Penzance Purchases 155 KSF D.C. Suburb Office Building for $67M
- Oct 05, 2011
October 5, 2011
By Nicholas Ziegler, News Editor
The Rosslyn-Courthouse-Ballston Corridor in suburban Washington, D.C., continues to be a center of real estate growth, and the most recent deal is the sale of a 154,922-square-foot office building to Penzance Cos. for $67 million. Eastdil Secured led the deal on behalf of Stuart H. Miller Co.
The property, located at 1555 Wilson Ave. in Arlington, Va., boasts both the highest parking ratio in the area as well as a short four-block walk to the Rosslyn Metro Station. Calling the property “attractive,” Collins Ege, managing director at Eastdil, was bullish on the building’s prospects. “This was a great opportunity to invest in an office building located along the central artery of the R-C-B Corridor,” he said. “The property [has] easy access to Metrorail, an unparalleled amenity base and future redevelopment potential.”
Constructed in 1979 and renovated in 1998, the seven-story building features a flexible multi-tenant configuration. The building has more than 20 tenants, including the State Department, Department of Defense, George Washington University, CVS and The Washington Business Journal.
A Jones Lang LaSalle report in September noted that several D.C. submarkets, including Rosslyn, were seeing rental rates approach or exceed pre-recession levels. Additionally, in July, the Falls Church Corporate Center in the Rosslyn-Ballston corridor sold for $86 million to The JBG Cos.