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27-story work in progress promises ‘views, views, views’

The 27-story Pierce condominium tower — part of the Highlands development in the Rosslyn area of Arlington, Va. — is still under construction. It isn’t expected to open for a while, perhaps next fall. But Melissa and William Croteau were eager to commit.

The location was attractive to the Croteaus, in part, because of its proximity to public transit, shops and restaurants, but “it was views, views, views” that really grabbed them, Melissa said.

They moved from Boston for work a few years ago and began renting nearby, getting to know the area before buying. They often walked by the Pierce site, and when the sales office opened in mid-June, they jumped at the chance to look at floor plans.

Pierce will have 104 units. The Croteaus selected one on the 23rd floor with windows on three sides. “It’s a million-dollar view,” Melissa said with excitement.

The Potomac River, Georgetown, Washington National Cathedral and Reagan National Airport will all be visible from their condo, she said. “We see the Lincoln Memorial, Jefferson […]

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Company to invest $10 million, establish U.S. headquarters

November 6th, 2019|VEDP - Virginia Economic Development Partnership|

RICHMOND—Governor Ralph Northam today announced that, a leader in providing high-performance blockchain software, will invest $10 million and establish its U.S. headquarters in Arlington County. Virginia successfully competed with Washington, D.C. for the project, which will create 170 new jobs over a period of three years.

“ maintains a strong presence at its Blacksburg operation, and we are thrilled that this global company will expand its footprint in Virginia by locating its U.S. headquarters in Arlington County,” said Governor Northam. “Blockchain and other technologies are rapidly evolving, and industry pioneers like help to bolster the Commonwealth’s reputation as a leader in […]

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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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