D.C. based Penzance announced today it has partnered with Invesco Real Estate in a joint venture to build its 2-building office project at 3001-3003 Washington Boulevard near the Clarendon Metro station, setting up development for a May groundbreaking.
The partnership with Invesco comes after Penzance had teed up the development, gaining county approval of plans for the 280,000 s.f. project in January, at which time it also leased most of the space - 173,000 s.f. - to federally-funded CNA (the Center for Naval Analyses), which will transfer 600 employees from its Mark Center location in 2014.
Penzance plans two office buildings - 8-stories and 10-stories - with shared 4-level below-grade parking deck and 28,000 s.f. of combined ground floor retail space with outdoor seating area. Several of the older buildings on the block will be kept intact during construction. Noritake Associates designed the project that is expected to earn a minimum ranking of LEED Silver, while holding out the possibility of a Platinum ranking for the site.
Penzance has developed and operates numerous properties throughout Washington D.C. and Arlington, including 455 Massachusetts Avenue in Mt. Vernon Triangle.
Arlington, Virginia real estate development news