3003 Washington Boulevard, Arlington, VA

Founded in 1996 by principals Julia Springer and Victor K. Tolkan, Penzance is a leading Washington, D.C.-based investment company with a proven track record.

The company has developed, redeveloped and repositioned multiple assets with remarkable success. Penzance has a history of adding significant value to the assets it owns by maximizing tenant retention and driving rent growth. Penzance’s attention to detail and active management style has enabled it to distinguish itself from the “commodity” real estate market. As such, Penzance is positioned to execute each business plan to meet or exceed pro forma.

The Penzance core competencies include acquisitions, development, capital markets, asset management, leasing, property management, construction management, and facilities management for private and government organizations. Penzance executes on these competencies strategically and consistently within its portfolio, as well as on behalf of its investment partners who have come to realize the benefits of the Penzance brand. Penzance delivers to its third party investors the same level of quality service it provides to properties in its own portfolio.


At Penzance, we are proud to be recognized for navigating and negotiating complex real estate transactions with drive and innovation. The seasoned, vertically-integrated Penzance team is focused on acquisitions, developments, leasing (federal and private sector), asset and property management, construction and development. We combine extensive knowledge of the local real estate market with the vision, skill and energy to steer, structure and close transactions.

To view biographical sketches for the Penzance team leaders click on the names shown below:

  • Julia Springer

    Managing Partner & Founder

    Ms. Springer co-founded the firm and is its managing partner. She has overseen transactions valued at well over $2 billion, including acquisitions, developments, dispositions, development, equity, debt, capitalization and leasing. An attorney and economist, Ms. Springer served as clerk for United States District Judge Peter Beer (ED, Louisiana) and as an economist for the Board of Governors of the Federal Reserve and at Resources for the Future. Competitively selected for fellowship in the PhD Economics Program at MIT, Ms. Springer decided to attend law school and earned her JD from the University of Virginia School of Law. She was an attorney in the real estate and corporate transactions group at the law firm of Shaw Pittman LLP, now Pillsbury. Ms. Springer serves on the Board of Trustees for the Field School in Washington, DC. She has served on the boards of the Children’s Law Center and the Jordan River Foundation and as co-chair of the DC Leadership Circle of Women for Women.

  • Victor K. Tolkan

    Managing Partner & Founder

    Mr. Tolkan, co-founder of the firm, sets the strategic direction for Penzance. He is intimately involved in all investment activities, including acquisitions, developments, re-developments, financings, asset management and dispositions. Mr. Tolkan, a Washington DC native, utilizes his extensive market knowledge and contacts to uncover cyclical as well as situational opportunities, develops capital strategies appropriate for such opportunities and oversees timely execution. Mr. Tolkan is central to the development of appropriate business plans for each asset and monitors performance against such plans. Prior to founding Penzance, Mr. Tolkan was responsible for the site acquisition, development, leasing, management, tenant build-out and design for CNV Partnership. Mr. Tolkan was also the president and CEO of The Door Store, a retail furniture business. Mr. Tolkan received his BA from Tulane University.

  • Michael A. Klein

    Managing Director & Principal

    Mr. Klein is responsible for the acquisition of new projects and assets through the Washington, DC Metropolitan area and serves on Penzance’s Investment and Executive Committees. With over 10 years of experience in the real estate industry, Mr. Klein has sourced, closed and worked on approximately $3.6 billion worth of transactions and development investments in the Washington, D.C. region. Since joining Penzance, Mr. Klein’s responsibilities have included: execution of investment strategy, managing the investments team and Investment Committee process, identifying on and off-market investment opportunities, deal structuring, overseeing due diligence for acquisitions, analyzing current market conditions and future trends, leasing oversight, dispositions and determining valuation of income producing properties and development opportunities. Prior to joining Penzance in 2012, Mr. Klein was Vice President, Acquisitions and Finance at Akridge. He is involved in several professional organizations, including the Northern Virginia Chapter of NAIOP where he serves on the Board of Directors. Mr. Klein has a MBA from Hult International Business School, formerly the Arthur D. Little School of Management. He received a Bachelor of Science in Management from Rensselaer Polytechnic Institute.

  • Thomas A. Fink

    Chief Financial Officer

    Mr. Fink serves as the Chief Financial Officer at Penzance. He leads corporate and property-level financial functions, capital markets, investor relations, property management, and assists on other operational functions. With more than 20 years’ experience in senior management in both private and public companies, Mr. Fink brings broad executive, financial, and operations capabilities to Penzance. In addition to other experiences, Mr. Fink held the position of Executive Vice President and Chief Financial Officer of CapitalSource, Inc., a middle-market commercial lender based in Chevy Chase, MD. He also served as Vice President & Treasurer and Vice President - Purchasing for US Airways. Mr. Fink received a BA in Economics from the University of Notre Dame and an MBA from the University of Chicago Booth School of Business.

  • Peter N. Greenwald

    Senior Advisor

    Mr. Greenwald serves as Senior Advisor to the Penzance executive team in such areas as organizational development, administration, media relations, and legal and business strategies. Mr. Greenwald is Chairman of the Rosslyn Business Improvement District in Arlington, VA and represents Penzance on the BID Executive Committee and Board of Directors; until the expiration of his term in January 2009, he represented Penzance on the Executive Committee and the Board of the Mount Vernon Triangle Community Improvement District in DC. In March 2012, the Arlington County Board appointed Mr. Greenwald to the County's Economic Development Commission. He is the President and founding member of the Arlington Foundation for Arts and Innovation, a new entity designed to spearhead creativity and investment in County cultural institutions. He founded the New York law firm of Greenwald and Strongin, and is a former partner at Rosenman & Colin, now KMZ Rosenman. He was Executive Vice President, General Counsel and Secretary of Retired Persons Services, Inc. He received his AB and AM from Harvard University and his JD from the New York University School of Law.

  • Michael L. Lefkowitz

    Senior Vice President, General Counsel

    Mr. Lefkowitz serves as Senior Vice President and General Counsel of Penzance and is responsible for the company’s legal activities. Prior to joining Penzance, Mr. Lefkowitz was a partner at the law firm of Holland & Knight LLP in Washington, DC where he represented developers, pension funds, institutional owners, hospitality companies, investors and corporate tenants in the acquisition, sale, leasing, financing and development of real estate assets. Mr. Lefkowitz is a 1991 graduate of Muhlenberg College and a 1994 graduate of the University of Baltimore School of Law.

  • Frank Poli

    Senior Vice President, Development

    Mr. Poli serves as the Senior Vice President of Development, and is responsible for leading development, predevelopment, design and planning, construction, budgeting, and oversight of Penzance’s mixed-use, office, and multifamily projects. Prior to joining Penzance in 2016, Mr. Poli served for 4 years as Regional Vice President of Development at Associated Estates Realty Corporation, where he managed development of the company’s east region multifamily rental apartment communities from start to finish. His responsibilities included site and project evaluation, pro-forma analysis, budget development, purchase negotiations, land use and entitlement approvals, management of the design and construction process to completion, coordination of delivery and marketing, and leasing through stabilization, with bottom-line project performance responsibility. He is an Associate with the Urban Land Institute and served 9 years on the Board of Directors for the Arlington Partnership for Affordable Housing. He was reappointed to the Arlington County Economic Development Commission, after having served as an Economic Development Commissioner for the County from 2003–2012. From 2004–2006 he served on the Board of Directors of the Arlington Chamber of Commerce. Mr. Poli holds a Bachelor of Fine Arts and a Bachelor of Architecture from the Rhode Island School of Design, and is an LEED Accredited Professional.

  • Stacy Lautar

    Executive Director, Property Management

    Mrs. Lautar oversees property management and engineering for the Penzance commercial office and retail portfolio. She has over 25 years of experience in commercial and mixed-use property management, most recently with First Potomac Management, LLC, where she was the Director of Property Management, for a 3.5 million square foot portfolio, consisting of commercial office, industrial and mixed-use portfolio, and Jones Lang LaSalle Americas, Inc., where she rose through the ranks to serve as Senior Vice President/Group Manager for the Mid-Atlantic Region with responsibility for a portfolio ranging from 4 million to 11.8 million square feet of commercial office, industrial and mixed-use properties. She is a Certified Property Manager (CPM®); a LEED Green Associate; holds DC Brokers, VA Sales Licenses; and currently serves as the President Elect and Programs Chair for IREM Chapter 77.

  • John E. Kusturiss III

    Vice President, Development

    Mr. Kusturiss has more than 12 years of real estate development experience focused primarily on multifamily mixed-use development. Since joining Penzance, Mr. Kusturiss has lead the entitlement, design, construction, and leasing efforts for Penzance’s multifamily development portfolio in Arlington, VA totaling over 1.5 million square feet. Previously, Mr. Kusturiss worked for seven years with Equity Residential in the development team. While at Equity Residential, Mr. Kusturiss was responsible for all aspects of multifamily and mixed-use development, including entitlement, underwriting, design, construction, and lease up. During his tenure with Equity Residential, Mr. Kusturiss managed development activities on six Class A apartment projects totaling over 1,500 units and 50,000 square feet of retail. Prior to this position, Mr. Kusturiss worked for Clark Construction coordinating the design and construction of a 359-unit Class A apartment building in downtown Washington, DC, and two premiere condominium projects totaling 441 units and a Whole Foods Market. Mr. Kusturiss is an active member of NAIOP, serving as the Co-Chair of the Arlington County Government Subcommittee and as a member of the Developing Leaders Committee. Additionally, Mr. Kusturiss serves on the Rosslyn BID Urban Design Committee and is a 2016 Leadership Center for Excellence 40 Under 40 Honoree. He received his BS in Engineering Technology from the University of Delaware and his MBA from George Washington University.

  • Peter C. Heller

    Assistant Vice President, Investments, Multi-Family

    Mr. Heller serves as an Assistant Vice President in the Investments department, and is responsible for managing the firm’s expanding multi-family portfolio, sourcing and underwriting new multi-family investments, and coordinating due diligence with partners and lenders. Prior to joining Penzance in 2012, he was a member of the acquisitions team at LaSalle Investment Management, focused on the acquisition of office, retail, and industrial assets for the firm’s comingled funds and separate accounts. Mr. Heller earned a BA in Economics and History from Denison University. He is an active member of the Maryland/DC Chapter of NAIOP, where he participates on the Membership Committee.

  • Andrew Williams

    Assistant Vice President, Investments

    Mr. Williams serves as an Assistant Vice President in the Investments department and is responsible for sourcing and underwriting new investments, and coordinating due diligence with partners and lenders. Prior to joining Penzance in 2013, he was a member of the asset management team at LaSalle Investment Management focused on strategy, execution and performance of office, retail and industrial assets for the firm’s separate accounts. Mr. Williams earned his BA in Real Estate and Urban Land Economics from the University of Wisconsin-Madison. He is a member of The Real Estate Group, Urban Land Institute, and the Wisconsin Real Estate Alumni Association.

  • Tilghman Morton

    Assistant Vice President, Asset Management

    Mr. Morton serves as an Assistant Vice President in the Asset Management Division, where he is responsible for oversight of asset performance and strategy execution. Prior to joining Penzance in 2015, Mr. Morton was a member of the Asset Management and Acquisitions & Portfolio Management groups at Washington Real Estate Investment Trust, a $3.0 BN Equity REIT. Prior to Washington Real Estate Investment Trust, Mr. Morton worked in the Global Investment Banking & Global Markets division at Bank of America Merrill Lynch. He received his MBA from the University of Virginia's Darden Graduate School of Business and BS in Business Administration from Wake Forest University.

  • Stephen B. Powell

    Assistant Vice President, Development

    Mr. Powell is Assistant Vice President, Development and is responsible for project development activities and all aspects of project Construction Management across the firm's varied portfolio. Prior to joining Penzance, Mr. Powell was Construction Manager for The JBG Companies. While at JBG, Mr. Powell managed the design and construction of a 320,000 square foot ground up development project at 14th and U in Washington, DC. From 2004 to 2012, he served as Project Manager - Level I and II positions for The Whiting-Turner Contracting Company. Mr. Powell received his BS in Civil Engineering from the University of Maryland College Park. He is a member of The Washington Building Congress, The Associated Builders and Contractors of Metro Washington and NAIOP Maryland/DC.

  • Joseph D. Margolis

    Advisory Board Member

    Mr. Margolis is an Advisory Board member and previously was responsible for all day-to-day investment and operational activities of the firm. Prior to joining Penzance, Mr. Margolis was a co-founding partner of Arsenal Real Estate Funds, a full-service investment management firm serving pension plans, foundations, endowments and other institutional investors. Mr. Margolis was integral to structuring, raising, investing and managing Arsenal's investment products. Before Arsenal, Mr. Margolis was a portfolio manager at Prudential Real Estate Investors (PREI) where he managed over $1 billion of institutional equity invested in all real estate product types across the U.S. Prior to his position as a portfolio manager, Mr. Margolis served as PREI's General Counsel. Mr. Margolis received his AB from Harvard College and his J.D. from Columbia University School of Law. He serves on the Board of Directors, Audit Committee and Compensation, Nominating and Governance Committee of Extra Space Storage, Inc. (NYSE:EXR).