Penzance and CNA Announce 175,000 SF HQ Pre-Lease in Clarendon

Washington, DC -- Penzance and CNA announced today the signing of a 175,000 square foot pre-lease for 3001-3003 Washington Boulevard, a new 280,000 square foot mixed-use project being developed by Penzance one block from the Clarendon Metro Station in Arlington, VA. Earlier this week, the project received site plan approval from the Arlington County Board. Celebrating its 70th anniversary this year, CNA, a not-for-profit research and analysis organization, will be relocating its headquarters to Clarendon from its current location in Alexandria.

The 3001-3003 development is designed to function as two separate buildings, and consists of a 10-story, 200,000 square foot office building attached to and sharing complementary architecture with its neighbor, an 8-story, 80,000 square foot office building. Approximately 600 CNA employees will occupy the majority of the 10-story office building. In addition to the project’s office components, 28,000 square feet of retail space will animate the first floors of the four-cornered site. CNA will move into the project upon completion in early 2014 and will be vacating the building it previously occupied at 4825 Mark Center Drive in Alexandria, VA. With the CNA lease in place, remaining available space includes approximately 20,000 square feet on the very top floor of the ten-story building, 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 spread throughout the project.

Penzance has been working for a number of years assembling the site and with Arlington County officials, residents, civic organizations and businesses in the Clarendon area to fine tune the project plan in response to ideas and suggestions from those constituencies.

“We want to thank the Clarendon community, County staff, the Historical Affairs and Landmark Review Board, the Transportation and Planning Commissions and the County Board for their hard work and support as we worked together to assure the successful integration of 3001-3003 N. Washington Boulevard into this vibrant neighborhood,” said Victor K. Tolkan, Penzance managing partner and founder. “We are excited to welcome CNA to Clarendon and feel privileged that our project was chosen as CNA’s next home. CNA’s presence will be a vibrant addition to the community that will contribute markedly to the local economy.”

“CNA shares the excitement of this site plan approval and looks forward to its future in Clarendon, one of the few truly 24/7 live-work-play communities in the area that has embraced and preserved its historical charm while encouraging growth and a diverse mix of amenities,” said CNA Chief Executive Officer Robert Murray. “Access to Metro, excellent sponsorship, architectural excellence, and the ability to grow within the project all contributed to our decision.”

Among the first office buildings to conform to the Arlington County Clarendon Sector Plan, the project will provide off-peak, shared parking on its top three, below-grade garage levels to benefit nearby retail and restaurant patrons, will restore an historic façade currently located on the site, and create preservation easements on two other buildings off-site which the Clarendon Sector Plan has identified as having architecturally historic merit. Additionally, 3001-3003 Washington Boulevard will feature a public plaza and expansive sidewalk areas to accommodate café tables and outdoor seating for retail tenants, and is designed to LEED Silver standards. Groundbreaking is scheduled for spring 2012.

Penzance extends a special thank you to Rob Copito of Jones Lang LaSalle as well as Matt Siegel and Dan Rasmussen of UGL Equis who represented CNA, and to Herb Mansinne and Bob VeShancey who represented Penzance in the lease transaction.

About Penzance

Penzance has demonstrated its commitment to Arlington County for many years, owning and managing 1500 Wilson Boulevard in Rosslyn, 2000 N. 14th Street in Courthouse and developing in 2003, and owning and managing Ballston Gateway (3865 Wilson Boulevard), a 2010 TOBY award winner. In 2011, Penzance acquired 1555 Wilson Boulevard in Rosslyn. The company also plays a leadership role in Rosslyn and in the County’s urban arts center, Artisphere, through Senior Advisor Peter Greenwald’s position as President of the Rosslyn BID.

Penzance is a private equity real estate investment company that owns, develops and manages commercial properties. The company focuses on investment grade real estate opportunities in the metropolitan Washington, DC area and has completed more than $1 billion in real estate transactions since its inception in 1997. For more information, please visit www.penzco.com.