Monday Properties Buys 200K SF Shirlington Office Building
Monday Properties has bought again in Northern Virginia.
Monday has acquired Shirlington Gateway, the 206K SF, glassy office tower overlooking Interstate 395, for $40.8M. The building, while close to the well-known Arlington development Shirlington Village, owned by Federal Realty Investment Trust, sits in Alexandria.
Shirlington Gateway was assessed at a value of $44.3M this year, the Washington Business Journal reports. Its previous owner, Choi Cos., bought it for more than $63M in 2008.
“Shirlington Gateway is an excellent investment opportunity in line with our broader investment thesis, and we are eager to add value and enhance the tenant experience through proactive property and asset management,” Monday Senior Vice President, Acquisitions Wes Machowsky said in a release. “This strategic acquisition allows Monday Properties to continue growing its portfolio of assets under management, and reintroduce the building to the marketplace.”
Shirlington is not in walking distance to a Metro stop, which has hindered its office market. Shirlington Gateway is 70% occupied, but it could soon be receiving a boost from Amazon. If Crystal City is a big winner of the HQ2 sweepstakes — as reports suggest it will be — Shirlington is less than 2 miles from what figures to be the new epicenter of the D.C. region's tech scene, and could be positioned as a low-cost alternative for companies that want to be close to the e-commerce giant.