Latest News

Office 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 RoadFairfax 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

New Rossyln Development Marks Construction Milestone

September 18th, 2020|Arlington Now|

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 […]

read more

Penzance Offers Peek into Herndon Office Park Revitalization

August 11th, 2020|Fatimah Waseem|Reston Now|

Penzance, a DC-based real-estate firm, is offering a peek into its revitalization plans for Spring Park, an office park located at 455 and 475 Springpark Place.

The office park is located within a mile of the company’s planned major mixed-use neighborhood near the future Herndon Metro Station. The firm acquired 10 single-story buildings for $75 million nearly one year ago.

In an Aug. 5 presentation to the Town of Herndon’s Architectural Review Board, Penzance indicated it is looking into “revitalizing the whole site” and improving its connection to the Washington & Old Dominion Trail.

So […]

read more

DC Investment Firm Adds to Silver Line Portfolio With $50.5 Million Purchase

December 30th, 2019|Bryce Meyers|CoStar|

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 […]

read more

Best of NAIOP Northern Virginia 2019 Awards

November 22nd, 2019|NAIOP|

“Focus on Excellence” was the theme of the Best of NAIOP Northern Virginia Awards held November 21, 2019 at The Ritz-Carlton, Tysons with over 840 people registered. Thirty-four awards were presented in the following categories: Interiors, Membership, Transactions and Buildings. The Awards Gala was an opportunity to celebrate significant new and renovated contributions to Northern Virginia by the commercial, industrial and mixed-use real estate community.

Awards were given in the following categories:

Buildings
Master Plan
Award of Excellence for The Highlands, submitted by Penzance and located in Rosslyn. NAIOP Members on the
team include: Hickok Cole Architects and The Whiting-Turner Contracting Company. […]

read more