ROSSLYN, VA-Penzance has closed on the acquisition of 1555 Wilson Blvd., here--an approximately $67 million purchase it made via a JV with an institutional partner. The sellers were Stuart H. Miller and BPG Properties, which put the building on the market in May.
One way Penzance plans to differentiate 1555 Wilson Blvd. is by promoting the relatively low asking rates of the building, VP Matt Pacinelli, tells GlobeSt.com. “We are leasing in the $40 per square foot, where as other buildings in this submarket are leasing in the $50s per square foot and some are pushing into the $60s per square foot,” he says.
The company also plans to reposition the building with mechanical and operational upgrades, he adds.
The seven-story, 153,025-square-foot office building is 91.6% leased to such tenants as the Washington Business Journal, George Washington University and Thermopylae. There is also retail on the ground floor. Collins Ege and John Kevill at Eastdil Secured represented the seller in this transaction.
The building is one of many Penzance owns in the DC area--and, indeed, the RB Corridor. It owns Courthouse Place, 1500 Wilson Blvd. and a development site in Clarendon. Pacinelli says the company is actively seeking other acquisitions in the RB corridor. It is possible, he says, the company may close on another building by year’s end.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
