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Latest NewsPenzance secures $100M to build fully leased Chantilly data center
D.C. developer Penzance continues to diversify into the lucrative data center market, scoring $100 million in construction financing for its Chantilly Premier project.
The fully leased, 241,000-square-foot data center shell will sit on 12 acres of a 79-acre site located adjacent to the Chantilly Auto Park, about 10 minutes from Dulles International Airport. The tenant has not been named.
Penzance, best known for its mixed-use and multifamily projects, recently broke ground on Chantilly Premier after landing financing from QuadReal Property Group, a Vancouver-based real estate investor, developer and operator. The data center is expected to deliver by mid-2027.
Marshall Scallan, Michael Zelin and Bindi Shah of Cushman & Wakefield represented the borrower.
“Securing this financing highlights the strong market appetite for high-quality, preleased assets backed by experienced sponsors,” Scallan said in a statement.
A Penzance affiliate acquired the vacant Chantilly parcel in August 2022. Three years earlier, the prior owner had the land rezoned for vehicle sales, a plan Penzance dropped in favor of either data center or warehouse. It ultimately landed on a data center.
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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 […] read more
Best of NAIOP Northern Virginia 2019 Awards
“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. […]
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Company to invest $10 million, establish U.S. headquarters
RICHMOND—Governor Ralph Northam today announced that Block.one, 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.
“Block.one 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 Block.one help to bolster the Commonwealth’s reputation as a leader in […] read more
Penzance Secures Office Park Near Future Herndon, Virginia, Metrorail Station
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 […] read more