JV sheds space near Dulles Airport

A joint venture has sold the Monument III office building in Herndon, Va., for approximately $54.6 million.

Apollo Real Estate Investment Fund V and Monument Realty, the project's developers, sold the 193,000-square-foot, seven-story building to a partnership between MGP Realty and The Praedium Group.

Monument III is the tallest building on the Dulles toll road corridor, according to a press statement, and is the fourth building developed by MR/Apollo in the 94-acre Worldgate complex near Dulles International Airport.

DRS Technologies, a supplier of defense electronics systems, has leased 53,000 square feet in the building, which also offers structured parking for more than 650 cars.

"The investment went exactly according to our plan, which was to capitalize early on the resurgence of the Dulles market," said John Jacobsson, Apollo managing partner, in a statement.

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