Shorenstein Acquires Monroe Business Center In Northern Virginia

Shorenstein Properties has purchased Monroe Business Center, a seven-property, Class B office portfolio in Herndon, Virginia, from PS Business Parks.

JLL represented both sides in the deal. As the price isn’t revealed.

Located at 550-600 Herndon Parkway, overall, the properties total 244,393 Sq Ft. on 93 acres, and are currently 94% leased to 61 tenants.

Basically built-in 1986, the buildings are positioned along the Dulles Toll Road (Route 267), across the street from the Herndon Silver Line Metro Station, and offer direct access to Washington, D.C. 

Matt Knisely, Shorenstein’s managing director stated that the purchase of Monroe Business Center empowers Shorenstein to grow upon its research of getting properties in high-growth, transit-oriented locations and to leverage its fully integrated platform to create value over time.

The office offers an ideal option for companies that are seeking a cost-effective space with flexible transportation options, and it joins another quality portfolio of properties to Shorenstein’s portfolio.

PS Business Parks obtained the property in 1999 for $5.5 million.

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