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Penzance and Invesco Real Estate to build the new headquarters for CNA in Clarendon, Virginia
WASHINGTON, D.C., June 14, 2012 — On behalf of Penzance and Invesco Real Estate Jones Lang LaSalle’s Capital Markets experts today announced the firm has secured $94 million in non-recourse construction financing through SunTrust for 3001 – 3003 Washington Boulevard, located in the Washington, D.C. submarket of Clarendon. The 280,000-square-foot Trophy office development is 58 percent pre-leased to CNA, a not-for-profit research and analysis organization for a term of 15 years.
Jones Lang LaSalle’s Managing Director Wes Boatwright, Executive Vice President Jon Goldstein and Executive Vice President Mike Yavinsky led the team on this transaction.
“Penzance has been working for a number of years to assemble the site and obtain approvals from not only the Arlington County Board, but also local residents, businesses and civic organizations for this very exciting project. They should be very proud of what they have accomplished,” said Boatwright. “We secured a significant amount of interest from many different lender types eager to finance a project and sponsorship of this calibre.”
The development, which is located at 3001-3003 Washington Boulevard, is one block from the Clarendon Metro station. 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. It will also restore a 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 took place in May and construction is expected to be finalized in early 2014.
Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2011 alone, Jones Lang LaSalle Capital Markets completed $60 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $52 billion in global investment sales and buy-side transactions, equating to nearly $216 million of investment trades completed every working day around the globe. In the United States, Jones Lang LaSalle grew its total Capital Markets volumes by 122 percent in 2011 and is quickly gaining market share across all property types. The firm’s Capital Markets team comprises more than 1,200 specialists, operating all over the globe.
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About Jones Lang LaSalle Jones Lang LaSalle (NYSE: JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with $47.2 billion of assets under management. For further information, please visit www.joneslanglasalle.com.
About Invesco Real Estate Established in 1983, Invesco Real Estate manages $48.3 billion of real estate investments, which includes $16.4 billion in U.S. direct real estate portfolios, $13.3 billion in non-US direct real estate and $18.6 billion in real estate securities (as of December 31, 2011). Invesco Real Estate has more than 320 employees in 16 offices through the U.S., Europe and Asia. The group focuses on top-down market and property type fundamentals combined with bottom-up local market intelligence. Senior members of the management team have worked together for 23 years, contributing to the consistent implementation of Invesco’s investment strategy. Additional information is available at www.invesco.com and at www.invescorealestate.com.
About PenzancePenzance 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.
Penzance has demonstrated its commitment to Arlington County for many years, previously developing Ballston Gateway (3865 Wilson Boulevard) – a 2010 Outstanding Building of the Year award winner – and owning/managing 2000 N. 14th Street in Courthouse and 1500 Wilson Boulevard in Rosslyn. Additionally, in 2011, Penzance acquired 1555 Wilson Boulevard in Rosslyn. The company plays a leadership role in Rosslyn and in the County’s urban arts center, Artisphere, through Senior Advisor Peter N. Greenwald’s role as President of the Rosslyn BID and as a member of the County’s Economic Development Commission.
About SunTrustSunTrust is one of the nation’s largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. SunTrust offers asset based term loans, revolving credit lines and customized debt structures that can support and complement a diverse range of capital objectives.
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