Sales  ·  office

Penzance Adds Ballston One Office Building in $25M Deal

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Penzance has acquired Ballston One, a 239,678-square-foot office building in Arlington, Va., from UBS Realty Investors for $25 million, according to public property records. 

Located at 4601 North Fairfax Drive, the 12-story Ballston One was built in 1986. It includes a fitness center, a concierge, and an on-site deli.

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The building’s tenant roster includes The American Heart Association and Homeland Security Capital, plus a mix of federal government and private sector tenants.

The property is a short walk to the Ballston-MU Metro station, which is served by the Orange and Silver lines, and has direct access to Interstate 66. It’s close to National Landing, the Rosslyn-Ballston Corridor, Tysons, and Downtown D.C. 

“Penzance has a long history of owning and developing in Arlington in general, and Ballston in particular,” Cristopher White, managing director of investments for Penzance, said in a prepared statement announcing the purchase. “We are excited to add to our growing portfolio in the region and hope to improve the neighborhood during our ownership through a creative approach to real estate operations.”

The company also owns the 269-unit Jasper Columbia Pike in Arlington, which it acquired in August, and The Mark, a 169-unit, luxury mixed-use apartment community in Herndon, Va., which it acquired in 2019. 

JLL (JLL)’s Matt Nicholson, Andrew Weir, Jim Meisel, Dave Baker, Kevin Byrd and Kameel Omar were involved in the deal on both sides of the transaction.

Keith Loria can be reached at Kloria@commercialobserver.com.