Invesco Partners with Penzance on its Clarendon Mixed-Use Development

WASHINGTON, March 19, 2012 /PRNewswire/ -- Invesco Real Estate and Penzance announced today the formation of their joint venture partnership for the development of the 280,000 square foot mixed-use project located one block from the Clarendon Metro Station at 3001-3003 Washington Boulevard in the heart of 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. Celebrating its 70th anniversary in 2012, CNA is a not-for-profit research and analysis organization relocating to Clarendon from its current location in Alexandria. The project received its site plan approval from the Arlington County Board, also in January. 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.

"The Invesco-Penzance  Clarendon venture combines the strengths of two organizations well positioned to bring this great project to successful and timely completion and we are proud and delighted to have Invesco as our partner in this exciting development," said Penzance managing partner and co-founder, Victor K. Tolkan.  "Together we will build CNA a beautiful home in Arlington and create a premises attractive to many other office tenants and retailers. The community has been welcoming and enthusiastic and we will be ready to break ground soon—stay tuned."

"Invesco is pleased to move forward on what we hope will be the first of many partnerships with Penzance.   We are particularly pleased to have chosen this well-placed, pre-leased and pre-approved project," said Invesco's John Blaylock. "The design and appeal of the buildings and the warm reception they have received within the market and the neighborhood are gratifying. We are excited to be participating in a project of such quality and promise."  

CNA's CEO, Robert Murray, added his welcome to Invesco and reiterated CNA's excitement about its move to Clarendon in 2014: "Access to metro, excellent sponsorship made even better with Invesco's participation, architectural distinction, a diverse mix of amenities and the ability to grow within the project, make it just right for us," he said.

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 facade 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 cafe tables and outdoor seating for retail tenants, and is designed to LEED Silver standards.

About Invesco Real Estate

Established in 1983, Invesco Real Estate manages $48.3 billion of real estate investments, which includes $16.4 billion in U.S. direct real estate portfolios, $13.3 billion in non-US direct real estate and $18.6 billion in real estate securities (as of December 31, 2011). Invesco Real Estate has more than 320 employees in 16 offices through the U.S., Europe and Asia.  The group focuses on top-down market and property type fundamentals combined with bottom-up local market intelligence. Senior members of the management team have worked together for 23 years, contributing to the consistent implementation of Invesco's investment strategy.  Additional information is available at www.invesco.com and at www.invescorealestate.com.

About Penzance

Penzance has demonstrated its commitment to Arlington County for many years, owning and managing 1500 Wilson Boulevard in Rosslyn, 2000 N. 14th Street in Courthouse and developing in 2003, and owning and managing Ballston Gateway (3865 Wilson Boulevard), a 2010 TOBY award winner. In 2011, Penzance acquired 1555 Wilson Boulevard in Rosslyn. The company also plays a leadership role in Arlington and in the County's urban arts center, Artisphere, through Senior Advisor Peter N. Greenwald's position as a Member of the Arlington Economic Development Commission, as a Member of the Artisphere Advisory Board and as President of the Rosslyn BID.

Penzance is a private equity real estate investment company that owns, develops and manages commercial properties. The company focuses on investment grade real estate opportunities in the metropolitan Washington, DC area and has completed more than $1 billion in real estate transactions since its inception in 1997. For more information, please visit www.penzco.com.

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SOURCE Penzance