Monday Properties JV Buys Northern Virginia Office Building
- Oct 12, 2020
Monday Properties has made its second purchase in the Arlington, Va., market with the acquisition of Shirlington Tower. The firm, alongside its joint venture partner neo capital, acquired the office building from Moore & Associates for an undisclosed price.
The 233,446-square-foot Shirlington Tower stands eight stories tall, with average floorplates of 26,000 square feet. The office building also includes a 12,000-square-foot fitness center, outdoor courtyard, underground parking, bike lockers and an on-site restaurant and hair salon.
Located at 2900 S. Quincy St., the property is less than 2 miles from National Landing, the site of the future Amazon HQ2 and Virginia Tech’s Innovation Campus, and from the Rosslyn-Ballston Corridor, a stretch of Arlington that is promoting high-density mixed-use developments.
Built in 2001, Shirlington Tower came under Moore & Associates’ ownership in November 2015. Following the acquisition, the office property reached a 97 percent occupancy rate, thanks to a variety of tenants including the U.S. Navy, HNTB Corp., The National Alcohol Beverage Control Association and Halfaker & Associates.
Attracted to resiliency
Wes Machowsky, Monday Properties’ senior vice president of acquisitions and capital transactions, told Commercial Property Executive that the company is confident in the future of the office market and that the Washington, D.C., metro area has shown resilience time after time.
“This strategic acquisition positions us to take advantage of strong regional job and population growth as cybersecurity and big tech continue to grow in National Landing and throughout the Rosslyn-Ballston Corridor,” Machowsky told CPE. “This live-work-play environment is the ideal location to capture a wide pool of talent who will be migrating to Northern Virginia for these jobs.”
Machowsky added that Monday will continue looking for opportunities in the Washington, D.C., metro, as well as other areas. Specifically in the Arlington market, Monday’s acquisition of Shirlington Tower comes two years after the company acquired the 206,200-square foot Shirlington Gateway office building for $40.8 million in November 2018.