DC Investment Firm Adds to Silver Line Portfolio With $50.5 Million Purchase
Penzance has snapped up a mixed-use complex near the Innovation Center Metro station in Herndon, Virginia, as the rollout of the Silver Line Metrorail extension continues to draw new development interest.
The D.C.-based real estate investment company paid $50.5 million to BET Investments to buy The Mark at Dulles Station in an off-market deal, Penzance confirmed. BET, a commercial real estate owner, developer and manager led by Toll Brothers co-founder Bruce Toll, had owned the 169-unit apartment and retail building since 2014 after acquiring it for nearly $39.3 million.
Penzance had been targeting investments around the future Herndon station before heading one stop west to the area around the Innovation Center stop, one of six new Silver Line stations in the works that upon completion next year will run through Dulles International Airport and ultimately to Ashburn.
“Penzance is a strong believer in the Northern Virginia market and is seeing signs of economic growth on the Toll Road, in particular due to drivers like cybersecurity, cloud computing and defense technology,” Cristopher White, managing director of investments at Penzance, told CoStar News in an email. “In addition, the proximity to the future Innovation Center will make the area more desirable with better connectivity to […]read more
Fresh look at condo tower coming to top of the Rosslyn hill
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 […]read more
Herndon just marked a milestone in the small town’s history
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.read more
Unizo sells Capitol Hill office building for $24 million less than it paid for it
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.read more
Here’s what Penzance has planned for 555 Herndon Parkway
For years, District-based Penzance has planned a three-building mixed-use development on company-owned land near the Herndon Metro station.
Now, we have a better understanding of what the project at 555 Herndon Parkway will look like.
Penzance is out with new renderings for its proposed office, retail and residential development across a 4.3-acre site one-tenth of a mile from the Metro entrance.read more