vienna, Va.-based West, Lane and Schlager. The sale drew heavy interest from several buyers.
“We had investors of all types consider the opportunity,” says Paul Hanafin, a principal at West, Lane. “It was a unique opportunity for an investor to acquire a critical mass of quality buildings, all within several blocks of the White House. The buildings are all very well located and in close proximity to each other, in addition to being well maintained, with excellent window lines, natural light and floor efficiency. They serve a very important niche of the Washington tenant market.”