Latest News
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
Penzance Acquires Herndon Office Park For $72M
Penzance has acquired an office park within a mile of the major Herndon Parkway mixed-use development it has planned.
The real estate firm announced Friday it acquired Spring Park, consisting of 10 single-story buildings totaling 422K SF. Penzance bought the properties from RREEF America REIT II for $71.5M, property records show.
JLL’s Bruce Strasburg and Dek Potts brokered the deal. Penzance acquired the property through its Penzance D.C. Real Estate Fund LP, its first private equity fund, which closed in October with $255M raised.
read more
Washington DC’s 25 Most Powerful Real Estate Players
Julia Springer, Victor Tolkan, John Kusturiss
Co-Founders and Managing Partners; Senior Vice President Development, Penzance
Founded in 1996 by husband-and-wife duo Julia Springer and Victor Tolkan, Penzance has grown into one of the better-known real estate owners and operators in the D.C. area.
In the early years, the Penzance portfolio was primarily focused on commercial office (including the Watergate), but in recent years, the company has expanded into multifamily and development as well. Starting in 2013, the company began adding multifamily assets, and now owns close to 2,000 residential units.
In addition […]
read more
Rosslyn’s Fire Station 10 Will Include A 26-Foot Fire Nozzle Sculpture
A 26-foot-tall sculpture of a fire nozzle is coming to the new location of Fire Station 10 as a tribute to Arlington firefighters.
The artwork is the result of a partnership between Arlington Public Art and Penzance, the developer behind the upcoming massive development in western Rosslyn dubbed “The Highlands.”
Set to open in 2021, The Highlands will be the future site of the new Fire Station 10. Currently, the station is temporarily located at 1791 N. Quinn Street.
“This is our first opportunity to integrate public art into a fire station, which is a recommendation in Arlington County’s Public Art Master Plan,” said Angela Adams, Director of […]
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