Monday Properties Hires Acquisitions Expert, Looks To Buy DC Properties
The time to buy in the DC market is now, Monday Properties CEO Anthony Westreich tells Bisnow.
For the last three years, Monday has been selling off its properties in New York and waiting for the right time to start investing in the DC market. With its recent hire of acquisitions veteran Brian Berry—a former Tishman Speyer exec who most recently founded his own firm, Oak Point Investors—Monday is signaling an immediate shift from seller to buyer. That's Brian on the left, snapped next to Monday president Tim Helmig.
Anthony says a combination of recent job growth, net absorption and a resurgence of the leasing market will lead to what he called a “renaissance” in the DC market over the next several years. Hiring Brian will allow Monday to take advantage of this coming resurgence and become an active buyer in the region, Anthony says.
In his over 25-year career, Brian has completed more than $10B in investment transactions along the East Coast, with a focus on the DC region. He'll be looking to invest in buildings with quality amenities that tenants look for to help attract employees, or looking for properties Monday, flush with cash after selling its holdings in NYC, can reposition.
Anthony says a successful year, post-pivot, would mean three to five acquisitions in the market.
Another part of Monday’s investment strategy could include mid-rise multifamily apartments, Brian says. He says they are seeing attractive opportunities with the opening of the Silver Line and surrounding developments, which will make some sites more lucrative in the next two to four years.
Monday's reputation has long been that of an office owner/developer, but Anthony points out he and his family got their start in real estate by building apartments and townhouses around the region.
The bulk of Monday’s current portfolio sits in Rosslyn, with 10 buildings totaling 3M SF. The most notable of these is the vacant 35-story building at 1812 N Moore St, the tallest building in the region. This building, which Anthony admits they delivered at the wrong time, has remained empty as Monday searched for an anchor tenant to fill at least 100k SF of the building.
But they are now broadening their strategy, Anthony says, and are considering smaller tenants to take three to five floors and build momentum in the building.
“That strategy is starting to show some interesting signs of success,” Anthony told Bisnow. He said he expects to sign a lease soon and is making sure they get the right tenant at the right price. “It’s been a lot of good work and we’re really excited about the opportunity to make some announcements in the coming months.”