The Penrose Group

What The Penrose Group does

The Penrose Group is a private commercial real estate development, ownership, and investment firm founded in 1990 by Mark W. Gregg and headquartered in Oakton, Virginia. The firm operates as a family of companies active across the Washington, D.C. metro area, with completed projects in Virginia, Maryland, and Washington, D.C. Its portfolio spans apartments (Pike 3400, 672 Flats, Ovation at Park Crest, The Latitude Apartments, Gallery at Virginia Square, Gallery Twin Oaks, Park Crest with 1,200+ units), the 450-acre King Farm master-planned community in Rockville, MD, Class A office buildings (the four-building Irvington Centre adjacent to Shady Grove Metro), hotels (a $25 million renovation of 900 F Street into a Courtyard by Marriott, plus Rosslyn and Court House Metro Residence Inns), industrial/logistics (Columbia Gateway Center at 2 million sq ft, Perryman Warehouse), government (Riverside USDA Building, 337,500 sq ft), and large mixed-use developments (Constitution Square, 2.5 million sq ft). At one point the firm was among the largest owners of contiguous land in the DC metro area.

Revenue is generated through three streams: development margin on the sale or lease of newly developed assets; recurring rental income, lease payments, and asset appreciation from a held ownership and investment portfolio; and professional advisory services for lenders and owners of distressed real estate. The advisory practice was prominent in the 1990s, when the firm advised the FDIC, RTC, banks, and life insurance companies on complex property situations nationwide, and continues to be marketed as a differentiated service line enabled by the firm's "ownership perspective." Pricing is project-by-project and not publicly disclosed. The go-to-market motion is enterprise field sales: direct principal-led relationships with institutional clients, government agencies, corporate tenants, and end users across the Mid-Atlantic.

The firm has no proprietary technology platform, software product, API, or mobile application. Marketing is centered on a portfolio-driven website and the personal reputation of the principals. The leadership team is tightly held: founder Mark W. Gregg serves as Managing Partner and President, and his son Michael R. Gregg (LEED AP BD+C, former Turner Construction) is a Partner overseeing acquisitions and project execution. The firm has been recognized for sustainability practices, receiving the 2010 Green Business Award from the Arlington Chamber of Commerce for the Residence Inn at The Court House Metro, and multiple properties carry LEED or ENERGY STAR certifications.

Name

The Penrose Group

Legal name

The Penrose Group

Website

http://penrosegroup.com

Company type

Private

Founded year

1990

Operating status

Operating

Headcount range

1–10 employees

Short description

The Penrose Group is a private commercial real estate development, ownership, and investment firm founded in 1990, active across the Washington, D.C. metro area, with a portfolio spanning apartments, master-planned communities, Class A offices, hotels, industrial, and mixed-use projects.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Development

NAICS

Real Estate and Rental and Leasing (53), Lessors of Real Estate (5311)

SIC

Investors, Nec (6799), Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

Real Estate Investment Advisory (Acquisitions/Dispositions, Capital Allocation) (BPAJANAA)

akta.pro secondary industries

Real Estate Development & Feasibility Advisory (Highest-and-Best-Use, Entitlements Support) (BPAJANAC), Real Estate Capital Markets Advisory (Debt/Equity Placement, Refinancing) (BPAJANAE)

Keywords

• Commercial real estate development
• Real estate investment
• Property management services
• Distressed real estate advisory
• Commercial property ownership

Headquarters

HQ city

Vienna

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Infrastructure, Operations, Marketing or Sales, Others

Revenue model

1. Real Estate Development: The company develops commercial real estate properties including apartments, master-planned communities, commercial offices, industrial and mixed-use developments. Revenue is generated through the sale or lease of developed properties.
2. Real Estate Ownership and Investment: As an active owner and investor, the company holds and manages real estate assets, generating revenue through rental income, lease payments, and asset appreciation over time.
3. Real Estate Advisory Services: Provides advisory services to lenders and owners of distressed real estate, offering analysis, recommendations, and implementation support during troubled economic times. The company has experience advising the FDIC, RTC, banks, and life insurance companies.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

The Penrose Group is an active developer, owner, and investor in commercial real estate, focused on value creation across apartments, master-planned communities, commercial offices, industrial, hospitality, retail, and mixed-use developments in the Washington, D.C. metro area. The firm also provides real estate advisory services to lenders and owners of distressed real estate, with historical experience advising the FDIC, RTC, banks, and life insurance companies. Property management services are delivered through its affiliated companies.

Product overview

The Penrose Group is a real estate development, ownership, and investment firm founded in 1990 that operates as a collection of companies providing development and property management services. The company offers Real Estate Advisory Services for distressed properties alongside a diverse portfolio of residential and commercial developments including apartment communities (Pike 3400, 672 Flats, Ovation at Park Crest, The Latitude Apartments, Gallery at Virginia Square, Gallery Twin Oaks Apartments, Park Crest), master-planned communities (King Farm), Class A office buildings (One through Four Irvington Centre), hotels (900 F Street Courtyard by Marriott, Rosslyn Residence Inn, Residence Inn at The Court House Metro), industrial properties (Columbia Gateway Center, Perryman Warehouse), and mixed-use projects (Constitution Square). The company also provides investment capabilities from completion of construction through stabilization and disposition.

Differentiator

Problem solved

Functional benefit

Products and services

• Real Estate Advisory Services Advisory services assisting lenders and owners of distressed real estate with challenges and opportunities to maximize value during troubled economic times, with experience advising the FDIC, RTC, banks, and life insurance companies; includes the capability to invest in projects and oversee all phases from construction completion through stabilization and disposition.
• Property Management Services Strategic property management services provided through a family of companies engaged in real estate development and ownership, covering commercial real estate assets.
• King Farm A 450-acre master-planned mixed-use community in Rockville, MD with over 9,000 residents in 3,200 housing units, one million square feet of office space, and a shopping center, including parks, ponds, and bike trails.
• Constitution Square First & M Street NE A 2.5 million square foot mixed-use development in Washington, D.C.'s NoMa submarket including office, retail, hotel, and luxury apartments adjacent to the NoMa Red Line Metro station.
• Columbia Gateway Center Buildings 1, 2 and 3 A combined two million-square foot industrial project in Columbia, MD providing warehousing for corporate users such as Sears, Costco, and Giant Foods, involving brownfields remediation.
• One Irvington Centre A six-story, 154,469-square foot Class A office building adjacent to Shady Grove Metro station in Rockville, MD with amenities including atrium, courtyard, pond/pool, and waterfront restaurant.
• Two Irvington Centre A six-story, 164,891-square foot Class A office building adjacent to Shady Grove Metro station in Rockville, MD with amenities including atrium, courtyard, hotel, pond/pool, and restaurant.
• Three Irvington Centre A six-story, 217,134-square foot Class A office building adjacent to Shady Grove Metro station in Rockville, MD with fitness center, hotel, restaurant, and ENERGY STAR certification.
• Four Irvington Centre A six-story, 220,526-square foot Class A office building adjacent to Shady Grove Metro station in Rockville, MD with fitness center, hotel, restaurant, conferencing facility, LEED certification, and ENERGY STAR qualification.
• 900 F Street (Courtyard by Marriott) A $25 million renovation of a historic 1891 landmark bank building into a 188-room Courtyard by Marriott hotel in Washington, D.C.'s Penn Quarter neighborhood.
• Pike 3400 A mixed-use development in Arlington, VA featuring 257 Class A apartment units across six floors, 44 townhomes for sale, and 15,000 square feet of retail space with amenities including a party room, courtyard, pool, fitness center, and rooftop dog park.
• 672 Flats A LEED Silver certified, six-story, 173-unit luxury apartment community with ground-floor retail in Ballston, Arlington, VA, offering fitness facility, game room, party room, and bicycle storage.
• Ovation at Park Crest A 19-floor, 300-unit Class A apartment community in the Tysons Corner area of McLean, VA with 345,000 square feet of space, featuring wood flooring, stainless steel appliances, floor-to-ceiling windows, outdoor pool, and fitness center.
• The Latitude Apartments A 12-story, 265-unit Class A apartment community in Virginia Square, Arlington, VA with 269,572 square feet of space, featuring fitness center, party room, dog spa, and rooftop water feature.
• Gallery at Virginia Square A 22-story luxury apartment building in Arlington, VA with 230 residential units, three floors of underground parking, street-level retail shops, rooftop terrace, pool, fitness center, and clubroom.
• Gallery Twin Oaks Apartments A 314-unit luxury high-rise apartment in Rosslyn, VA featuring an elegant central courtyard, 24-hour fitness center, and underground parking with easy access to Rosslyn Metro.
• Park Crest A residential community in Tysons Corner, VA with over 1,200 world-class apartment units featuring Ecofinishes, hardwood flooring, KitchenAid appliances, and Grohe fixtures, adjacent to Starbucks and Harris Teeter.
• Rosslyn Residence Inn A 12-floor, 176-suite hotel in Rosslyn, VA developed in 2006 with two meeting rooms totaling 1,000 square feet of meeting space, located near Reagan National Airport and walking distance to Rosslyn Metro.
• Residence Inn at The Court House Metro A 10-floor, 176-suite hotel in Arlington, VA adjacent to Court House Metro station with indoor pool, whirlpool, workout facility, and guest laundry; recipient of the 2010 Green Business Award.
• Riverside USDA Building A six-story, 337,500-square foot design/build project with brick masonry facade on a 12-acre site including parking for 900 vehicles, with interior fit-out including child care center, fitness facility, and credit union.
• Perryman Warehouse Development A state-of-the-art 24-foot clear height warehouse in the I-95 Baltimore industrial corridor with 580,000 square feet of additional development and adjacent railway access.
• King Farm Village Center A 140,000 square foot retail shopping center in Rockville, MD with Safeway food store at the center of the King Farm development.

Segments1 record

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators8 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Lerner Enterprises: Privately held, founder/family-owned developer and owner of office, retail, residential, hospitality, and mixed-use properties concentrated in the Washington, D.C. metro area — most directly comparable to Penrose's profile of multi-asset, family-controlled DC metro development.
• Penzance: Washington, D.C.-based real estate investment, development, and management firm with a Mid-Atlantic focus spanning office, multifamily, and mixed-use — directly comparable in scale, geography, and integrated ownership/development model.
• Monday Properties: DC-metro focused real estate investment and development firm concentrated in Rosslyn/Ballston with mixed-use, multifamily, and office assets — closely comparable by submarket, asset class, and ownership-driven investment strategy.
• Akridge: Washington, D.C.-based commercial real estate developer, owner, and investor active in office, multifamily, and mixed-use — directly comparable given shared DC focus, integrated development/ownership, and family/privately-held ownership structure.
• Donohoe Real Estate: DC-metro developer and owner of multifamily, mixed-use, and commercial properties as part of the broader Donohoe Companies — comparable given shared regional focus, multi-asset-class exposure, and family/founder-controlled ownership.
• The JBG Companies: Long-standing DC-area real estate developer and investor of mixed-use, multifamily, office, and retail projects in DC, Maryland, and Virginia — directly comparable by geography, asset mix, and development-and-own model.

Others

• Eastdil Secured: CRE investment-banking advisor focused on debt, equity, and investment sales for institutional real estate — adjacent comparator for Penrose's distressed-real-estate advisory services to FDIC, RTC, banks, and life insurers.

Broad incumbents

• JBG SMITH Properties: Public REIT and large-scale DC-metro owner/developer of office, multifamily, and mixed-use — broader incumbent with similar asset mix but vastly larger scale and public capital base.
• Boston Properties (BXP): National Class A office REIT with a meaningful DC presence (including Reston Town Center and other DC-metro holdings) — comparable on the office/mixed-use development side at broader incumbent scale.
• Vornado Realty Trust: Public REIT with a significant Washington, D.C. office and mixed-use portfolio — comparable by asset focus (trophy DC office/mixed-use) but operates at national institutional scale rather than regional boutique.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/penrose-group-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Penrose Group