Bisnow Real Estate
May 7, 2012
BISNOW: Hot Capital Markets in Arlington
There are rumors that Penzance and Invesco's two-building office project at 3001-3003 Washington Blvd in Clarendon has secured significant construction financing. (Another rumor: 3005 Wilson Blvd is dating Brooklyn Decker.) We were on hand this morning for the groundbreaking, snapping Penzance founders Julia Springer and Victor Tolkan on either side of CNA (the complex's biggest office tenant at 175k SF) prez Robert Murray, VA Rep. Jim Moran, and Arlington County Board chair Mary Hughes Hynes. The project is the culmination of five years of planning, Victor tells us. It's the last undeveloped office parcel in the submarket, and he says the project was "obvious" once he discovered the site.
JLL's Bob VeShancey, Herb Mansinne, and Brian Connolly repped Penzance in the CNA deal, and colleague Rob Copito served as consultant to the military think tank. Herb tells us this is a "testament to the Clarendon market"—demand for the yet-to-be-filled second 80k SF office building there is "phenomenal," he says. CNA liked the project so much that it committed to a lease before Penzance closed on buying the site or obtained site plan approval.
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