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New Rossyln Development Marks Construction Milestone

A project that is changing the skyline of Arlington has just celebrated its “topping out.”

The massive Highlands residential development in Rosslyn recently reached its full height. Construction, which has continued through the pandemic and some notable challenges, is expected to wrap up in the second half of 2021.

The Highlands, when completed, will consist of nearly 800 luxury rental apartments, just over 100 condos, 40,000 square feet or retail space, a renovated park, and a new ACFD Fire Station 10.

It’s located at 1555 Wilson Blvd, at a high point in the Rosslyn neighborhood, adjacent to H-B Woodlawn’s new building known as The Heights. Construction started in October 2018.

More on the topping out and the project, from a press release.

Penzance, a leading owner, operator, and developer in the Washington, DC, metropolitan region, today announced the topping out of all three of the towers for The Highlands, Rosslyn’s newest mixed-use, luxury residential community.

Perched on the hilltop with panoramic views of Northern Virginia, the Potomac River, and the iconic monuments along the DC skyline, The Highlands name is inspired by its geographic location as the highest point in Rosslyn. In addition to three distinct residential towers, destination retail, the Highlands will be home to a […]

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

September 26th, 2019|Bryce Myers|CoStar|

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 […]

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Real Estate Rumors: Ytech, Penzance, Crescent Heights

September 25th, 2019|Andrew McIntyre|Law360|

Law360 (September 25, 2019, 5:37 PM EDT) — Florida real estate firm Ytech has sold a shuttered Belle Glade, Florida, apartment complex for $7.4 million, The Real Deal reported Wednesday. The deal is for Grand Lake Apartments, which has 384 units and is at 2000 S. Main St., The Real Deal said. The buyer is an entity managed by Florida investor Irvin Pena, according to the report.

Washington, D.C., developer Penzance has picked up a Virginia office complex for $71.5 million, Commercial Observer reported Wednesday. The deal is for 10 buildings in Herndon, Virginia, that have a combined 422,000 square feet, […]

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Penzance Buys Office Complex in Herndon, Va., for $72M

September 25th, 2019|Christina Sturdivant-Sani|Commercial Observer|

Penzance has purchased a 10-building office complex totaling 422,000 square feet in Herndon, Va., according to the Washington, D.C.-based developer.

The firm purchased the complex called Spring Park for $71.5 million from seller RREEF America REIT II CORP VVV, according to Fairfax County public land records.

Spring Park is comprised of single-story office buildings ranging from 19,216 to 63,912 square feet located at 450-485 Spring Park Place, 380 Herndon Parkway and 400 Herndon Parkway, according to a statement from Penzance.

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Penzance Acquires Herndon Office Park For $72M

September 23rd, 2019|Jon Banister|Bisnow Washington, DC|

Penzance has acquired an office park within a mile of the major Herndon Parkway mixed-use development it has planned.

The real estate firm announced Friday it acquired Spring Park, consisting of 10 single-story buildings totaling 422K SF. Penzance bought the properties from RREEF America REIT II for $71.5M, property records show.

JLL’s Bruce Strasburg and Dek Potts brokered the deal. Penzance acquired the property through its Penzance D.C. Real Estate Fund LP, its first private equity fund, which closed in October with $255M raised.

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