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Latest NewsOffice Property Near Herndon Metro Sells To Multifamily Developer Partnering With Japanese Firms
A 1980s-era office complex next to the new Herndon Metro station has been eyed for mixed-use development for years, but now a new team has taken over the project.
Penzance, which had been planning to redevelop the two-story office property since 2015, sold it to a partnership led by San Diego-based Fairfield Residential.
Fairfield Residential paid $18.25M for the 4.3-acre site on the Dulles Toll Road, Fairfax County property records show and Fairfield confirmed to Bisnow. It has partnered with a trio of Japanese companies — Sumitomo Forestry, Tokyo Tatemono and Chuo-Nittochi Co. — to take on a new vision for the property, according to a press release from the Japanese firms late last month.
Fairfield and Penzance declined to comment on the deal.
The partnership is now planning an eight-story, 400-unit residential building, with the top five floors set to be constructed from wood, according to the release, which said the project is expected to cost 21.3B yen, or $142M. The development is also planned to include 5K SF of retail, according to a 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.
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Penzance Breaks Ground at Class-A Industrial Development, Hagerstown Crossroads at I-81
Penzance, an owner, operator and developer in the Washington, D.C. metropolitan region for more than two decades, today broke ground on their latest industrial development, a 825,000-square-foot site located at 16220 Wright Road in Williamsport, Maryland. Penzance executives were joined by community members and local business leaders as the company marked the groundbreaking milestone on its latest project that will create approximately 500 jobs in the region.
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Arlington Firefighters Move Into New Fire Station 10 in Rosslyn
Construction on the three towers of The Highlands, which started in October 2018, is wrapping up. The fire station appears to have finished earlier than developer Penzance anticipated. A spokeswoman previously told ARLnow the station would be ready in the fall, along with a new apartment tower and condo tower.
Passersby can see a 35-foot tall sculpture of a bronze nozzle with twisting spirals of stainless steel, representing water. At night, light illuminates the stainless spirals. The art installation, a tribute to firefighters, marks the first time public art has adorned a fire station.
Baltimore artists David and Eli Hess were commissioned for the art, which […]
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As Interest in Luxury DC Apartments Soars, Developers Are Competing to Offer the Most Extravagant Amenities Possible
This development in Rosslyn consists of three separate residence towers: two apartment buildings, Aubrey and Evo, and the condominium tower Pierce. While Aubrey and Pierce are currently open, Evo is expected to be ready for move-ins next month. One-bedrooms at Pierce are on the market in the $900,00 range, while one-bedrooms at Aubrey and Evo start around $2,300 a month.
Aubrey has many of the amenities one would expect at a luxury apartment—a rooftop pool, an exhibition kitchen, a coworking area, a high-end gym—and Pierce has a two-story fitness center. But Evo’s amenities are especially bougie. Think a 65-foot-long rooftop pool […]
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