Park Plaza I and II are located in Rockville, Md.
Monday Properties has acquired Park Plaza I and II, a Class A workplace complicated in Rockville, Md. The 2-building property consists of 266,077 sq. toes and marks the primary Maryland addition to the agency’s portfolio. US Road was Monday Properties’ associate on the deal.
In keeping with CommercialEdge information, the corporate paid $43.6 million for Park Plaza I and $40.3 million for Park Plaza II. The earlier proprietor was Marcus Companions, which bought the properties in 2016. Plaza I used to be acquired by Marcus Companions for $25.4 million, whereas Park Plaza II was acquired for $4.5 million. Each had been accomplished in 2001.
Park Plaza I and II are located alongside the Interstate 270 Life Sciences Hall, in proximity to Rio and downtown Crown. The Shady Grove Metro Station is lower than a mile away, accessible by way of I-270, I-370 and Route 355. The workplace complicated is positioned close to current bio well being firms, a big workforce and reasonably priced housing.
Enhancements and facilities
The buildings just lately went by means of a $3.3 million renovation. Monday Properties now plans to reposition the foyer and convention middle, in addition to implement electrical automobile charging stations. The agency partnered with Alvéole to maintain the on-site beehives. The property has acquired Fitwel® and WiredScore certifications.
Park I and II facilities embody a 24/7 health middle, yoga studio, café, personal terraces and a convention middle. Tenants can have entry to Monday Properties’ app Monday+, giving entry to options resembling reserving rooms, discovering retailers and attending digital wellness occasions.
Newmark’s Jud Ryan, Ryan Cassidy and Grant Marley represented the vendor, whereas Cliff Cummings, vice chairman of acquisitions and capital transactions at Monday Properties, led the acquisition. Newmark, in Could, leased two flooring of Kaizen Improvement Companions’ Dallas tower.
