Penzance's Peter N. Greenwald tells GlobeSt.com that the real estate investment firm acquired the building late last month for $30 million. According to Arlington County records, the property has a 2004 assessed value of nearly $23 million.
Located adjacent to the County Courthouse off Interstate 66 and near Arlington National Cemetery, Courthouse Place is 91% leased to a variety of tenants including engineering and information technology firm Chi Associates Inc. and a bevy of attorneys. The deal marked the third purchase Penzance had made in the final three months of 2004.
"We have had a very active fall season, and are looking forward to continuing to acquire commercial properties in and around the Washington, DC metropolitan area," Penzance principal Julia Springer Tolkan notes.
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