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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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Real Estate Rumors: Ytech, Penzance, Crescent Heights
Law360 (September 25, 2019, 5:37 PM EDT) — Florida real estate firm Ytech has sold a shuttered Belle Glade, Florida, apartment complex for $7.4 million, The Real Deal reported Wednesday. The deal is for Grand Lake Apartments, which has 384 units and is at 2000 S. Main St., The Real Deal said. The buyer is an entity managed by Florida investor Irvin Pena, according to the report.
Washington, D.C., developer Penzance has picked up a Virginia office complex for $71.5 million, Commercial Observer reported Wednesday. The deal is for 10 buildings in Herndon, Virginia, that have a combined 422,000 square feet, […] read more
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