Penzance Buys Office Complex in Herndon, Va., for $72M
Penzance has purchased a 10-building office complex totaling 422,000 square feet in Herndon, Va., according to the Washington, D.C.-based developer.
The firm purchased the complex called Spring Park for $71.5 million from seller RREEF America REIT II CORP VVV, according to Fairfax County public land records.
Spring Park is comprised of single-story office buildings ranging from 19,216 to 63,912 square feet located at 450-485 Spring Park Place, 380 Herndon Parkway and 400 Herndon Parkway, according to a statement from Penzance.
“Spring Park’s close proximity to the booming defense and web service industries, as well as being in one of the area’s strongest performing sub-markets, makes it an exciting new addition to the Penzance portfolio,” Cristopher White, a managing director at Penzance, said in prepared remarks. The firm plans to renovate the building and position it as “an amenitized asset to better serve the demand for single-story office buildings” in Northern Va, per the statement.
Funding to purchase the development came from Penzance’s first real estate private equity fund, which closed in October 2018 with total equity commitments of $255 million, according to the company. It expects to raise a total of $800 Million to $1 billion for the fund. Bruce Strasburg and Dek Potts of JLL brokered the transaction on behalf of Penzance.