Monday Properties, a dynamic real estate investment firm and industry-leading developer, today announced its acquisition of Park Plaza I & II, a 266,077 square foot, Class A office complex. The two-building asset is Monday Properties’ first commercial acquisition in Maryland, a milestone that emphasizes the firm’s measured growth strategy and ability to identify high-performance opportunities and emerging trends throughout a variety of markets.
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 booming 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 highly accessible via I-270, I-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.
“Park Plaza I & II will continue to benefit from the booming life sciences industry in the region through its offering of well-located and highly-amenitized office space at a relative discount to its competitive set, "said Cummings. “This strategic acquisition of an institutional-quality office property within this highly dynamic corridor positions us for success, and we look forward to enhancing the property further to better serve our tenants.”
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.
“Park Plaza I & II offer the ideal location for startup and existing bio health companies, with proximity to an outstanding workforce, attractive lifestyle, shorter commutes, and affordable housing,” said Managing Partner Tim Helmig. "We’re excited that the firm’s first commercial acquisition in Maryland is in such a high-growth and desirable area.”
As with its entire portfolio, Monday Properties is prioritizing Park Plaza’s sustainability, health, and wellness protocols – through certifications such as Fitwel® and WiredScore – in addition to cutting-edge technology offerings. Monday Properties will also offer its custom app Monday+ to Park Plaza tenants to enhance their work environment through features like booking a conference room, reserving an amenity space, finding local retailers, and providing access to virtual wellness events.
About Monday Properties: Monday Properties is a vertically integrated real estate investment firm that owns, operates, develops and invests in a dynamic portfolio of mixed-use properties. Since 2002, the firm has completed over 86 property transactions representing 35 million square feet and $16 billion in capital value. Monday Properties uses their comprehensive strategy based on high-growth markets and opportunistic investments to deliver unique commercial and residential investment offerings that transform communities and focus on connectivity. The company’s current portfolio totals more than 5 million square feet of commercial office space, as well as 5,300+multifamily units that are either developed, planned or under construction. For more information on Monday Properties, please visit www.mondayre.com.