Tuesday, September 15, 2009

Penzance completes 74,497-SF Lease Renewal with U.S. General Services Administration

WASHINGTON, D.C.-– Penzance  has completed the lease renewal of 74,497 square feet of office space with the U.S. General Services Administration at Parkridge Two, 10803-10805 Parkridge Blvd. in Reston, Virginia. Grubb & Ellis Company, a leading real estate services and investment firm, represented Penzance in the transaction.

Parkridge Two is a two-story, office building located within the Parkridge Center office park,(top left photo)  Reston's largest office park. Parkridge enjoys superior access to the Washington Dulles Toll Road and is the site closest to Tyson's Corner in the Dulles Corridor. The park has dual entrances and features an interior ring road with 2-acre pond, volleyball and croquet courts, a picnic area, outdoor fountains, and a deli. The office buildings in Parkridge range from 2 to 7 stories.

Charles Dilks, Keith Lavey and Kurt Stout of the Grubb & Ellis Government Services Group (www.grubb-ellis.com/government) represented Penzance in this transaction. The Government Services Group provides advisory and transaction services to lessors, investors and government agencies throughout the United States. Combining its specialized knowledge of government procurement process with Grubb & Ellis' broad leasing, sales and market research expertise, the Government Services Group delivers effective solutions to its clients.

Penzance is a private equity real estate investment company that owns, develops and manages commercial properties. Founded in the mid-1990's by principals Victor Tolkan and Julia Springer Tolkan, Penzance focuses on investment grade real estate opportunities in the metropolitan DC area.

Contact: Matt Pacinelli , 202.349.5686 direct , 202.271.0526 mobile , 888.690.1885 fax, mpacinelli@penzco.com

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