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Latest NewsPenzance Wins Approval for Big Three- Tower Multifamily Project in NoVA
The Arlington County Board unanimously approved Penzance’s plans for One Rosslyn, a three-tower, 970,000-square-foot multifamily development in Arlington, Va.’s Rosslyn neighborhood. The project, designed by Studios Architecture and Hickok Cole, and co-developed by The Baupost Group, will feature 845 apartments and condo units, copious green space and 14,000 square feet of retail.
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Penzance Buys Office Complex in Herndon, Va., for $72M
Penzance has purchased a 10-building office complex totaling 422,000 square feet in Herndon, Va., according to the Washington, D.C.-based developer.
The firm purchased the complex called Spring Park for $71.5 million from seller RREEF America REIT II CORP VVV, according to Fairfax County public land records.
Spring Park is comprised of single-story office buildings ranging from 19,216 to 63,912 square feet located at 450-485 Spring Park Place, 380 Herndon Parkway and 400 Herndon Parkway, according to a statement from Penzance.
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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.
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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