Penzance’s Ashburn, VA Office Condos Now Sold Out

 
WASHINGTON, D.C. – Penzance has now completed the sale of office and flex condominiums at Beaumeade Technology Center in Ashburn, VA., a 130,000-square-foot two building, 12-acre campus at 44675 Cape Court and 21740 Beaumeade Circle.

 Recognizing the demand for and appeal of this kind of product, Penzance acquired the properly in 2006, undertook the conversion to condos and began the marketing process. With the final sale this month, Penzance realized an overall rate of return on the project of in excess of 30%, a notable achievement in a tentative market.

“Beaumeade Technology Campus offered the unique opportunity for professionals and small businesses to own their own spaces in rapidly growing Loudoun County. The substantial return on investment is an indication that there was a real desire for this kind of product; we are proud to have recognized that need and to have been able to meet it.” said Victor Tolkan, Penzance, CEO.

Penzance director of leasing Matt Pacinelli spearheaded the sales effort working with Bob Gibbs, Jeff Roman, and Bill Kamp of CB Richard Ellis.

Penzance (www.penzco.com ) is a private equity real estate investment company that owns, develops and manages commercial properties.

Founded in the mid-1990s by principals Victor Tolkan and Julia Springer Tolkan, Penzance focuses on investment grade real estate opportunities in the metropolitan Washington, D.C. area.

Contact: Matt Pacinelli, 202-339-8001, mpacinelli@penzco.com