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Media Contact:
Nikki Doke of Rock Creek Property Group
202-835-7228 office
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Principals of Rock Creek Property Group announced today that they have acquired 1100 16th Street, NW – a four-story 28,366 square foot building located in heart of Washington, DC’s Central Business District.  The purchase price was $4,725,000 or $167 per square foot.  Rock Creek utilized its opportunity fund, Rock Creek Fund I Investors LLC, for all equity associated with the acquisition.  The property was purchased at a foreclosure auction.  The lender was Cardinal Bank.

Rock Creek’s plan is to completely gut the building and convert the project into a first-class office headquarters location for use by a single organization.  The building plans are very efficient and will offer a number of unique features – including a corner location, great glass line, space for 120+ employees, 18 foot ceiling heights and a 1,700 square foot roof top deck with views of the Washington Monument.  OTJ Architects of Washington, DC has been retained as the base building architect and planner. 

“As with most foreclosure auctions, this deal moved very quickly”, said Rock Creek partner Gary Schlager.  “Working closely with our design and construction team, we quickly identified a jewel in the rough.  If one could just look past the maze-like existing configuration of the property, this asset really has it all – efficiency, a prominent corner identity, loft-like interior spaces, a bull’s-eye location and close Metro proximity.  It will be the only available building of its kind in the 20,000-40,000 square foot size range delivering in 2012.”

Rock Creek plans to commence construction of the base core and shell in the first half of 2012, with delivery scheduled later in the year.  A number of target end-users have been identified as ideal candidates to occupy the property including office tenants, embassies and universities.  The property will be initially offered for sale, but Rock Creek will also entertain a lease.  Additional development capacity is also available.

1100 16th Street is Rock Creek Property Group’s fifth acquisition within their investment fund.  The fund completed its first purchase in 2009 and has been acquiring properties at a steady clip since then.   Since 2002, Rock Creek has worked with more than 100 private investors and pension plans on individual investments in the $2 million to $20 million range. In total, Rock Creek’s principals have acquired several hundred million dollars of commercial properties, including office, industrial, medical office, multi-family, retail and urban-infill sites in and around DC.

About Rock Creek Property Group:

Rock Creek Property Group, founded in 2002, is a commercial real estate investment company based in Washington, DC.  Its principals own a diverse portfolio of office, industrial, multi-family and retail properties in the mid-Atlantic region. Over the years, Rock Creek’s principals have acquired several hundred million dollars worth of commercial properties.

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