WASHINGTON, March 28, 2019 /PRNewswire/ -- Penzance, an owner, operator and developer in the Washington, D.C., metropolitan region for more than two decades, has closed on the investment of 50 F Street NW, or Capitol Place III, a Class B office building totaling 212,780 square feet in Capitol Hill. This marks the first value-add office acquisition and third investment within Penzance's first real estate private equity fund, The Penzance D.C. Real Estate Fund LP (Fund I). The Washington, D.C. office of Eastdil Secured brokered the transaction.
Within three city blocks of D.C.'s most iconic building, the U.S. Capitol, and two blocks from historic Union Station, the Mid-Atlantic's primary transportation hub, 50 F occupies a central location on F Street with access to numerous retail amenities and dining options. Given its immediate proximity to the Capitol, boutique floor plates, and competitive rents, 50 F attracts a variety of prominent tenants, including national corporations, nonprofits and government affairs firms.
"We are excited to mark the first value-add office acquisition for Penzance Fund I. 50 F is a uniquely-positioned building within the coveted Capitol Hill market, one of D.C.'s strongest performing sub-markets," stated Cristopher White, Managing Director of Investments at Penzance. "50 F embodies Penzance's larger goal of enhancing and repositioning assets across the Metro region to more adequately meet the needs of tenants with better quality product and new experiences."
Developed as part of a larger project known as Capitol Place on F Street, 50 F sits between North Capitol Street and New Jersey Avenue, offering incredible views of the Capitol building from its top floors. Additional onsite building amenities include a 3,500 SF conference facility (128-person capacity), a fast-casual deli on the ground floor and 134 stacked underground parking spots. Penzance will begin construction on additional amenities and improvements in the third quarter of 2019.
The Penzance D.C. Real Estate Fund LP (Fund I) closed in October 2018 with total equity commitments of $255 million and expects to target a portfolio size of $800 Million to $1 Billion of total capital for the Fund. In addition to 50 F, the Fund has closed on two additional investments to date, including 1680 Wisconsin Avenue, a three-story, 17,398 square foot office building located in the highly-desirable Georgetown submarket of Washington, D.C., and The Highlands, a public/private mixed-use development located in the bustling Rosslyn submarket of Arlington, Virginia.
Penzance is an innovative real estate investment company with unmatched expertise in the Washington, D.C.-area market as an investor, operator, and developer. Penzance is committed to creating exceptional results for their investors, real estate partners, and community. The Company currently manages approximately 1.7 million square feet of office and has ownership interests in approximately 1,900 residential units.