Penzance is a real estate investment company that owns, develops and manages commercial properties. Penzance has negotiated and structured investments valued at $1 billion. Founded in the mid-1990's by principals Victor Tolkan and Julia Springer Tolkan, Penzance focuses on investment grade real estate opportunities in the metropolitan DC area and has a proven track record of providing to investors stable returns above the market rate. Investors have realized a project level Internal Rate of Return (IRR) of over 43% over the past 10 years.   The Penzance team combines extensive knowledge of the DC-area real estate market with a keen ability to identify, structure and realize transactions efficiently and cost-effectively.   Focused on the Washington, DC metropolitan area, cited by the Urban Land Institute's "Emerging Trends in Real Estate 2004" as the only market that "earns unwavering endorsement", Penzance is uniquely positioned to continue to acquire and develop quality DC-area properties, adding significant value and affording a unique opportunity for institutional and individual investors alike. In pursuing development opportunities, Penzance focuses on value enhancement through the land use and zoning process, and through quality design and construction. For example, Penzance has built from the ground up office buildings at 3865 Wilson Boulevard in Ballston, Virginia and 455 Massachusetts Avenue, NW in D.C.’s Mount Vernon Triangle. Penzance brought its project at Dulles View to site plan completion before selling it packaged and ready to go. In seeking out development sites, Penzance looks for areas with limited supply and additional barriers to entry, select mixed-use opportunities, land parcels adjacent to existing assets and under-utilized sites with potential for higher and better use. Penzance is currently developing a 39.6 acre site in Fairfax County, Virginia with an approximately 1.78 million square foot office park to be known as McLearen 28 .