ROSSLYN, VA–Monday Properties has picked up a five-asset office portfolio in Alexandria, Va., made an acquisition on the West Coast and recapped its Rosslyn holdings with an $888 million CMBS loan in recent weeks.
Locally, it has acquired five offices from a JV between Eaton Vance and Duke Realty that are located on North Beauregard Street for an undisclosed sum. The properties are 55% leased.
It also acquired Spectrum Tower from TA Realty for an undisclosed amount. Spectrum Tower is a 120,000-square foot, multi-tenant office building located at 23046 Avenida de la Carlota in Laguna Hills, CA. It represents the company's first purchase in southern California after establishing an office on the West Coast earlier this year and hiring Managing Partner Philip Cyburt to spearhead its expansion.
Finally, 30 or so days ago the company announced it had successfully refinanced its Rosslyn office portfolio of 9 buildings and 2.6 million square feet.
The $888 million financing consisted of a future capital and leasing funding facility that would, according to Founding Managing Partner Anthony Westreich, provide the company with capital to make additional investments and help support the future needs of its tenants in Rosslyn.
“The refinancing is an important milestone for the firm as it provides us with incredible financial security and the necessary capital to help us strategically and thoughtfully enhance our properties so they continue to perform at the highest levels,” he said in a prepared statement.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
