Monday Properties, which is best known locally for being the predominant owner of office buildings in Rosslyn, is making its second recent purchase in the Shirlington area.
Monday, in a joint venture with London-based neo capital, is acquiring Shirlington Tower at 2900 S. Quincy Street. The nearly quarter-million square foot office building is mostly filled, with tenants like the U.S. Navy and the National Alcohol Beverage Control Association.
It’s the second Shirlington office tower the company has acquired in as many years, after the purchase of 2800 S. Shirlington Road, a gleaming tower adjacent to the highway that contains a number of medical offices, among other tenants. Office properties outside of Metro corridors had previously fallen out of favor in the local commercial real estate world, but this transaction suggests that perhaps something is different about Shirlington.
In a press release, Monday touts Shirlington’s live-work-play amenities — including retail stores, restaurants, the Shirlington library, apartment buildings, theaters and a grocery store — plus its proximity to Amazon’s future HQ2, just up I-395 in Pentagon City.
“Shirlington Tower marks the second acquisition Monday Properties made in the Shirlington submarket within the last two years, and we are pleased to have partnered with neo capital,” Tim Helmig, Managing Partner at Monday Properties, said in a press release. “We remain bullish on forward-looking regional market fundamentals and intend to continue our momentum as active buyers in the marketplace.”
More from the company’s press release, below.
Monday Properties and neo capital today announced their joint venture acquisition of Shirlington Tower, a 233,446 square-foot office building located in the heart of Shirlington… in Arlington, Virginia. Shirlington Tower is 97% leased to an array of notable tenants including the U.S. Navy, HNTB Corporation, The National Alcohol Beverage Control Association, and Halfaker & Associates. Onsite amenities include a 12,000 square-foot fitness center, outdoor courtyard, and a variety of retail stores and restaurants.
“The DC region has again demonstrated its resiliency to economic downturns. Despite the turbulent market conditions brought on by COVID-19, the area remains attractive to businesses, investors, and residents,” said Wes Machowsky, Senior Vice President of Acquisitions and Capital Transactions at Monday Properties. “The acquisition of Shirlington Tower is the result of a collaborative effort by all parties involved, and we are well-positioned to continue to strategically grow our portfolio in spite of the pandemic-related headwinds confronting the capital markets.”
Shirlington Tower is located less than two miles from both National Landing — home to the future Amazon HQ2 and Virginia Tech’s Innovation Campus — and the Rosslyn-Ballston Corridor. Shirlington Tower is connected to Shirlington [Village], with extensive multifamily and retail product, and experiential amenities that include an AMC movie theatre, Harris Teeter, and [the Shirlington Branch] Library, along with restaurants, shops, and entertainment options.
A representative from neo capital said “Our acquisition of Shirlington Tower is an important part of our strategic portfolio growth in the United States. This is exactly the type of asset and market neo capital is looking to invest in — exceptional job growth, great regional connectivity, and best-in-class tenants. We see a lot of value in the DC region and will look to invest further here and in other strong performing U.S. cities.”
“Shirlington Tower marks the second acquisition Monday Properties made in the Shirlington submarket within the last two years, and we are pleased to have partnered with neo capital,” said Tim Helmig, Managing Partner at Monday Properties. “We remain bullish on forward-looking regional market fundamentals and intend to continue our momentum as active buyers in the marketplace.”