Monday Properties Acquires, Plans To Renovate Office Buildings in Ballston, Falls Church
Monday Properties is expanding its Arlington office portfolio with two new acquisitions, adding over 500K SF to its footprint.
The real estate investment firm paid a combined $146M for 3141 Fairview Park and Three Ballston Plaza at 1100 North Glebe Road, the latter of which is the former CACI International headquarters, the Washington Business Journal reported.
The firm now plans to invest millions more to renovate the Ballston and Falls Church properties. Three Ballston Plaza will undergo a $20M renovation set to include a new lobby, bike room and 10K SF of conferencing and lounge spaces, said a Monday Properties spokesperson, who also confirmed the sale prices.
Monday plans to embark on a $10.5M capital improvement project at 3141 Fairview. It would introduce a 5K SF indoor/outdoor space that could include a café, catering, lounge and tenant entertainment experience as part of the renovations, the spokesperson said.
AEW Capital Management sold Three Ballston Plaza to Monday for $118M. Drew Flood, Bill Collins and Paul Collins from Cushman & Wakefield were the brokers for AEW, while Monday Vice President of Acquisitions and Capital Transactions Cliff Cummings led the deal for the firm.
Cummings also represented Monday in its $27.6M purchase of 3141 Fairview Park from Brandywine Realty Trust. Newmark brokers James Cassidy and Jud Ryan represented Brandywine.
Monday Properties, one of the region's largest office landlords, has notched several wins in the Arlington County office market in recent years. The firm in 2017 landed Nestlé's U.S. HQ to anchor its 1812 North Moore tower in Rosslyn, and in 2019 it signed tech firm Yext for its first office in the region at 1101 Wilson Blvd.
Monday Properties Executive Vice President of Asset Management and Operations Jennifer Burns said the firm has had strong leasing activity in recent months and expects to reach its pre-pandemic tour volume by the end of the year. Burns was recently promoted to her executive position within Monday, where she has worked for 10 years.
"We’re very committed to Arlington," Burns said at a Nov. 4 Bisnow event. "We have some really exciting projects that we're working on within our portfolio here to continue this thesis of supporting the return to work, and for tenants to be able to have a great experience as they return, and for our prospects."
