D.C.-based developer Penzance Cos. has acquired Long & Foster Real Estate Inc.’s longtime Georgetown office building for about $8.5 million but doesn’t plan to displace Greater Washington’s largest residential real estate company from the premises anytime soon.
P. Westley Foster, who is the founder, chairman and CEO of Long & Foster Cos., and George T. Eastment, its vice chairman, sold the roughly 15,000-square-foot building to an affiliate of Penzance in deal recorded with the District on June 1, according to D.C. land records.
