In The News
August 10, 2016
Exclusive: Monday Properties finds new use for the shuttered Artisphere space
Monday Properties is on a leasing roll, and that's good news for Rosslyn.
Washington Biz Journal
Regus has agreed to lease the 45,000-square-foot former Artisphere space at Monday Properties’ 1101 Wilson Blvd. for its "Spaces" concept, which targets tech companies eyeing open layouts and collaborative work environments. Best known for more traditional office configurations, the Regus Spaces program is geared toward millennials, who prefer more flexible workspaces. The Rosslyn Spaces, a relatively new concept, will be the first for Regus in Northern Virginia. A Spaces center also is planned for Douglas Development's Uline Arena project in NoMa. "They’ve been historically the industry leader in small suite execution, and they’ve obviously looked at the success in the collaborative workspace environment," Monday Properties President Tim Helmig said of Regus, noting the growth of companies like WeWork. "Their Spaces platform is just a continuation of the Regus brand." Arlington County shuttered the Artisphere last June and then ended its lease for the space in October after five years in operation. The lease for the multidisciplinary arts center was scheduled to run through April 2023. Canceling it cost the county nearly $450,000, and it allowed Monday to immediately reposition the space for a tech or co-working tenant. The Regus news comes on the heels of co-working incubator Eastern Foundry’s announcement that it would lease 19,000 square feet in Monday’s 1100 Wilson Blvd, and the news of Sinclair reupping its 110,000 square feet of space in 1100 and 1000 Wilson, and Grant Thornton LLP consolidating its regional operations at 1000 Wilson. "It's really been a great start to the year," Helmig said, adding that the repositioning of Rosslyn as a 24-7, live-work community is paying off. The growth of the co-working industry is a boost to Rosslyn generally, which faced a 27.9 percent office vacancy rate as of the second quarter of 2016, by far the highest in Arlington. Helmig expects the sector's growth to continue. "We believe it’s a sustained model and we believe that it’s a sector within the office market that is robust and I would not expect it to level off," he said. Check out Crane Watch, an interactive map detailing every major construction project in the Washington area. Including the Regus deal, Monday Properties has now completed new and renewal leases totaling nearly 400,000 square feet in Rosslyn this year alone. Monday is among Rosslyn’s dominant landowners, controlling 1000, 1100, 1101, 1200, 1401, 1501, and 1515 Wilson Boulevard, 1812 N. Moore St., 1400 Key Blvd. and 1701 N. Fort Myer Drive. Speaking of 1812 N. Moore, rumors have been rampant of late that Monday may be on the verge of landing its first tenant for the vacant 35-story office tower — premium meeting space and co-working operator Convene. Helmig said he has had discussions with the New York-based company, but there is nothing to report at this time. The move into the Artisphere space will take upward of 10 months, as Monday and Regus make “extensive enhancements” to the property, including expansive new windows and an enhanced indoor-outdoor terrace. Terms of the lease were not disclosed. Regus has space in Rosslyn already, at 1655 N. Fort Myer Drive, in addition to Ballston at 4250 N. Fairfax Drive. It offers numerous spaces in D.C. as well, from Georgetown to downtown to Capitol Hill and Capitol Riverfront. Jake Katz, Brannan Moss and Jennifer Ziegler of JLL brokered the Rosslyn deal on behalf Regus, and John Wharton and Deniz Yener represented Monday Properties.