The buildings are located just off the Interstate 270interchange at Shady Grove Road in Montgomery County. Featuring154,000 sf, One Irvington Centre is a six-story facility that wasdeveloped in 1999. Two Irvington Centre, which was completed fiveyears ago, offers 166,700 sf over its six floors. The four-year-oldThree Irvington Centre is a six-story structure, as well, but is byfar the largest of the three with 218,000 sf of space. All threebuildings feature fitness facilities and conference rooms.

Penrose is presently in the process of developing Four IrvingtonCentre. Boggs & Partners, which served as the architect forThree Irvington Centre, is at the design helm once again. Thatproject is on target to deliver next year.

With a price tag of approximately $352.50 per sf, the figure wasabove the average price commanded by class A office properties inSuburban Maryland in 2005. Premier office buildings in the areasold for an average $238 per sf last year, according to the GVAAdvantis First Quarter 2006 office market report. The year-to-datefigure is $233 per sf.