ARLINGTON, VA. — Monument Realty has completed several important steps in order to break ground in November for the 322,000-square-foot Monument View, a build-to-suit project for The Boeing Co. to consolidate its Arlington operations.
Recently, the company, along with its investment partners, New York-based Atlas Capital Group and Square Mile Capital Management, secured $116.54 million in construction financing through RBS Citizens, N.A. and Sovereign Bank. Additionally, a major site plan amendment permitting the construction of the development was approved by Arlington County Board. The board also approved up to 131,000 square feet of future expansion space on the site.
Gensler designed the project and James G. Davis Construction Corp. has been secured as the general contractor.
Monument View is located across from the Pentagon along Old Jefferson Davis Highway between 6th Street South and 10th Street South in Arlington.
“The Monument View project demonstrates again Monument’s ability to bring complicated real estate transactions to fruition,” said Michael Darby, principal and founder of Monument, in a statement.
Monument and Arlington County have also completed the exchange of Monument’s Boundary Channel Drive site and Arlington County’s Crystal City site, where Monument View will be located. The exchange was initially announced in 2005 and stalled in 2008, until Boeing became involved.
Darby added, “We cannot understate the important role Boeing itself has played in both the approval of the project and the underlying transaction.”
Boeing will purchase Monument View from Monument upon completion in October 2013.