January 19, 2006
COMPANY NEWS: Penzance Companies Acquires the Beaumeade Technology Campus
The Penzance Companies has acquired the Beaumeade Technology Campus, a two building, 12-acre professional office complex totaling approximately 133,000 square feet of flex space in Ashburn, Loudon County, Virginia, within minutes of Dulles International Airport and the Dulles Town Center. The buildings, at 44675 Cape Court and 21740 Beaumeade Circle, are being converted to condominiums to meet the needs of users who wish to own the premises they occupy, as well as to appeal to individual investors interested in owning spaces leased to notable corporate tenants such as Verizon, Liebert Corporation, and MacTec Engineering.
Flexible zoning, ample surface parking, easy access to the Dulles Toll Road and the Greenway, attractive brick and glass construction and park-like landscaping, have attracted
buyers who plan to use their newly acquired premises for a range of purposes. The underlying zoning accommodates multiple uses. There has been substantial pre-sale activity. Penzance has engaged CB Richard Ellis as its broker.
“Penzance has acquired many properties in the Washington Metropolitan area with institutional investors as joint venture partners; this campus seemed ideal for conversion to units that allow individual investors to participate with us in this strong real estate market and take advantage of the kind of opportunity normally available only on a grand scale to the big players,” noted Julia Springer Tolkan, Managing Principal and Chairman of Penzance. “We are delighted that the response to the flex condominium concept has been so favorable.”