2007-04-27 16:16:22 -

NEW YORK, April 27 /PRNewswire/ -- Apollo Real Estate Investment Fund V and Monument Realty have sold the Monument III office building in Herndon, Virginia, to MGP Realty, in partnership with The Praedium Group, for $54,585,000.

Monument Realty developed the 193,000-square-foot, seven-story Class A building in partnership with Apollo. Monument III is the tallest building on the Dulles toll road corridor and is the fourth building developed by MR/Apollo in the 94-acre Worldgate complex near Dulles International Airport.

DRS Technologies, a supplier of defense electronics systems, has leased 53,000 square

feet in the building, which also offers structured parking for more than 650 cars.

"The investment went exactly according to our plan, which was to capitalize early on the resurgence of the Dulles market. Monument Realty did a great job bringing the project in on time and on budget and delivering a first class building," said John Jacobsson, Apollo managing partner.

About Apollo Real Estate Advisors

Apollo Real Estate Advisors is a leading international real estate investor and fund manager. Since the firm's founding in 1993, Apollo has overseen the establishment of 16 real estate funds and joint ventures totaling approximately $8.7 billion in equity commitments for investment in the United States and globally. The Apollo funds have collectively invested in over 400 transactions with an aggregate value in excess of $30 billion. The firm's Web site is http://www.apollorealestate.com/.

About Monument

Monument Realty, one of Washington's top-performing and most active real estate developers, is focused on creating opportunities for clients and investors. Since its founding in 1998, Monument Realty's development portfolio has grown to over 3,500 residential units, more than five million square feet of Class A office space, and two luxury hotels. More information can be found at http://www.monumentrealty.com/.

Source: Apollo Real Estate Advisors