Falls Church Office Property Acquired for $27.6M

Monday Properties, a dynamic real estate investment firm and industry-leading developer, today announced its acquisition of 3141 Fairview Park, located in the Merrifield submarket of Falls Church, Virginia, for $27.6 million. The 184,000 square foot office building is situated in one of the premier Northern Virginia office parks within the Capital Beltway where tenants will have unrivaled access to the region’s major road network via I-66, direct exit ramps off the I-495 Beltway, and accessibility off Route 50.

James Cassidy and Jud Ryan of Newmark represented the seller. Monday Properties represented itself, with Vice President of Acquisitions and Capital Transactions Cliff Cummings, leading the acquisition.

“3141 Fairview Park is a strategic investment for Monday Properties as tenants return to the office. We’re planning to add a cutting-edge amenity package and flexible workspaces to facilitate tenants’ abilities to convene and connect in this post-pandemic world, including the latest outdoor activations and amenities for tenants to enjoy,” said Cummings. “The asset’s outstanding accessibility, proximity to top demand drivers in Northern Virginia, and significant green spaces make 3141 Fairview an ideal post-pandemic setting to implement our business plan.”  

Fairview Park is an oasis inside the Beltway that offers unique outdoor amenities, such as extensive landscaping and water features, a 17-acre lake, and 2.5 miles of wooded jogging trails. It also shares a courtyard with the Marriott Fairview Park hotel, which is undergoing significant renovations this year. 3141 Fairview offers the opportunity to create an unmatched work, live and play experience with a full renovation of the “HUB,” a 5,000 square foot indoor/outdoor amenity opportunity for an exceptional café, catering, lounge and tenant entertainment experience. The capital repositioning plan will also include a new fitness/wellness center and conferencing and collaboration zones off the first-floor entrance and lobby.

Monday Properties is recognized as a regional leader in providing innovative wellness and safety platforms for its tenants and visitors. At 3141 Fairview, Monday Properties will be implementing health-promoting design and operational strategies such as a touchless access system from Kastle Safe Systems. As part of the firm’s healthy building movement across its office portfolio, the entire management team of the Fairview property have been certified as Fitwel Ambassadors—leaders in creating spaces, buildings, and communities that support human health and promote productivity.

“Fairview Park’s location provides tenants with highly desirable and convenient access to major decision and travel center hubs, including downtown DC, the Mosaic District, the Pentagon, Dulles International Airport, Reagan National Airport and the emerging National Landing submarket with Amazon HQ2 to name a few,” said Austin Freeman, Executive Vice President of Portfolio and Investment Management at Monday Properties. “3141 Fairview Park is also a stone's throw away from the Defense Health Agency and Inova Fairfax Medical Campus, surrounded by some of the top defense and health technology tenants in the region.”  

Tenants will have proximity to a variety of retail, restaurants, and fast casual dining in Tysons, Halstead Square and the Mosaic District. For more information, please visit https://www.mondayre.com/portfolio/3141-fairview-park

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