Monday Properties has dropped $145 million on two Virginia office properties.
The company announced this morning it has acquired the 330,000 s/f Three Ballston Plaza office tower in Arlington for $118 million.
It also bought 3141 Fairview Park, a 184,000 s/f office building within the Capital Beltway for $27.6 million.
Cliff Cumming, vice president of investment at Monday Properties, said the acquisitions are part of a strategy to diversify the company’s Northern Virginia holdings.
“As we continue to deploy our intrepid strategy to take advantage of the current dislocation in the DC Metro market, these acquisitions provide us with the opportunity to invest and diversify our significant holdings within Northern Virginia,” said Cummings.
“Three Ballston is one of the most iconic properties in Ballston, offering the most coveted signage opportunity in the market with a large section of space available for the first time since it was initially developed.”
Located prominently in the Rosslyn-Ballston corridor, Three Ballston Plaza is one of the most recognizable office buildings in Northern Virginia. The property was sold by AEW in a deal brokered by Drew Flood, Bill Collins, and Paul Collins of Cushman & Wakefield representing the seller. Monday Properties partnered with Washington Capital on behalf of its clients on the deal, and Cummings led the acquisition.
Monday Properties plans to revitalize the asset by “delivering enhanced experiences that afford tenants a more optimal work environment.” The renovations will include upgraded outdoor spaces and thoughtfully designed amenities.
The company said it plans to expand upon the improvements from the previous owner, which included the installation of a destination dispatch elevator system, a fitness center, and conference room. Monday Properties has partnered with Gensler to develop a “transformational” capital improvement plan that will include a full renovation of the lobby and building entry, as well as over 10,000 s/f of new conferencing and flexible lounge amenity spaces.
The renovation will include new fitness facility offerings, such as a new cycling station, to better serve commuters and pedestrians traveling on the Custis Trail. Complemented by the proximity to more than 16 miles of walking and biking trails, the Custis Trail system connects the property to the Washington and Old Dominion Trail, numerous parks, and thriving retail.
“Our expanding presence in Northern Virginia allows us to take advantage of the market tailwinds ahead, driven by Amazon HQ2, Microsoft, AWS, Google, and other blue chip technology companies that are turbocharging new innovations in the technology and government contracting industries in Northern Virginia,” said Tim Helmig, Managing Partner at Monday Properties. “Ballston is the premier example of mixed-use, transit-centric smart development, where tenants and residents have access to outstanding retail amenities as well as public transportation, quality housing, schools, parks, and a multitude of other services. Monday Properties is excited to transform this epicenter into the ideal workplace haven post-pandemic.”
3141 Fairview Park, located in the Merrifield submarket of Falls Church, Virginia, was acquired from Brandywine Realty Trust for $27.6 million. The 184,000 s/f office building is situated within the Capital Beltway where tenants have access to the region’s major road.
James Cassidy and Jud Ryan of Newmark represented the seller. Monday Properties represented itself.
The property has unique outdoor amenities, such as extensive landscaping and water features, a 17-acre lake, and 2.5 miles of wooded jogging trails. It also shares a courtyard with the Marriott Fairview Park hotel, which is undergoing significant renovations this year.
3141 Fairview offers Monday the opportunity to create an unmatched work, live and play experience with a full renovation of the “HUB,” a 5,000 s/f indoor/outdoor amenity with café, catering, lounge and tenant entertainment experience. The capital repositioning plan will also include a new fitness/wellness center and conferencing and collaboration zones off the first-floor entrance and lobby.
At 3141 Fairview, Monday Properties will be implementing health-promoting design and operational strategies such as a touchless access system from Kastle Safe Systems. As part of the firm’s healthy building movement across its office portfolio, the entire management team of the Fairview property have been certified as Fitwel Ambassadors.
“Fairview Park’s location provides tenants with highly desirable and convenient access to major decision and travel center hubs, including downtown DC, the Mosaic District, the Pentagon, Dulles International Airport, Reagan National Airport and the emerging National Landing submarket with Amazon HQ2 to name a few,” said Austin Freeman, Executive Vice President of Portfolio and Investment Management at Monday Properties. “3141 Fairview Park is also a stone’s throw away from the Defense Health Agency and Inova Fairfax Medical Campus, surrounded by some of the top defense and health technology tenants in the region.”