Monday Properties has dropped $145 million on two Virginia
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
“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
“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.”
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