Newmark Arranges $28M Sale, Financing, and Exclusive Leasing Assignment for Monument III Office in Herndon, Virginia

Newmark has arranged the sale, acquisition financing, and exclusive leasing assignment for Monument III, a Class A office building located at 12975 Worldgate Drive in Herndon, Virginia. Crown Properties, a New York-based privately held real estate company, acquired the property from Santander Bank for approximately $28 million, the firm announced May 18.

Deal Structure and Financing

Newmark Executive Managing Directors Jud Ryan and James Cassidy, along with Vice President Grant Marley, represented Santander Bank in the sale. On the financing side, Newmark Vice Chairman Joe Donato and Managing Director Andrew Asbill arranged acquisition financing on behalf of Crown Properties. Specific loan terms, including lender identity and loan amount, were not disclosed.

Crown Properties Plans Capital Improvements

Following the acquisition, Crown Properties announced a seven-figure capital improvement program targeting delivery in the third quarter of 2026. Planned upgrades include a new fitness center with locker rooms and showers, a golf simulator, and enhancements to the communal lounge, including the relocation of the building's food service and vending offerings.

"This acquisition reflects our continued focus on acquiring high-quality, well-located assets at an attractive basis and creating value through active management," said Matt Lefkowitz, Managing Partner at Crown. "With Monument III, we have strong existing tenancy, limited near-term rollover, and a clear opportunity to further elevate the building through leasing and amenity enhancements."

At closing, Newmark and Crown Properties extended the building's anchor tenant, Serco, Inc., in a lease covering 58,977 square feet. Remaining availability at the tower includes the entire top floor, totaling 28,486 square feet, featuring high-end finishes, an efficient layout, and panoramic views. Customizable suites on the third and fifth floors range from 3,000 to 15,000 square feet.

Newmark Appointed Exclusive Leasing Agent

Following the close of the acquisition, Crown Properties awarded Newmark the exclusive leasing assignment for Monument III. Newmark Executive Managing Directors Andy Klaff and Steve Hoffeditz, Dominic Orcino, and Debbie Cross and Wes Evans will lead leasing efforts at the property.

Property and Location

Monument III is situated within the Dulles Technology Corridor, offering visibility along the Dulles Toll Road and proximity to Washington Dulles International Airport and nearby Metro stations. The property benefits from immediate access to Worldgate Centre, which features more than 200,000 square feet of retail, dining, and hospitality amenities, including a full-service Marriott hotel.

Newmark Group, Inc. (Nasdaq: NMRK) reported revenues of nearly $3.3 billion for the twelve months ended December 31, 2025, and operates from approximately 175 offices with more than 9,300 professionals across four continents.