Penzance Breaks Ground on Ballston One Office-to-Multifamily Redevelopment in Arlington, Virginia
Penzance, a leading owner, operator, developer, and fund manager of properties in the Mid-Atlantic for three decades,
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Penzance, a leading owner, operator, developer, and fund manager of properties in the Mid-Atlantic for three decades, today announces the groundbreaking of Ballston One, a transformative redevelopment of the existing office property at 4601 N. Fairfax Drive in Arlington, Virginia. The project will redevelop the 240,000 square foot property into a seven-story, 328-unit residential community, marking the continuing evolution of the Rosslyn-Ballston Corridor as a premier live, work, and play environment.
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From left: Jacob Rosenberg, Eric Shepsman, John Jacobson, Susan Cunningham, Victor Tolkan, Matt de Ferranti, Anna Nissinen, Josh Bowden, John Kusturiss, Erin Chakroff, Peter Titus, Brandon Ripley
“Ballston One is about giving an existing property new life, and consistent with Penzance’s mission, leaving the community better than we found it,” said Josh Bowden, Senior Vice President, Development at Penzance. “We have been investing in Arlington County for decades and this project represents our long-term conviction in the area’s strength. This project transforms an underutilized office property into much-needed housing, reducing office vacancy, supporting economic vitality, and focusing on sustainability.”
Key to the project’s design is sustainability. By reusing and upgrading the existing two-story below-grade parking garage, the project is estimated to reduce carbon emissions by approximately 40%. Ballston One is targeting LEED Gold certification and approximately 24% energy savings. Planned sustainability features include bird-friendly glass, dark-sky-compliant lighting, a green roof, electric vehicle charging infrastructure, all-electric appliances and low-flow fixtures. The project also plans to exceed Arlington County’s 10% tree-canopy requirement, with approximately 16% coverage. Additionally, as part of an extensive community benefits package, Penzance will contribute more than $3.2 million toward affordable housing in the County.
Located at the edge of Route 66 and adjacent to Ballston Wetland Park, Ballston One will be a gateway to the Ballston neighborhood. The property is near major retail corridors and approximately 800 feet from the planned second entrance to the Ballston Metro Station. Public improvements will include a new shared-use path for pedestrians and cyclists along North Fairfax Drive, expanded tree canopy, and ADA-compliant intersections and crossings. These enhancements are designed to strengthen connections between the neighborhood, the wetland park, and the Custis and Bluemont trails, improving walkability, accessibility, and safety.
Groundbreaking represents the culmination of three years of planning, community engagement, design, and collaboration with the Arlington County Board and Arlington Economic Development (AED).
“Arlington’s next chapter is about reimagining what a mature urban economy can become. We are building on decades of investment while adapting our built environment to the needs of tomorrow. That transformation requires a shared vision and the collective commitment of our developers, investors, businesses, and public sector partners. Together, we are creating the conditions for the next generation of economic growth and opportunity,” said Anna K. Nissinen, Chief Economic Development Officer for Arlington County, Virginia, and Director of Arlington Economic Development.
“Arlington’s strength has been our ability to adapt to what’s next,” said Matt de Ferranti, Arlington County Board Chair. “Ballston One is a great example of that approach in action. Not only will this project replace an obsolete office building with hundreds of much-needed housing units in a transit-rich location, but it also makes a sizable contribution to the Affordable Housing Investment Fund reflecting our shared and ongoing commitment to building more affordable housing in our community.”
Ballston One builds on Penzance’s continued investment in Arlington County and reflects the firm’s commitment to adaptive reuse, thoughtful development, and the communities on which it has an impact.
About Penzance
Penzance is a fully integrated real estate owner, operator, developer, and fund manager. Founded in 1996, the firm has built a track record of successful investing in multifamily, industrial, data center, and other commercial properties across the Mid-Atlantic, creating a reputation for attention to detail and focused, active asset management. Penzance professionals combine entrepreneurial and institutional real estate experience with in-depth local market knowledge. Its core competencies include acquisitions, development, asset management, leasing, property and construction management, capital markets and finance, fund management, and investor reporting. Over its history, Penzance has managed over $4.7 billion of gross asset value and, today, manages over $1.1 billion of discretionary capital on behalf of high-quality institutional investors through its series of flagship funds. For additional information, visit Penzance.
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