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HERNDON, VA-Monument IV, the third phase of Monument Realty LLC’s 790,000-sf Monument at Worldgate Centre development, has been sold to a client of JPMorgan Fleming Asset Management in a reported $49-million transaction. The 228,400-sf, premium office building marketed at $28 to $32 per sf, was leased in its entirety last year by financial services provider Fannie Mae for a 10-year term. While Monument–along with partners Apollo Real Estate Advisors and Prudential Real Estate Investors–is not yet specifying the exact amount of the sale, Monument’s Michael Darby tells GlobeSt.com that the building was developed for $158-per-sf, or about $36 million.

Located at 12900 Worldgate off the Dulles Toll Road Corridor in Fairfax County, the building is nine stories high and has parking space to accommodate up to 800 vehicles. Hickok Warner Fox Architects designed the structure, while Clark Construction Group served as the project contractor. “We were ready to sell and there were buyers who were willing to pay top dollar for class A buildings with good credit tenants,” Monument principal Jeffrey T. Neal says of the disposition in a written statement. “This asset is unique in the Herndon market. Fannie Mae’s credit and the remaining term on their lease outweighed any concerns buyers had with the high vacancies that exist along the Toll Road.”

Steven F. Gichner and Eric Berkman of Grubb & Ellis represented Monument in the deal. Gichner confirms that the building was an easy sell. “Yes, there was a lot of competition for it,” he tells GlobeSt.com, “and yes, the transaction occurred pretty quickly.” The fourth and final phase of the four-structure Monument at Worldgate project is Monument III, a 190,000-sf office building.

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