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Office Property Near Herndon Metro Sells To Multifamily Developer Partnering With Japanese Firms

A 1980s-era office complex next to the new Herndon Metro station has been eyed for mixed-use development for years, but now a new team has taken over the project.

Penzance, which had been planning to redevelop the two-story office property since 2015, sold it to a partnership led by San Diego-based Fairfield Residential.

Fairfield Residential paid $18.25M for the 4.3-acre site on the Dulles Toll RoadFairfax County property records show and Fairfield confirmed to Bisnow. It has partnered with a trio of Japanese companies — Sumitomo Forestry, Tokyo Tatemono and Chuo-Nittochi Co. — to take on a new vision for the property, according to a press release from the Japanese firms late last month.

Fairfield and Penzance declined to comment on the deal.

The partnership is now planning an eight-story, 400-unit residential building, with the top five floors set to be constructed from wood, according to the release, which said the project is expected to cost 21.3B yen, or $142M. The development is also planned to include 5K SF of retail, according to a read more

School System Converts Vacant Office Space To Classrooms In Fairfax County

November 6th, 2023|Emily Wishingrad|Bisnow|

Fairfax County Public Schools has transformed 40K SF of a Herndon office park into educational spaces primarily focused on adult learning programs.

The school system leased one building and part of another at Penzance’s 420K SF Marker 20 campus at 450-485 Springpark Place, JLL — which negotiated the deals and managed the construction — announced Tuesday. The system initially agreed to lease 33K SF in December 2021, and then it expanded the deal by 6K SF in March 2022.

The buildings were converted to classroom, office and testing space to […]

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Penzance Buys 240K SF Arlington Office Building For $25M

September 14th, 2023|Jon Banister|Bisnow|

Penzance has scooped up its second Arlington County property in as many months, this one a rare office building sale.

The D.C.-based firm acquired the Ballston One office building at 4601 North Fairfax Drive, it announced Thursday. The firm didn’t reveal the sale price, but property records show it sold for $25M.

The seller, UBS Realty Investors, was represented in the deal by JLL‘s Matt Nicholson, Andrew Weir, Jim Meisel, Dave Baker, Kevin Byrd and Kameel […]

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Penzance announces acquisition of Jasper Columbia Pike apartments in Arlington for $105 million

August 28th, 2023|Dan Brendel ||

D.C.-based real estate firm Penzance has announced its acquisition of the 269-unit apartment tower formerly known as Avalon Columbia Pike in Arlington for $105 million.

The nine-story residential-over-retail building sits on about 0.6 acres at 2920 Columbia Pike. Penzance bought the property from Arlington-based AvalonBay Communities Inc. (NYSE: AVB) in a deal that closed July 27. The property has been rebranded as Jasper Columbia Pike.

“Penzance seeks out high-quality existing or potential residential properties near proven economic centers and with retail amenities and good transportation options, which is exactly what this property has,” Cris White, the […]

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