Washington Business Journal
May 10, 2010
WBJ: Federal Capital Partners Buys Interest in 1101 Connecticut Ave
By Sarah Krouse
Federal Capital Partners has acquired a 90 percent interest in 1101 Connecticut Ave. NW, a 190,000-square-foot building also owned by Penzance.
D.C.-based Federal Capital Partners bought the stake with part of its $240 million FCP Fund I investment fund, taking the interest of an existing partner that the developer declined to name.
Penzance first bought the 12-story building in 2005 and will keep its existing level of ownership, including leasing and property management.
The building atop the Farragut North Metro station includes 155,000 square feet of offices and 35,000 square feet of retail. The building is currently 98 percent leased.
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