Case Study

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Success Story

Monroe Metro Center – 555 Herndon Parkway


Challenge

Because of the upcoming Metro construction for Phase II of the Silver Line, Access Property Group wished to make Monroe Metro Center more marketable as an 800,000-square-foot redevelopment and align lease expirations accordingly. To complicate matters, two tenants possessed renewal options, potentially preventing the new developer from demolishing the building.

Strategy

Colliers was already engaged in landlord representation for Monroe Metro Center, so while leasing the project Bill Kaye and David Gast helped the owner align all the lease expirations in advance of Metro construction. The building was quietly marketed to a small group of developers likely to be interested in a project along Metro. Colliers simultaneously negotiated buyouts with the two tenants possessing renewal options and then brokered a cost sharing arrangement between the buyer and seller in order to close the transaction.  

Results

This was the first building in the new Herndon Transit Oriented Core to be marketed for sale, so Colliers helped Access Property Groups get ahead of the curve. Bill and David educated prospective buyers on Herndon’s new Comprehensive Plan, along with the advantages of developing within the Town of Herndon as compared to Fairfax County. This sale also opened the door for other properties in the Herndon TOC to begin trading - Brandywine sold 196 & 198 Van Buren St, ALPA is selling 535 Herndon Parkway, and Colliers is now marketing 575 Herndon Parkway as another redevelopment site.



ADDRESS

30448 Rancho Viejo Road, Suite 190

San Juan Capistrano, CA 


TEAM

William E. Kaye

David Gast


STATISTICS

Size: 88,764 SF

Sale Price: $22,600,000


SERVICES PROVIDED

> Investment Sales

> Leasing

Washington DC
1625 Eye Street NW, Suite 700 Washington, DC 20006 United States | Tel: +1 202 534 3000