School System Converts Vacant Office Space To Classrooms In Fairfax County
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 house programs geared toward teaching English to speakers of other languages, adult high school credentials programs and the school system’s short-term intervention program.
The conversion comes as Herndon faces an oversupply of large office parks with underutilized Class-B and C buildings, many of which are difficult to convert. Herndon’s 11M SF of office inventory had a 27% total vacancy rate in Q3, according to JLL, above the Northern Virginia average of 22.4%.
“What’s really exciting about this project is that it is an adaptive reuse of office space for a school,” JLL Managing Director for Tenant Representation John Gibb said in a […]read more
Penzance acquired a Chantilly parcel cleared for an auto dealership. It’s shifting gears to build data centers.
A D.C.-based real estate investment firm is shifting gears with one of its properties in Chantilly, dropping previous plans to build an auto sales facility and instead seeking a rezoning to build data centers.
In August, an affiliate of Penzance Management LLC acquired a large, vacant parcel adjacent to an auto dealership cluster, about a mile south of Dulles International Airport, for $10 million. While much of it sits in a floodplain, about 12 acres of the lot are developable, adjacent to Ourisman Chantilly Toyota at 4135 Auto Park Circle. Fairfax County rezoned that part […]read more
Atlanta firm buys two Arlington residential towers, expects return to ‘core markets’
Cortland, a big Atlanta-based real estate firm, closed on two big multifamily acquisitions in Arlington Tuesday, completing the first phase of its plans to invest $1 billion in local real estate.
The company is seeing “return migration to core markets” such as the D.C. area and “this demand shift is expected to continue over the coming years, enhancing our outlook for multifamily communities in the region,” Dan Irvin, a regional director of investments with Cortland, told the Washington Business Journal.read more
D.C. firm starts work on giant Hagerstown warehouse
Hagerstown’s fast-growing e-commerce landscape is poised to take off again. Washington, D.C.-based Penzance broke ground Thursday on a spec 825,000-square-foot, Class A warehouse facility that will sit just off Interstates 81 and 70 in Williamsport. The firm acquired the 70-acre site earlier this year for $8 million.read more