FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL OMB Number: 3235-0287 Expires: January 31, 2005 Estimated average burden hours per response... 0.5

(Print or Type Responses)

1. Name and Address of Reporting Person * MARGALIT EREL N   2. Issuer Name and Ticker or Trading Symbol COGENT COMMUNICATIONS GROUP INC [COI] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner _____ Officer (give title below) __X__ Other (specify below) DIRECTOR & 10% OWNER (Last) (First) (Middle) 41 MADISON AVENUE, 25TH FLOOR 3. Date of Earliest Transaction (Month/Day/Year) 10/26/2004 (Street) NEW YORK, NY 10010 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) ___ Form filed by One Reporting Person _X_ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
	Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.		SEC 1474 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Underlying Securities (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Series M Participating Convertible Preferred Stock	(5)	10/26/2004		J(1)		90.5		(7)	(6)	Common Stock	2,805,332	(1)	90.5	D (2)
Series M Participating Convertible Preferred Stock	(5)	10/26/2004		J(1)		7		(7)	(6)	Common Stock	216,988	(1)	7	D (4)
Series M Participating Convertible Preferred Stock	(5)	10/26/2004		J(1)		2.5		(7)	(6)	Common Stock	77,495	(1)	2.5	D (3)
Series M Participating Convertible Preferred Stock	(5)	10/26/2004		J(1)		97.5		(7)	(6)	Common Stock	3,022,319	(1)	97.5	I	See footnote 9 (8)
Series M Participating Convertible Preferred Stock	(5)	10/26/2004		J(1)		2.5		(7)	(6)	Common Stock	77,495	(1)	2.5	I	See footnote 10 (9)
Series M Participating Convertible Preferred Stock	(5)	10/26/2004		J(1)		97.5		(7)	(6)	Common Stock	3,022,319	(1)	97.5	I	See footnote 11 (10)
Series M Participating Convertible Preferred Stock	(5)	10/26/2004		J(1)		100		(7)	(6)	Common Stock	3,099,814	(1)	100	I	See footnote 12 (11)

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
MARGALIT EREL N 41 MADISON AVENUE 25TH FLOOR NEW YORK, NY 10010				DIRECTOR & 10% OWNER
JERUSALEM VENTURE PARTNERS III LP 41 MADISON AVENUE 25TH FLOOR NEW YORK, NY 10010		X
JERUSALEM VENTURE PARTNERS ENTREPRENEUR FUND III LP 41 MADISON AVENUE 25TH FLOOR NEW YORK, NY 10010		X
JERUSALEM VENTURE PARTNERS III ISRAEL LP JERUSALEM TECHNOLOGY PARK BUILDING 1 MALHA, JERUSALEM, L3 91487		X
JERUSALEM PARTNERS III LP 41 MADISON AVENUE 25TH FLOOR NEW YORK, NY 10010		X
JERUSALEM VENTURE PARTNERS III ISRAEL MANAGEMENT CO LTD JERUSALEM TECHNOLOGY PARK BUILDING 1 MALHA, JERUSALEM, L3 91487		X
JERUSALEM VENTURE PARTNERS CORP C/O MAPLES & CALDER P.O. BOX 309 GT, GRAND CAYMAN, E9		X

Signatures

Jerusalem Venture Partners III, L.P., by Jerusalem Partners III, L.P., its general partner, by Jerusalem Venture Partners Corporation, its general partner, by Erel Margalit, its officer		12/02/2004
**Signature of Reporting Person		Date
Jerusalem Venture Partners Entrepreneur Fund III, L.P., by Jerusalem Partners III, L.P., its general partner, by Jerusalem Venture Partners Corporation, its general partner, by Erel Margalit, its officer		12/02/2004
**Signature of Reporting Person		Date
Jerusalem Venture Partners III (Israel), L.P., by Jerusalem Venture Partners (israel) III Management Company Ltd., its general partner, by Erel Margalit, its officer		12/02/2004
**Signature of Reporting Person		Date
Jerusalem Venture Partners (Israel) III Management Company Ltd., by Erel Margalit, its officer		12/02/2004
**Signature of Reporting Person		Date
Jerusalem Partners III, L.P., by Jerusalem Venture Partners Corporation, its general partner, by Erel Margalit, its officer		12/02/2004
**Signature of Reporting Person		Date
Jerusalem Venture Partners Corporation, by Erel Margalit, its officer		12/02/2004
**Signature of Reporting Person		Date
Erel Margalit		12/02/2004
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Each share of Common Stock of NVA Acquisition, Inc. held by the Reporting Persons was exchanged for 1 share of Series M Participating Convertible Preferred Stock pursuant to an Agreement and Plan of Merger by and among the Issuer, Cogent Potomac, Inc. and NVA Acquisition, Inc.
(2)	Shares are owned directly by Jerusalem Venture Partners III, L.P.
(3)	Shares are owned directly by Jerusalem Venture Partners III (Israel), L.P.
(4)	Shares are owned directly by Jerusalem Venture Partners Entrepreneur Fund III, L.P.
(5)	Each share of Series M Participating Convertible Preferred Stock, par value $.001 per share, will be initially convertible into approximately 30,998.14 shares of Common Stock.
(6)	The conversion feature continues indefinitely.
(7)	The Series M Participating Convertible Preferred Stock is convertible at the earlier of January 31, 2005 and the date on which the Issuer files an amendment to its Certificate of Incorporation pursuant to the Certificate of Designations of its Series M Participating Convertible Preferred Stock.
(8)	Jerusalem Partners III, L.P., which serves as the general partner to Jerusalem Venture Partners III, L.P. and Jerusalem Venture Partners Entrepreneur Fund III, L.P. , may be deemed the indirect beneficial owner of certain of the reported shares of these entities but disclaims beneficial ownership in the shares held by the other joint filers, except to the extent of any indirect pecuniary interest therein.
(9)	Jerusalem Venture Partners (Israel) III Management Company, Ltd., which serves as the general partner to Jerusalem Venture Partners III (Israel), L.P., may be deemed the indirect beneficial owner of certain of the reported shares by these entities but disclaims beneficial ownership in the shares held by the other joint filers, except to the extent of any indirect pecuniary interest therein.
(10)	Jerusalem Venture Partners Corporation, which serves as the general partner to Jerusalem Partners III, L.P., may be deemed the indirect beneficial owner of certain of the reported shares of these entities but disclaims beneficial ownership in the shares held by the other joint filers, except to the extent of any indirect pecuniary interest therein.
(11)	Erel N. Margalit, the Designated Filer, is a director of the Issuer and an officer of both Jerusalem Venture Partners Corporation and Jerusalem Venture Partners (Israel) III Management Company, Ltd., and may be deemed the indirect beneficial owner of the reported shares of such entity but disclaims beneficial ownership in the shares held by the other joint filers, except to the extent of any indirect pecuniary interest therein.
Remarks: Erel N. Margalit, the Designated Filer, is a director of the issuer and an officer of both Jerusalem Venture Partners Corporation and Jerusalem Venture Partners (Israel) III Management Company, Ltd.   Jerusalem Venture Partners Corporation serves as the general partner to Jerusalem Partners III, L.P.  Jerusalem Partners III, L.P. serves as the general partner to Jerusalem Venture Partners III, L.P. and Jerusalem Venture Partners Entrepreneur Fund III, L.P.  Jerusalem Venture Partners (Israel) III Management Company Ltd. serves as the general partner to Jerusalem Venture Partners III (Israel), L.P. Each Reporting Person disclaims the existence of a "group" and disclaims beneficial ownership of any securities (except to the extent of such Reporting Person's pecuniary interest in such securities) other than any securities reported herein as being directly owned by such Reporting Person, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of any securities for purposes of Section 16 or for any other purpose.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.