Shorenstein Properties Acquires Monroe Business Center in Northern Virginia |
SAN FRANCISCO, July 19, 2021 /PRNewswire/ — Shorenstein Properties, LLC (“Shorenstein”), an owner and operator of high-quality office, residential and mixed-use properties across the U.S., today announced the acquisition of Monroe Business Center, which consists of seven Class B office buildings on approximately 19 acres of land in the Herndon submarket of Northern Virginia (the “Portfolio”). Terms of the transaction were not disclosed.
The Portfolio totals 244,393 square feet and is 94% leased to 61 tenants with a combined weighted average remaining lease term of two years. The Portfolio sits within the Transit Related Growth area (“TRG”), which currently provides landowners with the opportunity to secure up to 1.25x floor area ratio, qualifying the site for up to one million square feet of additional mixed-use density. Situated across the street from Herndon Silver Line Metro Station as well as several major highways, Monroe Business Center provides easy access to the broader DC region and greater East Coast. In addition to outstanding accessibility via train or car, Monroe Business Center is just 5 miles from Washington Dulles International Airport, the second busiest trans-Atlantic airport on the East Coast.
“The acquisition of Monroe Business Center enables Shorenstein to expand upon its thesis of acquiring properties in high-growth, transit-oriented locations and to leverage its fully integrated platform to create value over time,” said Matt Knisely, Managing Director at Shorenstein. “The Portfolio offers an ideal option for companies that are seeking a cost-effective space with flexible transportation options, and we are pleased to add another quality portfolio of properties to Shorenstein’s portfolio.”
Major tech names such as Amazon Web Services, Microsoft, Oracle, Google, IBM and SAP have consistently grown their footprint and employment base in the region and continue to draw top tech talent to live in Herndon and Reston. With more than 19 acres, the Portfolio provides Shorenstein with a rare opportunity to create a more mixed-use environment over time.
About Shorenstein Properties LLC
Founded in 1960, Shorenstein Properties LLC is a privately-owned, real estate firm that owns and operates high-quality office, residential and mixed-use properties across the U.S., with offices in San Francisco and New York. Since 1992, Shorenstein has sponsored twelve closed-end investment funds with total equity commitments of $8.8 billion, of which Shorenstein committed $723.5 million. The firm uses its integrated investment and operating capabilities to take advantage of opportunities that, at the particular time in the investment cycle, offer the most attractive returns. Investments have included ground-up developments, asset repositioning and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures. More information is available at www.shorenstein.com.
Contacts
Shorenstein
Jon Keehner / Jed Repko / Julie Hamilton / Jack Kelleher
Joele Frank, Wilkinson Brimmer Katcher
212.355.4449 / 415.869.3950
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SOURCE Shorenstein Properties LLC
