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HERNDON, VA- Capital Lease Funding Inc. has acquired ownership of the 167,300-sf Monument I office building at the multi-structure Worldgate Center office park here for $55.6 million. The site is fully leased by ITT Industries Inc. through 2019.

Prudential Insurance Co. was the seller. The new owner has secured a 10-year, $41.7-million financing package for the property from Wachovia Bank.

Developed by Monument Realty seven years ago, Monument I sits off the Dulles Airport Access Road in Fairfax County. The seven-story building was originally home to E.Spire Communications Inc. and later housed other tech firms, but sat vacant for a year until ITT leased the entire structure in February. Capital Lease CEO Paul McDowell says the acquisition contributes to “the progress we are making in building a high-credit quality, geographically diverse portfolio of net lease assets which produce attractive risk-adjusted returns for our stockholders.”

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