Newmark has completed a combined sales and financing assignment for Monument III, a Class A office building located in Herndon, Virginia. The firm arranged both the sale of the property and the acquisition loan, coordinating multiple business lines around the transaction. Monument III is an office asset positioned within Northern Virginia’s Dulles Technology Corridor, a location that offers significant visibility along the Dulles Toll Road as well as convenient access to Washington Dulles International Airport and nearby Metro stations.
The property was acquired by Crown Properties, a New York-based real estate company, which purchased Monument III from Santander Bank for approximately $28 million. The transaction involved a dedicated investment sales team and a separate capital markets team within Newmark, reflecting the dual focus on disposition of the asset and placement of the buyer’s debt. The sale transferred ownership from a financial institution seller to a private real estate investment firm.
On the sales side of the assignment, Executive Managing Directors Jud Ryan and James Cassidy, together with Vice President Grant Marley, represented Santander Bank in the negotiations. Their mandate covered marketing the asset, engaging with prospective investors and guiding the seller through the disposition process. The team’s role culminated in the closing with Crown Properties as the buyer at a pricing level described as approximately $28 million.
In parallel with the sale, Newmark’s debt and structured finance professionals secured acquisition financing on behalf of Crown Properties. Vice Chairman Joe Donato and Managing Director Andrew Asbill led this effort, arranging the loan used to support the purchase of Monument III. While specific loan terms and the identity of the lender were not disclosed, Newmark’s engagement extended from capital sourcing through to closing, aligning the timing of the financing with the completion of the sale.
Following the acquisition, Crown Properties awarded Newmark the exclusive leasing assignment for Monument III, extending the relationship beyond the closing of the transaction. The leasing mandate will be led by Executive Managing Directors Andy Klaff and Stephen L. Hoffeditz, Director Dominic Orcino and Associates Debbie Cross and Wes Evans. This group is responsible for marketing available space at the building and managing tenant relationships under the new ownership.
Ownership plans to undertake a seven-figure capital improvement program at Monument III, signaling a commitment to invest additional capital into the asset after the acquisition. These improvements are intended to enhance the property’s position within the Dulles Technology Corridor office market, though specific project components and timelines were not disclosed. The asset’s location along the Dulles Toll Road and its access to the airport and nearby Metro stations remain core features in its market positioning.
At the time of closing, Newmark and Crown Properties extended the lease of the building’s anchor tenant, Serco, Inc. The company occupies 58,977 square feet at Monument III, and the extension helps provide income stability immediately following the change in ownership. By finalizing the anchor tenant’s extension concurrent with the sale and financing, the parties aligned leasing, capital and ownership strategies around the property’s largest tenant.
