Monday Properties Purchases Park Plaza I & II in Rockville For $42 Million

Monday Properties, a real estate investment firm, acquired Park Plaza I & II, a 266,077 square foot, Class A office complex in Rockville for $42 million earlier this fall. The two-building asset, located T 2101 & 2099 Gaither Road in Rockville, is Monday Properties’ first commercial acquisition in Maryland. Located in the I-270 Life Sciences Corridor, Park Plaza I & II are proximate to King Farm, Rio Lakefront and Downtown Crown. The property is located less than a mile from the Shady Grove Metro Station and is accessible via I-270, I-370, and Route 355. Amenities include a conference center, 24/7 fitness center, yoga studio, cafe, a three-level parking garage, and outdoor features including private terraces and a plaza.

Per the press release: “Park Plaza I & II will continue to benefit from the booming life sciences industry in the region through its offering of well-located and highly-amenitized office space at a relative discount to its competitive set, “said Cummings. “This strategic acquisition of an institutional-quality office property within this highly dynamic corridor positions us for success, and we look forward to enhancing the property further to better serve our tenants.” In addition to the $3.3 million in recent capital improvements, Monday Properties plans to perform additional upgrades, starting with repositioning the lobby and conference center. These renovations will align with Monday Properties’ vision and experience delivering exceptional amenity packages that resonate with today’s tenants by providing technology-driven and innovative solutions. The firm will continue implementing key sustainability initiatives, such as providing electric car charging stations to promote energy efficiency and will focus on ESG performance with the expansion of its partnership with Alvéole to maintain urban beehives on site.

“Park Plaza I & II offer the ideal location for startup and existing bio health companies, with proximity to an outstanding workforce, attractive lifestyle, shorter commutes, and affordable housing,” said Managing Partner Tim Helmig. “We’re excited that the firm’s first commercial acquisition in Maryland is in such a high-growth and desirable area.” As with its entire portfolio, Monday Properties is prioritizing Park Plaza’s sustainability, health, and wellness protocols – through certifications such as Fitwel^® and WiredScore – in addition to cutting-edge technology offerings. Monday Properties will also offer its custom app Monday+ to Park Plaza tenants to enhance their work environment through features like booking a conference room, reserving an amenity space, finding local retailers, and providing access to virtual wellness events.