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Development Set To Roll on 250,000- SF Office Asset

WASHINGTON, DC-Development of 455 Massachusetts Ave. NW edges closer to realization as developer Penzance Cos. begins construction this week. The 250,000-sf property will carry the distinction of being the first commercial office structure to be erected in the Mount Vernon Triangle area in the last 30 years.

By Barbra Murray | Updated on February 03, 2006

WASHINGTON, DC-A ground-breaking ceremony will take place Thursday to mark the start of construction of a 250,000-sf office building at 455 Massachusetts Ave. NW. Penzance Cos. is developing the class A property which, according to a 2005 report compiled by DC’s Downtown Business Improvement District, carries a total development price tag of $112 million.

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.”

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