Invesco Real Estate and Penzance recently announced a joint venture to develop a 280,000-square-foot mixed-use project at 3001-3003 Washington Blvd. in Arlington, VA.
The project in the Rosslyn-Ballston corridor, a block away from the Clarendon Metro Station, received a boost in January when Penzance and research firm CNA Corp. announced the pre-leasing of 175,000 square feet of office space
to serve as CNA's headquarters, which is relocating to Clarendon from Alexandria, VA. Also in January, the Arlington County Board approved the project's site plan.
Ground-breaking is planned for early May with completion scheduled in early 2014.
The development is designed to function as two separate buildings, consisting of a 10-story, 200,000-square-foot office building
attached to and a neighboring 8-story, 80,000-square-foot office structure.
About 600 CNA employees will occupy the majority of the 10-story office building. The project includes 28,000 square feet of retail space
on the first floors of the four-cornered site. With the CNA lease in place, remaining available space includes about 20,000 square feet on the top floor of the 10-story building, and all of the 8-story building’s office space of approximately 70,000 square feet, and 28,000 square feet of street-level retail space.
The project, designed to LEED Silver standards, will provide off-peak, shared parking on its top three below-grade garage levels to benefit nearby retail and restaurant patrons. The developers will also restore an historic façade on the site and create preservation easements on two other buildings off-site deemed as having architectural and historic merit.