Invesco Real Estate and Penzance, a private equity real estate investment firm, have formed a joint-venture partnership to develop a $150m mixed-use project in Clarendon, Virginia, US.
The 280,000ft² project is located one block from the Clarendon Metro Station at 3001-3003 Washington Boulevard in the Rosslyn-Ballston corridor in Arlington, Virginia.
In January 2012, CNA signed a 175,000ft² pre-lease for 3001-3003 Washington Boulevard to serve as its headquarters.
Penzance managing partner and co-founder Victor Tolkan said the joint venture would combine the strengths of the organisations to bring the project to a timely completion.
"Together we will build CNA a beautiful home in Arlington and create a premises attractive to many other office tenants and retailers," Tolkan said.
The development includes a ten-storey, 200,000ft² office building and an eight-storey, 80,000ft² office building.
The 28,000ft² of retail space will feature in the first floors of the four-cornered site in addition to the project’s office components.
After leasing part of the building to CNA, the remaining available space on the site includes 20,000ft² on the top floor of the ten-storey building, all of the eight-story building’s office space, and 28,000ft² of street level retail space.
The facility will offer off-peak shared parking on its top three garage levels for the use of nearby retail and restaurants.
The project will restore a historic facade located on the site and create preservation easements on two nearby buildings that Arlington County Clarendon Sector Plan has identified as having architecturally historic merit.
In addition, the development will also feature a public plaza and broad sidewalk areas to house cafe tables and outdoor seating for retail tenants, and it is designed to meet LEED Silver environmental standards.
Penzance is planning to break ground on the buildings in early May and complete in early 2014.