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Developers buy 1.5-acre site.

WASHINGTON, D.C.: Apollo Real Estate Investment Fund V, L.P. and Van Ness Property Group, an affiliate of the Polinger Company, have acquired a land site from Stephen A. Goldberg Co. for the development of Capitol Plaza II and III in the North of Massachusetts Avenue (NoMa) submarket in Washington, D.C.

Zoned for nearly 600,000 s/f of office development, the site encompasses 1.46 acres. The purchase price was not disclosed.

Located at the intersection of 1st and M Streets, the parcels are adjacent to Capitol Plaza I, the recently constructed 290,000 s/f Class A office building, which Apollo's Value Enhancement Fund VI acquired in partnership with Van Ness Property Group. As envisioned, the Capitol Plaza II and III buildings will feature a modern design with a combination of pre-cast and glass window and curtain walls, according to Apollo.

Washington, D.C. is the second largest office market in the country, with rising demand and scarce land available for new development in the central business district and Capitol Hill markets. The central business district has experienced declining vacancy rates, increasing absorption rates and rising rental rates.

In light of the improving market dynamics and the barriers to entry in the CBD submarket, NoMa is a likely candidate for new development and an attractive alternative to the many tenants looking for space.
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Title Annotation:NATIONAL ROUND-UP
Publication:Real Estate Weekly
Date:Jun 20, 2007
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