Monday Properties, a real estate investment firm and developer in Arlington, Virginia, on Wednesday announced its acquisition of Park Plaza I & II, a 266,077-square-foot, Class-A office complex in Rockville.
Terms of the deal were not disclosed.
The two-building asset is Monday Properties’ first commercial acquisition in Maryland. Jud Ryan, Ryan Cassidy and Grant Marley of Newmark represented the seller. Monday Properties partnered with US Street on the deal and Monday Properties’ Vice President of Acquisitions and Capital Transactions Cliff Cummings led the acquisition.
Located in the heart of the I-270 Life Sciences Corridor, Park Plaza I & II are proximate to the active lifestyle centers of Rio and Downtown Crown. The property is located less than a mile from the Shady Grove Metro Station and is accessible via Interstates 270, 370 and Route 355. Amenities include a conference center, 24/7 fitness center, yoga studio, cafe, a three-level parking garage and outdoor features including private terraces and a plaza.
In addition to the $3.3 million in recent capital improvements, Monday Properties plans to perform additional upgrades, starting with repositioning the lobby and conference center. These renovations will align with Monday Properties’ vision and experience delivering exceptional amenity packages that resonate with today’s tenants by providing technology-driven and innovative solutions. The firm will continue implementing key sustainability initiatives, such as providing electric car charging stations to promote energy efficiency and will focus on ESG performance with the expansion of its partnership with Alvéole to maintain urban beehives on site.