Wednesday, October 6, 2010

Penzance continues strong leasing results and celebrates Reston Association’s occupancy at Reston Corner, VA

WASHINGTON, D.C. (Oct. 6, 2010) –Penzance is pleased to announce that the Reston Association has successfully completed its headquarters relocation to Reston Corner I,(top left photo) 12001 Sunrise Valley Drive in Reston, Virginia. 

Owned and managed by Penzance, the 100,000-square-foot Class A office building is one of three buildings that comprise the Reston Corner office park.  After more than 35 years at 1930 Isaac Newton Square, the Reston Association now calls Reston Corner home.

 “We are delighted to welcome a venerable organization like the Reston Association to its distinguished new address and are pleased that the Association identified Reston Corner as the place to launch the next chapter in its impressive history as the representative of Reston homeowners.

“It seems fitting that the cornerstone of residential Reston is at home in Reston Corner,” said Victor K. Tolkan, Penzance, Managing Partner and co-founder.

Penzance Leasing Director Matt Pacinelli spearheaded the leasing effort with Terry Reiley, Jeff Roman, and Tom Walsh of CB Richard Ellis. Rich Rhodes and Rick Meadows of CresaPartners represented Reston Association.

Despite challenging market conditions that are directly attributed to the national and global economic downturn, Penzance continues to significantly outperform in the Reston/Herndon submarket, leasing over 200,000 square feet since it acquired its Reston portfolio.

 This represents an 8% market share of all transactions despite Penzance’s portfolio size, which represents 2% of the market.

“We know the Reston market and the Penzance team works hard to attract tenants who recognize and appreciate as we do the appeal and value of our Reston Corner and Parkridge Center assets,” said Thomas Ikeler, Penzance, Managing Director, Capital Markets.

Reston Corner is a 3-building, 300,000-square-foot office park strategically located at the corner of Reston Parkway and Sunrise Valley Drive. 

 Adjacent to the headquarters of the U.S. Geological Survey, the park enjoys superior access to the Washington Dulles Toll Road and the many amenities Reston has to offer.

Reston Corner boasts an award-winning, naturally landscaped environment as well as stunning new contemporary building lobbies and common areas. In addition, the park features a new state-of-the-art fitness facility, conference center, café and outdoor fountains.

Penzance’s Parkridge Center assets include Parkridge Two, Four and Five (middle left photo), buildings totaling approximately 425,000 square feet  located directly on the Dulles Toll Road with superior signage opportunities.

Strategically situated at the corner of Hunter Mill Road and Sunrise Valley Drive, the park is the eastern-most, and largest, office park in Reston with than 1 million square feet, offering a variety of office space options for private and public sector tenants.

The park features such appealing amenities as a new state-of-the-art fitness facility, a beach volleyball court, outdoor fountains, and café.

Contact:  Matt Pacinelli, 202-339-8001,

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