Park Plaza I and II are situated in Rockville, Md.
Monday Properties has acquired Park Plaza I and II, a Class A office complex in Rockville, Md. The two-building property includes 266,077 square feet and marks the first Maryland addition to the firm’s portfolio. US Street was Monday Properties’ partner on the deal.
According to CommercialEdge data, the company paid $43.6 million for Park Plaza I and $40.3 million for Park Plaza II. The previous owner was Marcus Partners, which purchased the properties in 2016. Plaza I was acquired by Marcus Partners for $25.4 million, while Park Plaza II was acquired for $4.5 million. Both were completed in 2001.
Park Plaza I and II are situated along the Interstate 270 Life Sciences Corridor, in proximity to Rio and downtown Crown. The Shady Grove Metro Station is less than a mile away, accessible via I-270, I-370 and Route 355. The office complex is located near existing bio health companies, a large workforce and affordable housing.
Improvements and amenities
The buildings recently went through a $3.3 million renovation. Monday Properties now plans to reposition the lobby and conference center, as well as implement electric car charging stations. The firm partnered with Alvéole to keep the on-site beehives. The property has received Fitwel® and WiredScore certifications.
Park I and II amenities include a 24/7 fitness center, yoga studio, café, private terraces and a conference center. Tenants will have access to Monday Properties’ app Monday+, giving access to features such as booking rooms, finding retailers and attending virtual wellness events.
Newmark’s Jud Ryan, Ryan Cassidy and Grant Marley represented the seller, while Cliff Cummings, vice president of acquisitions and capital transactions at Monday Properties, led the purchase. Newmark, in May, leased two floors of Kaizen Development Partners’ Dallas tower.
