Penzance, a D.C. based real estate development and operating company, announced this week that it had purchased Corporate Plaza I and II in Reston, VA for $22.6 million, or about $158 per foot. Transwestern's Institutional Commercial Group brokered the sale to Penzance on behalf of Piedmont Office Realty Trust; terms of the deal were not disclosed.
"The transaction achieved the strategic goals of both the buyer and the seller," said Gerry Trainor, Transwestern's managing executive director. "In the case of Piedmont, the sale is in line with its strategic plan of exiting non-core properties and focusing on aggregating Class A assets near transportation nodes in specific submarkets. For Penzance, the acquisition is consistent with its suburban value-add strategy and thesis that the Dulles Toll Road will lead the suburban recovery."
Matt Pacinelli, senior vice president of leasing for Penzance, said Metro access is a strong amenity. "I've probably gotten more activity in the building than I have in any of my other properties, and the reason for that is it's unique," Pacinelli said. "The Silver Line, it's not the main reason to acquire it, but it is a bonus." The two office buildings at 11107 and 11109 Sunset Hills Road total 142,394 square feet and are situated along the Dulles Toll Road (Route 267), just 0.75 miles from the new Wiehle Avenue Metrorail station and 1.7 miles from the Reston Town Center.
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