Monday Properties has acquired a high-profile Shirlington office building for $40.8 million — significantly less than its assessed value and much, much less than the previous owner paid for it a decade ago.
D.C.-based Monday does not have any major redevelopment or repositioning plans for the 206,200-square-foot Shirlington Gateway at 2800 Shirlington Road, fronting I-395 and a short walk to the Village at Shirlington. But the 12-story building is about 30 percent vacant, so the focus will be on lease-up and some modest common-area upgrades, officials said.
“This strategic acquisition allows Monday Properties to continue growing its portfolio of assets under management, and reintroduce the building to the marketplace,” Wes Machowsky, Monday’s senior vice president for acquisitions, said in a statement.
Monday bought the property from an affiliate of Choi Cos.,according to Alexandria records (the building is in Alexandria, just across the Arlington border). Shirlington Gateway has an assessed value in 2018 of $44.43 million. Choi bought it in March 2008, just as the Great Recession was getting underway, from an affiliate of Federal Capital Partners for $62.5 million.
In addition to its ground-up developments in D.C., Monday has recently made several buys of existing office properties, such as Dulles Metro Center in Herndon and Cameron Run Office Park in Alexandria.
Staff reporter Daniel J. Sernovitz contributed to this article.