Bisnow Scoop: Rockrose, Spitzer Sign Another Lease For Alexander Court
Just days after landing its first new office tenant at the redeveloped Alexander Court K Street office building, the JV between Rockrose and Spitzer Enterprises has signed another big deal, Bisnow has learned exclusively.
Paul, Weiss signed an 11-year renewal in 2001 K St for its lease that was set to expire in 2018. It's also expanding its presence from 51k SF to 62k SF, Rockrose director Ted Traum tells Bisnow.
The law firm, which is leading the investigation into now-former Fox News CEO Roger Ailes, has been a tenant at the K Street building for 10 years. It will expand its footprint to take up roughly half of the seventh floor, which Cushman & Wakefield is vacating to consolidate its DC office at 2101 L St following its merger with DTZ.
Ted says Paul, Weiss explored the market and was sought after by seemingly every office landlord in DC, but ultimately chose to remain in Alexander Court. He said these two recent leases are representative of a very positive response he has gotten while marketing the building to prospective tenants.
“We are extremely pleased that after engaging the market to consider its alternatives, Paul, Weiss chose to expand its occupancy and make a long-term commitment at Alexander Court," Rockrose president Justin Elghanayan said in a release. "It's an extremely compelling property offering an enhanced window line, state-of-the-art building systems and market-leading trophy amenities all accessed through a three-story corner lobby and 13-story atrium joining the two buildings.”
Rockrose bought the north building, 2001 L St, in 2013, and as a JV with former-New York Gov. Eliot Spitzer's firm, is combining the two buildings into the 800k SF trophy office building rendered above.
“We have enjoyed a long and successful relationship with Paul, Weiss and recognize that they are an extremely sought-after tenant," Spitzer said in a release. "Their decision to renew speaks volumes about the quality of the project and reflects their understanding that Alexander Court will provide a truly exceptional tenant experience.”
The JV tapped Pelli Clarke Pelli Architects to design a 12-story atrium connecting the buildings, as well as a rooftop terrace and conference center, rendered above.
Rockrose is not disclosing the price of the lease but says the renovation allows them to rent at trophy levels. While the K Street building is almost fully occupied, the L Street side has 400k SF of vacant space that the JV can lease at the new, higher price.