It will be the first commercial office facility to rise up in the Mount Vernon Triangle area in three decades. Penzance principal Victor K. Tolkan says the company is taking on the roll of a "a leader in the Mount Vernon Triangle renaissance by providing a significant portion of the planned office space in this mixed-use neighborhood. When our building is completed, people will be able to live, work and play within the Triangle."

Located about five blocks south of the Washington Convention Center and four blocks north of the MCI Center, 455 Massachusetts Ave. will occupy a small triangular parcel that Penzance acquired for the project in December 2004. Designed by architectural firm Gensler, the 12-story office property will also feature a four-level underground parking facility, a fitness center. It will also include approximately 13,000 sf of street-front retail space.

Jones Lang LaSalle has been tapped to handle lease-up of the office space, while the Rappaport Cos. is on board to oversee retail leasing activities. Development is on target to reach completion late next year.