You might think of Penzance as a DC-Rosslyn owner, but not anymore: the firm picked up two Reston office buildings last week. And the firm might not be done with the dealmaking.
Co-founder Victor Tolkan's crew just ventured out on the Toll Road, purchasing two properties on Sunset Hills Road (known together as Sunset Corporate Center--and the buildings rarely go anywhere without each other) from Piedmont Office Realty Trust last week for $22.6M. But there's more: the firm's Matt Pacineilli confirmed to us this morning that Eastdil will soon start marketing 3003 Washington Blvd in Clarendon on behalf of Penzance and partner Invesco.
The building (left), along with next-door neighbor (and fully available) 3001 Washington Blvd, is set to deliver any day now, Matt says. JLL is handling leasing for the fully available 3001 Washington. 3003 Washington (left) is all leased up, too, as nonprofit CNA will take 175k SF and the Common Application will take the remainder of the space (which was the top floor).
Back to the Reston deal (here's 11107 Sunset). The buildings sit right along the Toll Road, and there's some solid value-add opportunity, as the 40k SF 11109 Sunset Hills is 100% vacant. Piedmont put $2.5M into the properties just before selling, and none of the building's leases are scheduled to roll over before 2016, we're told. (Mental note: Possible location for our Presidential campaign.) Transwestern repped Piedmont in the sale.
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