ROSSLYN, VA-After months of deliberating andtesting the market fundamentals, Monday Properties has decided to move forward with its trophyoffice development here. It plans to break ground on1812 N. Moore St., a $300-million, 35-story tower thatwill be designed to Platinum LEED standards, inmid-October. The building is expected to deliver in fall 2013.
The timing is understandable despite the current economicmalaise: Rosslyn has the fortunate distinction of beingone of the few submarkets in the US where office rentsare actually rising and there is a healthy demand foroffice space, even premium product.
The company doesn’t have any pre-leases signed yet, but ishighly confident it will in short order, AnthonyWestreich, president and CEO of Monday Properties, tellsGlobeSt.com. “We are talking with five prospects rightnow--if they all sign on, we will have the building fully leased.” Monday has retained Susan Carras andSteven A. Kohn at Cushman & WakefieldSonnenblick-Goldman LLC to secure construction financingfor the project.
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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.
