Geared toward tech businesses, the redeveloped property will have an open layout that is intended to encourage collaboration among workers.
“Co-working is becoming increasingly popular with millennials and those who prefer a more flexible workspace,” Monday Properties president Tim Helmig said in a statement. “1101 Wilson Boulevard, with its diverse services and prime location, is the right home for Spaces and for other cutting edge firms that are looking to optimize and effectively grow their businesses.”
Regus and Monday Properties are working to transform the former Artisphere building over the next year. It wasn’t immediately clear when the co-working space will open.
Arlington County terminated its lease on the Artisphere space last fall. Before the county used the building, it housed the Newseum.
The full press release, after the jump.
Monday Properties announced today that the global provider of flexible workspaces, Regus, will be leasing 45,000 square feet for its SPACES platform – in a highly anticipated repositioning of the former Artisphere space located at 1101 Wilson Boulevard. The SPACES concept represents the firm’s most innovative and technology oriented product line in its vast array of co-working offerings which has been successfully introduced in markets throughout the United States, Europe and Australia.
While recognized as an industry leader in the more traditionalized, professional services office configurations, the rapidly expanding SPACES concept clearly targets technology driven firms and those looking for flexible, open layouts with an abundance of collaborative work space. SPACES’ lease at 1101 Wilson Boulevard is emblematic of how today’s Rosslyn is attracting businesses and corporations of all sizes, and continues a streak of landmark leases completed in the area. Following the SPACES transaction, Monday Properties, has now completed new and renewal leases totaling over 390,000 square feet in Rosslyn in 2016.
“Co-working is becoming increasingly popular with millennials and those who prefer a more flexible workspace,” said Tim Helmig, president and chief operating officer of Monday Properties. “1101 Wilson Boulevard, with its diverse services and prime location, is the right home for SPACES and for other cutting edge firms that are looking to optimize and effectively grow their businesses. Further, this transaction will complement the pending delivery of Central Place and its associated amenities in the Rosslyn core. The overall level of energy and activation that SPACES will bring to the Rosslyn market is truly unprecedented and continues a strong 12-month leasing movement currently occurring in the office sector. ”
Over the next year, Monday Properties and SPACES plan to make extensive enhancements to the 45,000 square feet of property. The open-air architecture of 1101 Wilson Boulevard will serve as a one-of-a-kind backdrop and include an array of first-class upgrades ranging from expansive new windows to highlight premier views of the Potomac River and Washington, D.C. to enhancing the vast indoor/outdoor terrace environment. Once completed, the innovative, open-work space will allow employees to take advantage of the numerous collaborative common areas in the building.
The brokers: REGUS was represented by Jake Katz, Brannan Moss and Jennifer Ziegler of JLL. John Wharton and Deniz Yener represented Monday Properties.
About Monday Properties:
Monday Properties is a dynamic real estate investment firm that operates each property within its portfolio. Founded in 1998, the company is an owner, operator and developer of real estate with a primary focus on supplied constrained markets and value add real estate opportunities in growth markets. Since 2002, Monday Properties has completed over $12 billion in over 50 separate transactions, representing 27 million square feet. Monday Properties co-invests its own capital alongside its partners and investors, creating a clear alignment of interest and an incentive to realize value.
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