JV Buys Into Suburban DC Office Complex
- Aug 17, 2017
After disposing of 7250 S. Havana St. in Centennial, Colo. earlier this year, Principal Real Estate Investors formed a joint venture with The Pinkard Group in order to buy Monument III, a 13-story office building in Herndon, Va. The partnership is set to completely renovate the property in order to attract a diverse roster of tenants. According to Yardi Matrix, the seller was TA Associates Realty.
The 193,000-square-foot, Class A office building is sited at 12930 Worldgate Drive and is the third in a series of four office towers located in the heart of the Dulles corridor. It was completed in 2007 and features large floor plates and high ceilings. Additionally, the property was awarded LEED Silver Certification in 2015.
Monument III is situated within the 94-acre premier mixed-use Worldgate complex. Neighboring amenities include hotels, retailers, eateries, cafes, fitness centers, a bank and Chandon Park. The property offers direct access to Route 267, while Dulles International Airport is less than a 10-minute drive away.
“This acquisition follows our ongoing investment thesis of acquiring high quality office assets which have already begun to reap the benefits of stronger leasing fundamentals as our market recovery builds momentum,” The Pinkard Group Principal & Founder Bob Pinkard said in a prepared statement. “The strategic investment of capital and attractive investment basis will allow the Property to contend at the top of today’s highly competitive leasing environment.”
The property previously changed hands in 2011 for $64 million.
Image courtesy of Yardi Matrix