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Newmark Arranges Sale & Financing of Northern Virginia Office Property
Newmark has arranged the sale and acquisition financing for Monument III, a Class A office building in Herndon, Virginia.
Crown Properties, a New York-based real estate company, acquired the property from Santander Bank for approximately $28 million. Executive Managing Directors Jud Ryan and James Cassidy and Vice President Grant Marley represented the seller in negotiations, while Vice Chairman Joe Donato and Managing Director Andrew Asbill secured the loan on behalf of the buyer.
Following the acquisition, Crown Properties awarded Newmark the exclusive leasing assignment. Executive Managing Directors Andy Klaff and Stephen L. Hoffeditz, Director Dominic Orcino and Associates Debbie Cross and Wes Evans will lead leasing efforts.
Ownership plans to implement a seven-figure capital improvement program. Monument III is positioned within Northern Virginia’s Dulles Technology Corridor, offering strong visibility along the Dulles Toll Road and convenient access to Washington Dulles International Airport and nearby Metro stations. At closing, Newmark and Crown Properties extended the building’s anchor tenant, Serco, Inc., measuring 58,977 square feet.
