Washington Business Journal
March 19, 2012
WBJ: Penzance Teams with Invesco on Clarendon site
By Daniel J. Sernovitz
Penzance Cos. has entered into a joint venture partnership with Invesco Real Estate to develop a 280,000-square-foot office-and-retail development in Clarendon, a project that was solidified earlier this year by CNA Corp.’s decision to move its headquarters to the site at 3001-3003 Washington Blvd.
Penzance's chief operating officer, Joe Margolis, said Invesco was one of several prospective joint venture partners in the project and was considered an ideal match. Invesco will be a long-term partner with Penzance, and the two companies will continue to jointly own the development after it is constructed in early 2014, Margolis said. This will be their first partnership.
“Invesco has just been a great prospective partner to work with,” Margolis said. “We just got a real good feeling from them.”
Penzance has already started preparing the site for construction and plans to break ground on the buildings in early May. The project is projected to cost about $150 million.
“Invesco is pleased to move forward on what we hope will be the first of many partnerships with Penzance,” said Invesco Acquisition Director John Blaylock in a statement.
Penzance signed CNA to 175,000 square feet in what is envisioned to be a 10-story, 200,000-square-foot office building. The developer also plans to construct an attached companion building slated to be eight stories and about 80,000 square feet.
The Arlington County Board voted Jan. 24 to approve the project, and Penzance Managing Director Thomas Ikeler said at the time he expected to close on financing shortly after receiving county approvals and signing CNA as the anchor office tenant. CNA, which includes the Center for Naval Analyses, plans to relocate its 600 workers from its current headquarters at 4825 Mark Center Drive.
Download Full Article Here.