WASHINGTON, May 10, 2010 /PRNewswire via COMTEX/ -- Penzance and real estate fund manager Federal Capital Partners (FCP) announced today the acquisition by FCP Fund I of an interest in 1101 Connecticut Avenue in the heart of Washington, D.C.'s Golden Triangle. FCP Fund I has acquired the interest of Penzance's existing partner. Penzance will maintain its existing ownership level in the property and will retain leasing oversight and property management responsibilities.
"When our original JV partner indicated an interest in selling, we knew immediately that we wanted to maintain our ownership interest and looked for a like-minded investor to join us in this exceptional asset," said Victor Tolkan, managing partner and founder of Penzance. "We found that partner in Federal Capital Partners." "We are delighted to have recapitalized this venture and acquired an interest in this terrific downtown office building, as well as to be partnered with Penzance, who has already done an excellent job in managing this asset," said Tom Carr, managing partner of Federal Capital Partners. "This transaction represents what FCP is all about -- bringing our experience to bear to close a multifaceted transaction quickly." Penzance acquired the 12-story, 190,000-square-foot office building in 2005, at which time it conducted various repositioning efforts, increasing occupancy levels from 85% to its current 98% level. Sitting atop the Farragut North Metro Station and just two blocks from Farragut Square, 1101 Connecticut Avenue contains 155,000 square feet of office space and 35,000 square feet of retail space, including a 25,000 square-foot state-of-the-art health club, a newly constructed CVS and Bank of Georgetown -- all new tenants since Penzance acquired the property -- bringing with them distinct amenities for the building and neighborhood.
About Penzance Penzance (www.penzco.com) is a woman-owned, private equity real estate investment company that owns, develops and manages commercial properties.
Founded in the mid-1990s by principals Julia Springer Tolkan and Victor K.
Tolkan, Penzance focuses on investment grade real estate opportunities in the metropolitan Washington, D.C. area and has completed more than $1 billion in real estate transactions.
About Federal Capital Partners Federal Capital Partners (www.fcpdc.com) is a real estate investment company and fund manager headquartered in Georgetown in Washington, D.C. The Managing Partners include Esko Korhonen, Lacy Rice, Tom Carr and Alex Marshall. Since its inception, FCP has acquired more than $1.5 billion of real estate assets and debt across all property types.
FCP Fund I, L.P. is a $240 million co-mingled real estate private equity fund formed to invest in multiple real estate sectors in the Mid-Atlantic region, with a focus on the metro Washington D.C. area. The Fund is able to provide both debt and equity capital as needed for real estate investments in the market.
SOURCE Federal Capital Partners www.prnewswire.com Copyright (C) 2010 PR Newswire. All rights reserved -0- KEYWORD: District of Columbia INDUSTRY KEYWORD: RLT SUBJECT CODE: JVN