ARLINGTON, VA-Invesco Real Estate and Penzance are partnering to develop a 280,000-square-foot mixed-use project here that Penzance has been planning. The duo also plans to partner on other projects once this one is underway. The office-and-retail development is located one block from the Clarendon Metro Station at 3001-3003 Washington Blvd. Earlier this year, Penzance secured an anchor office tenant, CNA, for 1750,000 square feet.
With the CNA lease in place, there is approximately 100,000 square feet of office space available, as well as 28,000 feet of street-level retail. Joe Margolis, managing director and COO at Penzance, tells GlobeSt.com that one office tenant has expressed an interest in the remaining space, but he declined to discuss asking rates. He also declined to discuss construction financing, citing the need to consult with the new partner. The firms are closing in on a loan, which he expects will be finalized in April.
Ground-breaking for the project is planned for early May with a delivery date scheduled for 2014. The development will consist of two office buildings. One is a 10-story, 200,000-square-foot asset, and attached to it will be an eight-story, 80,000-square-foot building. CNA will occupy the majority of the 10-story building.
The project will also restore a historic fa
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