The Pinkard Group of Bethesda and Principal Real Estate Investors have acquired Monument III, thirteen-story, Class A office building located at 12930 Worldgate Drive in Herndon, Virginia. Monument III has a signature location in the center of the Dulles Technology Corridor and superior visibility from the Dulles Toll Road itself.
The Pinkard Group and Principal Real Estate Investors plan to make strategic investments in amenities at the property in order to enhance the building’s high quality features and attract new tenants from Herndon’s highly diversified tenant base.
The 193,000-square-foot building features large column-free open floor plates and high ceilings with expansive views of the Dulles Technology Corridor. Completed in 2007, Monument III is the newest of the four buildings that make up the Monument complex. These buildings have traditionally housed some of Northern Virginia’s most prestigious tenants and the complex is widely regarded as one of the market’s premier mixed-use office environments. The proximity to abundant walkable amenities consisting of a full service hotel, multiple food-service, entertainment and fitness options make these buildings a sought after location for A quality tenants.
Monument III is the fifth office building acquisition by The Pinkard Group in Northern Virginia, since 2014.
“This acquisition follows our ongoing investment thesis of acquiring high quality office assets which have already begun to reap the benefits of stronger leasing fundamentals as our market recovery builds momentum” stated Bob Pinkard, Principal and Founder of The Pinkard Group. “The strategic investment of capital and attractive investment basis will allow the Property to contend at the top of today’s highly competitive leasing environment.”
“The Pinkard Group is excited to form its second office investment venture and third venture overall with Principal Real Estate Investors” added Peter Kleeblatt, Principal with The Pinkard Group. “Following our venture’s successful repositioning and lease-up of Dulles Metro Center, we are proud to partner again with Principal’s team to reposition and stabilize Monument III and add to that history of success.”
The Pinkard Group acquired Monument III on behalf of its Pinkard Fund II, a commingled discretionary real estate fund focused on investment opportunities in the greater Washington DC area.
About The Pinkard Group
The Pinkard Group is a real estate company that invests opportunistically across the spectrum of property types in the Washington, DC metropolitan area. The firm serves as a trusted local partner for national real estate investors offering a platform noted for deep market knowledge, extensive relationships and a thorough understanding of real estate at the property level.
About Principal Real Estate Investors
Principal Real Estate Investors manages or subadvises $74.7 billion in commercial real estate assets1 . The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group® .