NoVa Office Tower Lands $250M Refi
- Jul 18, 2017
Monday Properties has received $250 million in refinancing for 1812 North Moore St., a 580,000-square-foot office tower in the Arlington submarket of Rosslyn, Va.
The refinancing was finalized ahead of the scheduled maturity date, coming up this December, and includes up to $70 million in the form of a future funding facility that Monday can leverage for future leasing and capital investment activity.
“1812 North Moore is a very special property for Monday—we developed this building from the ground up. It’s in a prominent location right on top of the bustling Rosslyn Metro station, which is one of the busiest in the region,” Tim Helmig, Monday Properties’ managing partner, told Commercial Property Executive. “It is also the tallest building in the Washington metro area, offering amazing views of Georgetown and D.C.’s monument core. This property offered us the perfect opportunity to curate a large space filled with amenities all in the tenants’ best interests.”
Nestlé is relocating its corporate headquarters to the 390-foot building, which is the tallest and greenest office tower in the Washington, D.C., region. The food manufacturer will occupy 206,000 square feet when it moves in this September.
Amenities in the building include a two-story through-block main lobby with double-height ceilings, as well as a 480-space, fully enclosed, above- and below-grade parking garage. According to Helmig, the company will commence construction to expand the existing fitness center to include a new yoga and cycling studio, and add a world-class 12,000-square-foot conference facility on the 24th floor of the tower.
“Nestlé, the anchor tenant, was attracted to the building’s high-quality design and first-rate amenities,” he said. “Flexible floor plates and the company’s commitment to sustainability were also major factors. The historic relocation was also emblematic of how Rosslyn has become an epicenter to access lifestyle, talent and a highly-educated workforce, all of which combine to create an ideal environment for employees and employers.”
The property is within two blocks of major restaurants, hotels, banks and shops. It also offers on-site access to the Rosslyn Metro Station.
“Rosslyn is continuing to see momentum as more companies and organizations move their offices there,” Helmig said. “Just within the past 18 months, Monday has transacted on 750,000 square feet of leasing, which really highlights the desire to be located in Rosslyn. We continue to see Rosslyn capitalizing on momentum as a centralized location with unmatched access to talent and lifestyle.”