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.

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.

ALEXANDRIA, VA-A financing deal valued at $28 million for the Embassy Suites Hotel Old Town Alexandria closes, giving the joint venture ownership the opportunity to refinance an existing loan and cut down on overall costs of funds. The 268-room hotel was developed in 1991.

NEWINGTON, VA-Northrop Grumman Information Technology stakes a claim to 63,000 sf of office space at Crown Center, a new 230,000-sf office/flex complex near Fort Belvoir. The area will soon be home to a series of government offices relocating to the military base.

CHEVY CHASE, MD-Formation Capital Health Care LLC acquires 26 long-term care properties and one pharmacy from Laurel Health Care Management. The facilities account for 2,800 beds in the Midwest and the South.

HERNDON, VA-In a $24 million deal, Guardian Realty Investors takes the class A office property at 950 Herndon Pkwy. off the hands of UBS Realty Investors. The 92,900-sf building, which is located near Washington Dulles International Airport, is presently 96% leased to 20 tenants.

ALEXANDRIA, VA-The Holiday Inn Select in Old Town Alexandria comes under new ownership, courtesy of a transaction valued at $66 million. The 227-room hotel will undergo major renovations and emerge as a four-star lodging property early next year.

WASHINGTON, DC-The class A office building at 1801 Pennsylvania Ave. finds a new owner in Pembroke Real Estate. The 183,000-sf structure last traded in 2001 in a $44-million deal.