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 zoning and design issues held up the project for years, received unanimous approval in April from the Herndon Town Council to redevelop the 4.3-acre site into a mixed-use development.