Monday Properties Inks 24 KSF Office Lease
Monday Properties has secured a 24,023-square-foot office lease at 1812 North Moore in Arlington, Va., near Washington, D.C. The tenant, Graham Holdings Co., will fully occupy the building’s 21st floor for the next 15 years. JLL brokered the transaction.
The tenant is relocating its headquarters from the Arlington Tower at 1300 17th St. N., as reported by ARL Now. SmithGroup is designing Graham Holdings’ new space and HITT Contracting will handle the build-out.
Rising 35 stories, the tower at 1812 N. Moore St. is the tallest office building in Arlington. Monday Properties was about to lose this property in a foreclosure auction in December, but managed to recapitalize it just in time. The asset became subject to a $173 million loan from Citi Real Estate Funding in a $205.5 million refinancing deal.
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Built in 2013, the Class A high-rise encompasses 537,000 square feet of office space. The LEED Platinum-certified building features floorplates between 9,291 and 23,392 square feet, as well as some 11,000 square feet of retail space. The property comprises a fitness center, as well as a conference center and lounge on the 22nd floor. Notable tenants include Nestle USA, Oracle and AbleVets.
Located near Interstate 66, the office building is some 3 miles from downtown Washington, D.C., and 2.5 miles from Arlington’s city center. It is also adjacent to the Rosslyn subway station and within walking distance of the Plaza East shopping mall.
JLL Vice Chairman Scott Panzer, Executive Managing Director Jay Farmer and Senior Managing Director Steven Burman negotiated on behalf of Graham Holdings. Monday Properties was represented by its Senior Vice President of Leasing John Wharton, along with JLL Executive Managing Director Robert VeShancey, Senior Managing Director Herb Mansinne, Managing Director Yorke Allen and Vice President Lee Brinkman.
D.C. office market holds steady
As of March, Washington, D.C., office market’s average listing rate clocked in at $40.72, up 70 basis points over the past 12 months, according to a recent CommercialEdge report.
The vacancy rate in the metro was 16.5 percent, marking a 1.8 percent year-over-year increase. However, the figure was below the national average of 18.2 percent.
In one of the largest leasing deals of the first quarter, The Washington Post extended its lease at One Franklin Square in Washington, D.C. The tenant renegotiated its initial commitment of occupying 300,000 square feet with the assistance of JM Zell Partners.
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