Citybiz Real Estate
March 19, 2012
CITYBIZ: Penzance JVs with Invesco on 3001-3003 Washington Blvd in the Rosslyn-Ballston Corridor
Invesco Real Estate and Penzance have formed a joint venture partnership for the development of the 280,000 square foot mixed-use project one block from the Clarendon Metro Station at 3001-3003 Washington Boulevard in the Rosslyn-Ballston corridor in Arlington, VA.
In January, Penzance and CNA announced the pre-leasing of 175,000 square feet of office space to serve as CNA headquarters.
The project subsequently received its site plan approval from the Arlington County Board. Ground-breaking is planned for early May with completion scheduled in early 2014.
The 3001-3003 development is designed to function as two separate buildings, and consists of a 10-story, 200,000 square foot office building attached to and sharing complementary architecture with its neighbor, an 8-story, 80,000 square foot office building. Approximately 600 CNA employees will occupy the majority of the 10-story office building.
In addition to the project's office components, 28,000 square feet of retail space will animate the first floors of the four-cornered site. With the CNA lease in place, remaining available space includes approximately 20,000 square feet on the top floor of the ten-story building, all of the 8-story building's office space of approximately 70,000 square feet, and 28,000 square feet of street level retail space.
Among the first office buildings to conform to the Arlington County Clarendon Sector Plan, the project will provide off-peak, shared parking on its top three, below-grade garage levels to benefit nearby retail and restaurant patrons, will restore an historic façade currently located on the site, and create preservation easements on two other buildings off-site which the Clarendon Sector Plan has identified as having architecturally historic merit.
Additionally, 3001-3003 Washington Boulevard will feature a public plaza and expansive sidewalk areas to accommodate café tables and outdoor seating for retail tenants, and is designed to LEED Silver standards.
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