Two NoVa office properties sell for $118M, $27.6M
Monday Properties acquires Three Ballston Plaza, Fairview Park office buildings
Monday Properties has acquired two properties in Northern Virginia, the real estate investment firm and developer announced Thursday.
The firm closed deals on Three Ballston Plaza, a 330,000-square-foot office building in Arlington’s Rosslyn-Ballston corridor, for $118 million and a 184,000-square-foot office building at 3141 Fairview Park in the Merrifield submarket of Fairfax County for $27.6 million.
Monday Properties, based in New York and Washington, D.C., has renovation plans for both properties.
Three Ballston Plaza, at 1100 N. Glebe Road, is about five miles from Washington and five miles from Amazon.com Inc.’s HQ2 East Coast headquarters in National Landing.
The lobby and building entry will be fully renovated, and there will be more than 10,000 square feet of new conferencing and flexible lounge amenity spaces, according to Monday Properties. The renovation will include new fitness facility offerings, such as a new cycling system, to better serve commuters and pedestrians traveling the Curtis Trail system. The company will work with California-based Gensler, an architecture firm.
Drew Flood, Bill Collins and Paul Collins of Cushman & Wakefield represented the seller, an entity connected to AEW Capital Management. Monday Properties partnered with Washington Capital on behalf of its clients on the deal, and Cliff Cummings led the acquisition.
At Fairview Park, Monday Properties has the same goal of “connecting the community through enhanced indoor/outdoor spaces and amenities.”
Fairview Park is inside the beltway and has a 17-acre lake, 2.5 miles of wooded jogging trails and shares a courtyard with the Marriott Fairview Park hotel, which is undergoing significant renovations. Monday Properties said in a news release that a 5,000-square-foot indoor/outdoor space would offer room for a café, catering space, lounge and other amenities, and further work will include a fitness center and conference work areas off the entrance and lobby.
“Fairview Park’s location provides tenants with highly desirable and convenient access to major decision and travel center hubs, including downtown D.C., the Mosaic District, the Pentagon, Dulles International Airport, Reagan National Airport and the emerging National Landing submarket with Amazon HQ2 to name a few,” Austin Freeman, executive vice president of portfolio and investment management at Monday Properties, said in a statement. “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.”
James Cassidy and Jud Ryan of Newmark represented the seller, an LLC connected to Brandywine Realty Trust, a Philadelphia-based real estate investment trust. Monday Properties represented itself, with Cliff Cummings leading the acquisition.