November 18, 2011
COMPANY NEWS: Penzance Joint Ventures with American Realty Advisors at 1130 Connecticut Avenue in Washington, DC
WASHINGTON, DC—November,18 2011-- Penzance and American Realty Advisors, (“American”), announced their joint venture ownership of 1130 Connecticut Avenue, NW, a Class A office building located in Washington, DC’s Central Business District. American has acquired the interest of Penzance’s current partner in the building. Penzance will continue its ownership in the property and will retain leasing oversight and property management.
The partnership is the second of its kind between Penzance and American, which teamed up in 2003 on the TOBY-award winning Ballston Gateway, located at 3865 Wilson Boulevard in Arlington, VA.
Victor K.Tolkan, managing partner and founder of Penzance said, "We are delighted to extend our relationship with American Realty Advisors to this centrally located, well performing Washington, DC asset, while satisfying the desire of our original partner to realize the value created since acquisition.”
“We are pleased to once again be partnering with Penzance on yet another well managed and maintained Class A building in the Washington, DC area. The prime location in the Golden Triangle within blocks of The White House and the Metro position this building to continue attracting high quality office tenants.”, said Kirk Helgeson, American's EVP/Executive Managing Director, Investments.
Penzance acquired the 12-story, 230,000-square-foot office building in 2004, and subsequently completed a number of repositioning efforts which resulted in a marked increase in the asset’s net operating income. Situated on Connecticut Avenue in the heart of Washington, DC’s Golden Triangle, 1130 Connecticut Avenue is a half block from the Farragut North Metro Station, and 4 blocks from The White House. The building contains 215,000 square feet of office space and 15,000 square feet of retail space, and includes such tenants as HSBC Bank; Time, Inc.; Kimball International; Global Industries; and Federal Express.
Penzance and American Realty Advisors extend their appreciation to William M. Collins and Drew Flood of Cassidy Turley, who represented Penzance in this transaction.
ABOUT AMERICAN REALTY ADVISORS
American Realty Advisors and its principals have been providing innovative real estate investment solutions to public and corporate pension funds, endowments, foundations, and Taft-Hartley trust funds for over 23 years. With over $4.0 billion* in assets under management, American is a SEC registered investment advisor and has qualified as a Qualified Professional Asset Manager (QPAM), investment manager and fiduciary under ERISA. American is wholly owned by its senior professionals and is focused exclusively on providing a full range of core, core plus, and value-added real estate investment services to institutional investors.
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