Monday Properties Loses Falls Church Office Building To Foreclosure
A 1980s-era property that Monday Properties purchased less than three years ago has sold to its lender.
City National Bank purchased 3141 Fairview Park, a 184K SF office building in Falls Church, for $10.5M. Fairfax property records label the sale as "Duress (liquidation, forced sale, etc.)."
The foreclosure was executed Sept. 24 and recorded as a trustee's deed upon sale on Oct. 7, according to the Reonomy property database.
Monday Properties declined to comment, and City National Bank didn't respond to requests for comment. The property no longer appears on Monday’s website.
The Arlington-based company purchased the office building in November 2021 for $27.6M with renovation plans that included adding a gym, flexible workspaces and revamping the 5K SF indoor-outdoor amenity space called The Hub with a café and lounge. A spokesperson told Bisnow in 2021 the renovation would cost more than $10M.
"3141 Fairview Park is a strategic investment for Monday Properties as tenants return to the office," Monday Properties Vice President of Acquisitions and Capital Transactions Cliff Cummings said in a release at the time. "The asset’s outstanding accessibility, proximity to top demand drivers in Northern Virginia, and significant green spaces make 3141 Fairview an ideal post-pandemic setting to implement our business plan."
The eight-story office building was assessed this year at $19M, down from a peak valuation of $57M in 2007 and a significant slide from its 2019 valuation of $32M, according to property records.
It sits next to the 395-room Falls Church Marriott Fairview Park, which landed refinancing this spring.
Brandywine Realty Trust sold the property to Monday in 2021. The building's first recorded sale, labeled as a "transfer of convenience" for zero dollars, was in 1997 to a Brandywine affiliate.
The office is one of two Northern Virginia properties Monday Properties purchased in November 2021. The other was Three Ballston Plaza, a 330K SF property at 1100 N. Glebe Road, which it bought for $118M.
Ethan Rothstein contributed to this report.
