Monumental Sale at Worldgate

Monument Realty LLC, in partnership with Apollo Real Estate Advisors and Prudential Real Estate Investors, sold Monument IV at Worldgate to an entity advised by JPMorgan Fleming Asset Management. The 228,425-square-foot, Class-A office building in Herndon, VA is fully leased to Fannie Mae through 2011. The property was sold for an undisclosed price. Michael J. Darby, principal at Monument Realty said, "The timing was perfect for us. We were ready to sell and there were buyers who were willing to pay top dollar for Class-A buildings with good credit tenants." According to Jeffrey T. Neal, also a principal at Monument Realty, "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." Eric D. Berkman and Steven F. Gichner of Grubb & Ellis represented the seller.