Apollo/Van Ness Acquire NoMa Land Site

WASHINGTON, DC-Apollo Real Estate and Van Ness Property Group are rapidly expanding their footprint in the North of Massachusetts submarket, the District’s latest up and coming neighborhood. Apollo Real Estate Investment Fund V LP and Van Ness, which is an affiliate of the Polinger Co., have acquired a 1.5-acre land site at the intersection of First and M streets from Stephen A. Goldberg Co.The joint venture plans to develop two office buildings on the site. The acquired lot is next to the duo’s recently purchased Capital Plaza I , a newly constructed 290,000-sf class A office building that was acquired for $94.5 million.

The partnership’s new land parcel, which traded hands at an undisclosed price, is zoned for nearly 600,000 sf of office development.

Plans call for the development of Capitol Plaza II and III on this plot. These buildings will feature a modern design with a combination of pre-cast and glass window and curtain walls, according to Apollo executives.