Monday Properties, a dynamic real estate investment firm and industry-leading developer, today announced its acquisition of Three Ballston Plaza, located prominently in the Rosslyn-Ballston corridor. The approximately 330,000 square foot asset is one of the most recognizable office buildings in Northern Virginia. Monday Properties will capitalize on a significant opportunity to revitalize a high-profile asset, delivering enhanced experiences that afford tenants a more optimal work environment. The firm’s renovations and redevelopment of the property will better connect Three Ballston to the community through upgraded outdoor spaces and thoughtfully designed amenities.
Drew Flood, Bill Collins, and Paul Collins of Cushman & Wakefield represented the seller. Monday Properties partnered with Washington Capital on behalf of its clients on the deal, and Vice President of Investments Cliff Cummings led the acquisition.
“As we continue to deploy our intrepid strategy to take advantage of the current dislocation in the DC Metro market, this acquisition provides us with the opportunity to invest and diversify our significant holdings within Northern Virginia,” said Cummings. “Three Ballston is one of the most iconic properties in Ballston, offering the most coveted signage opportunity in the market with a large section of space available for the first time since it was initially developed.”
Monday Properties plans to expand upon the improvements from the previous owner, which included the installation of a destination dispatch elevator system, a fitness center, and conference room. Monday Properties has partnered with Gensler, a nationally recognized architecture firm, to develop the transformational capital improvement plan that will redefine the entire tenant experience with a full renovation of the lobby and building entry, as well as over 10,000 square feet of new conferencing and flexible lounge amenity spaces.
The renovation will include new fitness facility offerings, such as a new cycling station, to better serve commuters and pedestrians traveling on the Custis Trail. Complemented by the proximity to more than 16 miles of walking and biking trails, the Custis Trail system connects the property to the Washington and Old Dominion Trail, numerous parks, and thriving retail. Post-pandemic, flexible commuting options have proven to be a key need for tenants in the market, enhancing employees’ opportunities to commute and play safely.
Three Ballston offers unparalleled visibility and dominant frontage on Interstate 66. With approximately 116,000 cars passing by the building each day, the asset supplies tenants a remarkable signage opportunity for visibility in the market. Monday Properties’ renovations will provide increased accessibility to the Metro and the redeveloped Ballston Quarter mall, a curated retail destination and food hall. Located near the GW Innovation Campus and adjacent to federal industry centers like the U.S. Cyber Command Center, Three Ballston is set in the heart of a smart growth planning area, connecting tenants to flourishing retail and business hubs.
“Our expanding presence in Northern Virginia allows us to take advantage of the market tailwinds ahead, driven by Amazon HQ2, Microsoft, AWS, Google, and other blue chip technology companies that are turbocharging new innovations in the technology and government contracting industries in Northern Virginia,” said Tim Helmig, Managing Partner at Monday Properties. “Ballston is the premier example of mixed-use, transit-centric smart development, where tenants and residents have access to outstanding retail amenities as well as public transportation, quality housing, schools, parks, and a multitude of other services. Monday Properties is excited to transform this epicenter into the ideal workplace haven post-pandemic.”
As with its entire portfolio, Monday Properties is preparing Three Ballston for a post-COVID environment by prioritizing the implementation of sustainable health and wellness protocols. Certified by Fitwel®, Monday Properties and its entire management team are equipped with the knowledge and resources to promote building health and safety. Monday Properties will continue to enhance technological capabilities for Three Ballston that emphasize wellness and flexibility to build occupant trust and ensure tenants are comfortable returning to work.
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 70 property transactions representing 30 million square feet and $14 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 2,700+ multi-family units that are either developed, planned or under construction. For more information on Monday Properties, please visit www.mondayre.com.
About Washington Capital Management, Inc. (WaCap): WaCap is an employee-owned investment advisory firm founded in 1978. WaCap is headquartered in Seattle, Washington, with branch offices in Portland, Boston, Southern California and Northern California. WaCap manages assets in real estate equity, real estate debt, fixed income and equity strategies; primarily for institutional clients. WaCap provides a diverse menu of investment products, including equity real estate investments, commercial mortgages and construction loans. Visit wa-cap.com to learn more.