Our Portfolio
Demonstrating our commitment to building value while creating communities.
Penzance has built a portfolio of premier properties throughout the region by identifying underutilized development sites, and undermanaged and poorly capitalized buildings, to which we apply our creative approach to value creation. We have consistently produced superior risk-adjusted returns by infusing capital to reposition and develop exceptional properties.
Featured Project:
The Highlands
Past Investments
The Highlands is a neighborhood-defining mixed-use development in Rosslyn, Virginia, that was completed in 2021. The project includes the Pierce, a 104-unit luxury condominium community, the Evo, a 455-unit luxury apartment community, and the Aubrey, a 331-unit luxury apartment community. The Aubrey and the Evo were sold to an Atlanta-based real-estate firm in May and July, 2022, respectively. In addition to the residences, the project includes 27,800 square feet of neighborhood-serving retail, a neighborhood park and a new community fire station.
Click on the map to view specific investments or filter by investment type.
Jasper Columbia Pike
Jasper Columbia Pike
1028 S. Walter Reed Drive, Arlington, VA
Current-investments
Square Feet: 280,484 | Year Built: 2009 | Number of Units: 269
Jasper Columbia Pike is a 269-unit high-rise multifamily community with ground floor retail in Arlington, Virginia. It is well-located along the Columbia Pike corridor, providing accessibility to regional employment hubs such as The Pentagon, National Landing (Amazon HQ2), the Rosslyn-Ballston Corridor, Downtown DC, and Tysons Corner. Built in 2009, the property features spacious floorplans with modern finishes and a full amenity package consisting of a swimming pool, courtyard with grill stations and lounge seating, fitness center, virtual golf simulator, business center, and resident lounge. The ground floor is leased to an attractive mix of retail tenants, and the property is within walking distance of other robust neighborhood retail amenities.
1501 Moran Road
1501 Moran Road
Current-investment, current-investments
1501 Moran Road is a 7.65-acre data center site located in Sterling, VA and situated a half mile northeast of Dulles Greenway and the future Loudoun Metro Station, .6 miles west of Route 28, and a mile from Dulles International Airport. Northern Virginia represents 48% of the primary data center market inventory in the US; approximately 70% of global internet traffic flows through Loudoun County. The site is being developed into a three-story, 260,000 square foot turn-key data center with delivery expected in 2027.
Chantilly Premier
Chantilly Premier
Current-investment
Chantilly Premier is a 79.03-acre site, with 12.06 acres developable land, located in Fairfax County, Virginia, 10 minutes from Dulles Airport, and currently zoned for auto dealership use. The business plan is to re‐zone the site and dual entitle it for up to an approximately 400,000 square foot powered-shell data center building and an approximately 133,000 square foot industrial building. Data center development is the base case and the investment provides Penzance with the opportunity to capitalize on continued demand from hyperscalers for data centers in Northern Virginia.
Brandywine Green
Brandywine Green
15135 Mattawoman Dr, Brandywine, MD 20613
Current-investment
Number of Units: 243
Brandywine Green, a 243- unit Class A multifamily community in Brandywine, Maryland, was developed in 2022 as part of master-planned Villages of Timothy Branch. The community is convenient to a range of dining, shopping, and entertainment options at nearby Brandywine Crossing including a Target, Xscape Theatres 14, Safeway and Costco. Extensive outdoor amenities including a resort-style pool with a tanning ledge, outdoor yoga space, grilling stations with a dining area and a convenient on-site dog park, allow for socializing and relaxing.
Rosslyn Gateway
Rosslyn Gateway
1911 Fort Myer Dr, Arlington, VA 22209
Current-investment, current-investments
Square Feet: 255,000
Manassas Yards Apartments
Manassas Yards Apartments
9430 Russia Branch View Drive
Current-investment
Square Feet: 325,150 | Year Built: 2004 | Number of Tenants: 350
The property is conveniently located next to the Manassas Park Station of the Virginia Railway Express (VRE) providing direct access to downtown Washington, DC, and National Landing, future home to Amazon HQ2. Constructed in 2004, Manassas Yards features spacious floor plans, a swimming pool, game room, grill area, clubhouse, dog park and pet washing station, detached garage and storage, picnic area and business center.
Ballston One
Ballston One
4601 N Fairfax Drive, Arlington VA 22203
Current-investment
Square Feet: 23,9678
1680 Wisconsin Avenue NW
1680 Wisconsin Avenue NW
1680 Wisconsin Avenue NW, Washington, District of Columbia
Current-investment
Square Feet: 46,980 | Year Built: 1900 | Number of Tenants: 1
3-Story office building located in the Georgetown sub-market of Washington, DC with sweeping views of Georgetown. Situated 1/2 mile from the intersection of M St and Wisconsin Avenue; the epicenter of Georgetown and its more than 400 stores and restaurants.
Hopewell Road Industrial
Hopewell Road Industrial
11159 Hopewell Road
Current-investment
Square Feet: TBD | Number of Tenants: TBD
Hopewell Road Industrial is a 60-acre property located at the intersection of I-81 and I-70 in Hagerstown, MD. Penzance acquired the property off market and plans to develop a cross-docked distribution facility with ample trailer parking, signage, and visibility to attract e-commerce, logistics, and manufacturing tenants. The investment presents the opportunity to develop in the proven I-81 industrial corridor, which offers access to 50% of the nation’s population in an overnight drive.
6401 Foxley Road
6401 Foxley Road
6401 Foxley Road
Current-investment
6401 Foxley Road is an 11.5 acre industrial outdoor storage site in Upper Marlboro, Prince George’s County, Maryland. This last mile location is situated approximately 5 minutes from Pennsylvania Avenue (Route 4) and 8 minutes to the Capital Beltway (I-495). The investment was acquired off-market in a supply constrained geography with significant mark-to-market opportunities. With by-right zoning for industrial use, the opportunity also provides industrial development optionality.
Marker 20
Marker 20
450, 455, 465, 470, 475, 480, and 485 Springpark Place, Herndon, VA 20170
Current-investment
Square Feet: 288,000 | Year Built: 1984-1986 | Number of Tenants: 14
Portfolio comprised of seven single-story flex and data center buildings ranging in size from approximately 25,000 to 65,000 square feet, in the Reston/Herndon submarket. Penzance has sold three of the original ten buildings that made up the portfolio at acquisition. The buildings serve a variety of tenants, predominantly technology firms and defense contractors, and are proximate to Phase II of the Metro's Silver Line. Penzance plans to enhance the portfolio’s amenities to better suit the needs of the typical Toll Road tenant.
Courthouse Place
Courthouse Place
2000 North 14th Street, Arlington, Virginia
Current-investment
Square Feet: 119,000 | Year Built: 1987 | Number of Tenants: 14
9-story office building located in the Courthouse submarket of Arlington, VA, situated 2 blocks from the Courthouse Metro.
Stone Pointe
Stone Pointe
15001 Potomac Heights Place, Woodbridge, Virginia
Current-investment
Square Feet: 277,000 | Year Built: 2015 | Number of Units: 288
The Stone Pointe apartment community consists of four mid-rise buildings featuring one and two-bedroom floor plans in a new and modern complex with parking laid out in between. The community is conveniently located nearJefferson Davis Highway and Interstate 95, two major thoroughfares in Prince William County. The luxury community includes a clubhouse, fitness center, and pool available to residents.
Pointe at New Town
Pointe at New Town
4375 New Town Avenue, Williamsburg, Virginia
Current-investment
Square Feet: 286,530 | Year Built: 2007 | Number of Units: 265
The Pointe at New Town is located within the larger New Town Development, a 365-acre planned community featuring parks, shops and restaurants, a movie theater, office parks, single-family homes and condominiums, and a dedicated shuttle system. The property is comprised of 265 townhome units across 27 buildings, a clubhouse with fitness room and pool, and a shuttle stop offering access into New Town and historic Williamsburg.
4040 N. Fairfax Drive
4040 N. Fairfax Drive
4040 North Fairfax Drive, Arlington, Virginia
Current-investment
Square Feet: 184,000 | Year Built: 1966 | Number of Tenants: 10
10-story office building located in the Ballston submarket of Arlington, approximately 2 blocks from the Ballston and Virginia Square Metro stations.
50 F Street
50 F Street
50 F Street NW, Washington, District of Columbia
Current-investment
Square Feet: 212,780 | Year Built: 1985 | Number of Tenants: 16
12-story, Class-B office building within walking distance of the United States Capitol, the Senate Office Buildings and Union Station in the Capitol Hill submarket. The property is served by the many retailers and restaurants in the Shops at Union Station and provides great commuter access from the nearby Union Station and Judiciary Square Metro Stations, as well as Union Station itself. Penzance has renovated the property to include a redesigned main lobby, state-of-the-art fitness center, tenant lounge, and roof deck, as well as an enhanced tenant-only conference center.
4001 N. Fairfax Drive
4001 N. Fairfax Drive
4001 North Fairfax Drive, Arlington, Virginia
Current-investment
Square Feet: 193,000 | Year Built: 1989 | Number of Tenants: 3
8-story corner office building centrally located in Ballston, VA proximate to the Ballston and Virginia Square metro stations.
Hagerstown Crossroads at I-81
Hagerstown Crossroads at I-81
16220 Wright Road
Realized-investment
Square Feet: 825,000 | Year Built: 2022 | Number of Tenants: TBD
Hagerstown Crossroads was a fully-entitled industrial development located one mile from the intersection of I-81 and I-70 in the Hagerstown logistics micro-market of Williamsport, MD. The I-81 corridor provides freight trucking reaching over 50% of the U.S. population within an overnight drive. The investment presented the opportunity to capitalize on the exponential increase in demand for e-commerce and logistics distribution centers driven by changing shopping habits and the repatriation of supply chains, accelerated by the pandemic. HC-181 was sold in June, 2022 pursuant to a forward sale agreement.
Watergate Office
Watergate Office
2600 Virginia Avenue NW, Washington, District of Columbia
Realized-investment
Square Feet: 214,614 | Year Built: 1969 | Number of Tenants: 20
The Watergate Office Building is an 11-Story, Class A office tower located on the Potomac riverfront in Washington, DC's West End, a core downtown submarket known for its luxurious hotels, high-end restaurants, and record-setting luxury condominium prices. The property features dramatic panoramic views of the Georgetown waterfront, the Potomac River, the Key Bridge, and the Rosslyn skyline. The property connects directly to the newly-renovated, 5-star Watergate Hotel via the adjoining main lobbies and enjoys access to 60,000 square feet of restaurant, retail, and service amenities within the Watergate Shops, the central retail plaza within the Watergate Complex. Penzance extended the Watergate Retail Plaza ground lease to a term of 97-years.
Willows at Victoria Falls
Willows at Victoria Falls
14001 Belle Chasse Boulevard, Laurel, Maryland
Realized-investment
Square Feet: 125,000 | Year Built: 2014
The Willows at Victoria Falls is a luxury condominium rental community for ages 55+ providing upscale retirement living. The units feature open-concept floor plans with modern, high-end finishes including 9’ ceilings, stainless steel appliances, granite kitchen countertops, top-loading washers and dryers and balconies. Located within the larger Victoria Falls Community of condominiums, apartments and single-family homes.
Parkridge 4
Parkridge 4
10700 Parkridge Boulevard, Reston, Virginia
Realized-investment
Square Feet: 124,000 | Year Built: 1988 | Number of Tenants: 5
A 6-story office building located within the Parkridge Office Park in Reston, Virginia. Adjacent to the Dulles Toll Road, the property provides excellent access to Dulles International Airport and Tysons Corner. The property was sold in August of 2022.
The Mark at Dulles Station
The Mark at Dulles Station
2323 Dulles Station Boulevard Herndon, VA 20171
Realized-investment
Square Feet: 226,000 | Year Built: 2007
The Mark at Dulles Station is a 169-unit luxury mixed-use apartment community located steps from the Innovation Center Metro Station in Herndon, VA. Built to condominium specifications in 2007, the building contains large units, above-average ceiling heights and high-end finishes. The property contains over 15,000 SF of neighborhood retail as well as a 311-space secure parking garage and a resident-only pool and fitness center. The Mark benefited from modest in-unit renovations and was converted from partial corporate use to full market rate. The property was sold in October 2021.
Colvin Woods
Colvin Woods
11012 Becontree Lake Drive, Reston, Virginia
Realized-investment
Square Feet: 253,000 | Year Built: 1979
The property is comprised of 259-units across 7 buildings, a clubhouse, tennis courts, pool, and hiking trails. Nestled in 48 acres of woodland, Colvin Woods offers access to Reston Town Center, the Wiehle Avenue Metro, and the Dulles Toll Road. Newly renovated apartment homes offer country-style living with modern conveniences and accessibility. The property was sold in August 2022.
The Myerton
The Myerton
108 South Courthouse Road, Arlington, Virginia
Realized-investment
Square Feet: 118,095 | Year Built: 1940 | Number of Tenants: 74
74-unit apartment community located at the entrance of Ft. Myer in the desirable Penrose neighborhood of Arlington VA. The property provides convenient access to the Rosslyn-Ballston Corridor and downtown Washington, DC.
Wayne & 2nd Street
Wayne & 2nd Street
2116 South 2nd Street, Arlington, Virginia | 2120 S 2nd Street, Arlington, Virginia | 319 South Wayne Street, Arlington, Virginia | 323 South Wayne Street, Arlington, Virginia
Realized-investment
Square Feet: 14,336 | Year Built: 1940 | Number of Tenants: 32
Four-building portfolio totaling 32 apartments units. Penzance executed a $1.2 million gut-renovation including upgrades to kitchens, bathrooms, flooring, electrical, and plumbing systems. The property was incorporated into the Myerton community achieving significant cost savings through operational synergies and providing access to the Myerton amenities.
Landing at Innovation
Landing at Innovation
13755 Sunrise Valley Drive, Herndon, Virginia
Realized-investment
Square Feet: 1,000,000
1,000,000 million square feet of fully-approved mixed-use development located at the future Innovation Metro Station that is set to open in the third quarter of 2020. The development is currently designed to include approximately 500,000 square feet of trophy office and approximately 500 luxury apartment units and up to 50,000 square feet of retail. The development is located within the larger 1.6 million square foot Innovation Center South master plan development.
730 North Glebe
730 North Glebe
730 North Glebe Road, Arlington, Virginia
Realized-investment
Square Feet: 3,772 | Year Built: 1962 | Number of Tenants: 1
Retail building centrally located within a four-parcel assemblage. Penzance purchased the asset as a “spike-parcel” and ultimately sold the property to a development firm which is moving forward with a large-scale residential project on the site.
3001 & 3003 Washington Boulevard
3001 & 3003 Washington Boulevard
3001 and 3003 Washington Boulevard, Arlington, Virginia
Realized-investment
Square Feet: 310,000 | Year Built: 2014 | Number of Tenants: 6
8-story trophy office building located in Clarendon, Virginia at the corner of 11th Street and Washington Boulevard. The LEED Silver certified building is conveniently located one block from the Clarendon Metro station.
The Highlands
The Highlands
1781-1788 North Pierce Street - Rosslyn, VA
Past-investments
Square Feet: 1,200,000 | Year Built: Q2-Q4 2021
The Highlands is a neighborhood-defining mixed-use development in Rosslyn, Virginia, that was completed in 2021. The project includes the Pierce, a 104-unit luxury condominium community, the Evo, a 455-unit luxury apartment community, and the Aubrey, a 331-unit luxury apartment community. The Aubrey and the Evo were sold to an Atlanta-based real-estate firm in May and July, 2022, respectively. In addition to the residences, the project includes 27,800 square feet of neighborhood-serving retail, a neighborhood park and a new community fire station.
Parkridge and Cascades
Parkridge and Cascades
10700 Parkridge Boulevard, Reston, VA | 12005 Sunrise Valley Drive, Reston, VA
Realized-investment
Square Feet: 10700: 124,000 | 12005: 107,000 | Year Built: 10700: 1988 | 12005: 1983 | Number of Tenants: 10700: 5 | 12005: 5
A portfolio including one 6-story office building and one 4-story office building located proximate to the Dulles Toll Road in the Reston submarket of Virginia.
Reston 4-Pack
Reston 4-Pack
10803 - 10805 Parkridge Boulevard, Reston Virginia | 10780 - 10790 Parkridge Boulevard, Reston Virginia | 10750 Parkridge Boulevard, Reston Virginia
Realized-investment
Square Feet: 300,000 | Year Built: 1985/1999 | Number of Tenants: 16
4-property portfolio within the Parkridge office park, Reston’s largest. The office park has two entrances and features an interior ring road with a 2-acre pond, volleyball and croquet courts, a picnic area, and fountains.
McLearen Tract
McLearen Tract
13618 McLearen Road, Chantilly, Virginia
Realized-investment
Fairfax County land investment that was sold to an educational institution after finding alternative and value-add uses.
1500 Wilson Boulevard
1500 Wilson Boulevard
1500 Wilson Boulevard, Arlington, Virginia
Realized-investment
Square Feet: 258,000 | Year Built: 1971 | Number of Tenants: 10
17-story office building located in Rosslyn, VA, two blocks east of the Rosslyn Metro station (Orange, Blue and Silver Lines) and one stop from the Foggy Bottom neighborhood of Washington DC. Retail tenants include Target, Starbucks, Wells Fargo, District Taco and Capriotti's.
Beaumeade Tech
Beaumeade Tech
21740 Beaumeade Circle, Ashburn, Virginia
Realized-investment
Square Feet: 58,080 | Year Built: 2000 | Number of Tenants: 4
Single story flex building located in Ashburn VA. Penzance converted the building into commercial condos providing ample surface parking and flex space on 11.89 acres.
1101 Connecticut Avenue NW
1101 Connecticut Avenue NW
1101 Connecticut Avenue NW, Washington, District of Columbia
Realized-investment
Square Feet: 189,000 | Year Built: 1975 | Number of Tenants: 15
Leasehold interest in a 12-story office building on a premier corner in downtown Washington, DC, atop the Farragut North metro station.
Square 516 Residential
Square 516 Residential
455 Massachusetts Avenue, NW Washington, DC 2001
Realized-investment
Square Feet: 242,366 | Year Built: 2008 | Number of Tenants: N/A
Square 516 Residential was an investment in conjunction with 455 Massachusetts Avenue, NW. It was developed by Penzance with ASB as an equity partner.
455 Massachusetts Avenue NW
455 Massachusetts Avenue NW
455 Massachusetts Avenue NW, Washington, District of Columbia
Realized-investment
Square Feet: 242,336 | Year Built: 2004 | Number of Tenants: 19
12 story 5-star office building located in the East end of DC. The LEED certified building offers controlled entry and convenient access to the Mt. Vernon Square metro station.
1130 Connecticut Avenue NW
1130 Connecticut Avenue NW
1130 Connecticut Avenue NW, Washington, District of Columbia
Realized-investment
Square Feet: 229,777 | Year Built: 1984 | Number of Tenants: 32
12-story 4-star office building located in the CBD submarket of Washington DC with convenient access to the Farragut North metro station and views of the White House.
2121 Wisconsin Avenue NW
2121 Wisconsin Avenue NW
2121 Wisconsin Avenue NW, Washington, District of Columbia
Realized-investment
Square Feet: 110,960 | Year Built: 1960 | Number of Tenants: 9
4-story office building located between the Georgetown and Glover Park neighborhoods of Washington DC. Conveniently located on multiple public transport lines.
3701 & 3702 Pender Drive
3701 & 3702 Pender Drive
3701 & 3702 Pender Drive, Fairfax, Virginia
Realized-investment
Square Feet: 3701: 102,364 | 3702: 77,595 | Year Built: 3701: 1985 | 3702: 1986 | Number of Tenants: 3701: 13 | 3702: 8
A 4-story office building and a 5-story office building located in Fairfax, Virginia on 3.5 acres.
1129 20th Street NW
1129 20th Street NW
1129 20th Street NW, Washington, District of Columbia
Realized-investment
Square Feet: 176,350 | Year Built: 1969 | Number of Tenants: 17
10-story 4-star office building located in the West End submarket of Washington DC, offering controlled access to the building and convenient access to the Dupont Circle and Farragut North metro stations. Penzance sold the site with additional density rights granting the ability to add additional floors to the building.
3865 Wilson Boulevard
3865 Wilson Boulevard
3865 Wilson Boulevard, Arlington, VA 22203
Realized-investment
Square Feet: 145,388 | Year Built: 2003 | Number of Tenants: 10
8 story 4 star office building in Arlington, VA. Conveniently located near the Orange and Silver Metro lines
13525 Dulles Tech Drive
13525 Dulles Tech Drive
13525 Dulles Tech Drive, Herndon, Virginia
Realized-investment
Square Feet: 32,535 | Year Built: 1986 | Number of Tenants: 3
Single story office building located in Herndon, Virginia. The property is located 1 mile from the Dulles International Airport with convenient access to the Dulles Toll Road. Penzance sold the property to a user-owner.
Dullesview
Dullesview
2551 & 2553 Jefferson Park Drive, Herndon, Virginia
Realized-investment
Square Feet: 354,000
Land site that Penzance pre-developed and designed then sold to a Chicago-based developer.
Winchester
Winchester
Frederick County, Virginia
Realized-investment
Penzance sold the land after predevelopment to a residential developer.
11720 Sunrise Valley Drive
11720 Sunrise Valley Drive
11720 Sunrise Valley Drive, Reston, Virginia
Realized-investment
Square Feet: 68,979 | Year Built: 1985
Previously a 6-story office building that has since been demolished. Penzance identified 250,000 square feet of additional density that was sold and incorporated into a large-scale residential development.
Sunset Hills Corporate
Sunset Hills Corporate
11109 Sunset Hills Road, Reston, Virginia
Realized-investment
Square Feet: 143,000 | Year Built: 1985 | Number of Tenants: 8
A 6-story office building and a 2-story flex building located in Reston, VA, adjacent to the Dulles Toll Road and proximate to the newly opened Wiehle-Reston East Metro Station on the Silver Line.
1893 Preston White Drive
1893 Preston White Drive
1893 Preston White Drive, Reston, Virginia
Realized-investment
Square Feet: 30,001 | Year Built: 1986
3-story office building located in Reston, Virginia on over 2 acres of land.
3259 M Street NW
3259 M Street NW
3259 M Street NW, Washington, District of Columbia
Realized-investment
Square Feet: 6,550 | Year Built: 1965
3-story mixed use office and retail building located in the heart of Georgetown. The building is currently home to the Georgetown flagship Coach store.
1215 Connecticut Avenue NW
1215 Connecticut Avenue NW
1215 Connecticut Avenue NW, Washington, District of Columbia
Realized-investment
Square Feet: 8,359 | Year Built: 1914 | Number of Tenants: 4
4-story retail building located in the Dupont Circle neighborhood of Washington DC providing convenient access to both the Dupont Circle and Farragut North metro stations.
1003 Wisconsin Avenue NW
1003 Wisconsin Avenue NW
1003 Wisconsin Avenue NW, Washington, District of Columbia
Realized-investment
Square Feet: 12,200 | Year Built: 1920 | Number of Tenants: 1
4-story office building located in the Georgetown submarket of DC. Conveniently located near the Georgetown Waterfront with views of the Potomac. Penzance sold the property to Millennium Partners who developed what is now the Ritz-Carlton Hotel and Residences in Georgetown.
555 Herndon Parkway
555 Herndon Parkway
555 Herndon Parkway, Herndon, Virginia
Realized-investment
Square Feet: 814,000
Fully approved mixed-use development plan permitting over 800,000 square feet of office, residential, and retail uses. Project is located 500 feet from the future Herndon Silver Line metro station set to open in 2022.