Transwestern announced today that it has brokered the sale of 1776 Eye Street, N.W., Washington, D.C., a free standing 10-story Class “A” office building totaling 224,666 square feet.  The property was acquired by Rockrose Development Corporation from Washington Republic, LLC for $119,685,608. Transwestern’s Institutional Commercial Group brokered the sale on behalf 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 roof top 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 the 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.

Transwestern is a national, privately-held operating company specializing in commercial real estate services, investment and development.  The firm’s fully integrated approach delivers value to owners, investors and users of commercial real estate through innovation, penetrating market intelligence and legendary service delivered by teams of local experts.  Transwestern has product specialties in office, industrial, retail, multifamily and healthcare and is an industry leader in sustainability solutions and in market research through its affiliate, Delta Associates.​​