Shorenstein Properties announced the acquisition of Monroe Business Center, a collection of seven Class B office buildings on approximately 19 acres of land in the Herndon submarket of Northern Virginia. Terms of the transaction were not disclosed.
The portfolio totals 244,393 s/f and is 94 percent leased to 61 tenants with a combined weighted average remaining lease term of two years.
The portfolio sits within the Transit Related Growth area (TRG), which currently provides landowners with the opportunity to secure up to 1.25x floor area ratio, qualifying the site for up to one million square feet of additional mixed-use density.
Situated across the street from Herndon Silver Line Metro Station as well as several major highways, Monroe Business Center provides easy access to the broader DC region and greater East Coast. In addition to outstanding accessibility via train or car, Monroe Business Center is five miles from Washington Dulles International Airport, the second busiest trans-Atlantic airport on the East Coast.
“The acquisition of Monroe Business Center enables Shorenstein to expand upon its thesis of acquiring properties in high-growth, transit-oriented locations and to leverage its fully integrated platform to create value over time,” said Matt Knisely, Managing Director at Shorenstein.
“The Portfolio offers an ideal option for companies that are seeking a cost-effective space with flexible transportation options, and we are pleased to add another quality portfolio of properties to Shorenstein’s portfolio.”
Major tech names such as Amazon Web Services, Microsoft, Oracle, Google, IBM and SAP have consistently grown their footprint and employment base in the region and continue to draw top tech talent to live in Herndon and Reston. With more than 19 acres, the portfolio provides Shorenstein with a rare opportunity to create a more mixed-use environment over time.