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Penzance Secures Office Park Near Future Herndon, Virginia, Metrorail Station

DC Firm Buys Campus Down the Road From its Proposed Mixed-Use Project

Penzance is buying up property around the future Herndon, Virginia, Metrorail station, this time closing on a low-rise office park down the road from where the company received approval earlier this year to develop a mixed-use development.

The company paid $71.5 million for Spring Park, a campus comprised of 10 single-story office and flex buildings constructed in the mid-1980s near Dulles International Airport. Penzance negotiated the deal with RREEF Management, a real estate investment trust.

The complex sits off Fairfax County Parkway, minutes from 555 Herndon Parkway where Penzance, after zoning and design issues held up the project for years, received unanimous approval in April from the Herndon Town Council to redevelop the 4.3-acre site into a mixed-use development.

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Rosslyn’s Fire Station 10 Will Include A 26-Foot Fire Nozzle Sculpture

September 12th, 2019|Kalina Newman|Arlington Now|

A 26-foot-tall sculpture of a fire nozzle is coming to the new location of Fire Station 10 as a tribute to Arlington firefighters.

The artwork is the result of a partnership between Arlington Public Art and Penzance, the developer behind the upcoming massive development in western Rosslyn dubbed “The Highlands.”

Set to open in 2021, The Highlands will be the future site of the new Fire Station 10. Currently, the station is temporarily located at 1791 N. Quinn Street.

“This is our first opportunity to integrate public art into a fire station, which is a recommendation in Arlington County’s Public Art Master Plan,” said Angela Adams, Director of […]

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Fresh look at condo tower coming to top of the Rosslyn hill

May 16th, 2019|Michael Neibauer|Washington Business Journal|

It was only a couple of years ago that Washington Business Journal employees were chasing cockroaches out of their Rosslyn office at 1555 Wilson Blvd. We’ve since moved. The antiquated, mid-rise office building is long demolished, and what Penzance is constructing in its place is a world away.

The D.C.-based developer this week released new images of Pierce, the 27-story condominium piece of The Highlands development coming to the top of the Rosslyn hill. The 104-unit Pierce, in addition to the 23-story, 331-unit Aubrey and 26-story, 449-unit Evo, both apartment towers, will have addresses on North Pierce […]

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Herndon just marked a milestone in the small town’s history

April 17th, 2019|Alex Koma|Washington Business Journal|

Herndon officials just approved the town’s first new mixed-use development near the future Herndon Metro station, a major step for growth along the path of the Silver Line’s expansion.

The Town Council voted unanimously last week to sign off on development plans for a 4.3-acre property at 555 Herndon Parkway. D.C. developer Penzance is looking to replace the current office building with two residential towers and one office building, all of which will include ground-floor retail.

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Unizo sells Capitol Hill office building for $24 million less than it paid for it

March 26th, 2019|Daniel J. Sernovitz|Washington Business Journal|

An affiliate of Unizo Holdings Co. Ltd. has sold a 12-story office building in Capitol Hill for $24.5 million less than it paid for the property less in 2016.

The Tokyo-based real estate investor sold 50 F St. NW Tuesday for $85 million to an affiliate of Penzance Cos., according to the D.C. Recorder of Deeds. Unizo bought the 266,907-square-foot building in fall 2016 for $109.5 million as part of a larger buying spree. The sales price amounts to roughly $318 a square foot.

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