March 20, 2012
BISNOW: Penzance, Invesco Team in Clarendon
Yesterday, Penzance announced Invesco will be its capital partner at the firm's 280k SF office project in Clarendon (3001-3003 Washington Blvd). It's the first time the two companies have worked together, Penzance COO Joe Margolis tells us. “We received broad interest in the project from a number of capital sources covering a variety of exit strategies, but Invesco demonstrated the most interest, flexibility, speed, and understanding of the deal.” The two-building development is “right on schedule” to deliver in December 2013, and it's already 60% leased. CNA will be its biggest tenant at 175k SF.
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