Monday Properties Acquires Pair of Rockville Office Buildings in $42M Deal
By Keith Loria September 14, 2022 11:35 am
reprints
Monday Properties has entered the Maryland market with the purchase of Park Plaza I and II, a Class A office complex in Rockville, Md., for $42 million.
“The acquisition of Park Plaza I & II fits into our overall strategy of identifying growth opportunities and emerging trends, not only in the Northern Virginia market, but beyond,” Tim Helmig, managing partner of Monday Properties, told Commercial Observer. “These two buildings fit the key differentiators that we look at in a commercial asset — from hybrid amenities like private terraces, a fitness center and yoga studio, to its location in the life sciences corridor, and we are confident that Park Plaza I & II will appeal to today’s tenant base.”
The seller, Marcus Partners, acquired the buildings for $33.8 million in 2016, and subsequently spent $3.3 million in capital improvements.
“After increasing the percentage leased of the office buildings from the low 40s to the low 90s, the property was stabilized and ready to be sold,” Andrew Dolinsky, a principal at Marcus Partners, told CO.
Located side by side at 2101 and 2099 Gaither Road, the buildings are in the growing Rockville I-270 Life Sciences Corridor, less than a mile from the Shady Grove Metro. The development will have a conference center, a fitness center, a yoga studio, a cafe, a three-level parking garage, private terraces and a plaza.
Monday Properties plans to continue to enhance the property, starting with repositioning the lobby and conference center, according to the company. It will also provide electric car charging stations to promote energy efficiency. It will focus on ESG performance with the expansion of its partnership with beekeeping company Alvéole to maintain urban beehives on-site.
Jud Ryan, Ryan Cassidy and Grant Marley of Newmark (NMRK) represented the seller. Cliff Cummings handled things in-house for Monday Properties.
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
Keith Loria can be reached at Kloria@commercialobserver.com.
