The Meridian Group has purchased the 12-story International Place building in Rosslyn from Beacon Capital Partners, continuing its recent acquisition streak in the region.
The Bethesda-based firm plans to renovate and reposition the 239k SF building at 1735 N Lynn St in Rosslyn. International Place is 90% leased to tenants including the USPS Office of the Inspector General and the State Department. TMG paid slightly more than $100M for the property, a source tells Bisnow.
Ground-level retail in the building includes Chipotle, Chop't, Potbelly and Starbucks.
“International Place is in an ideal location at the base of Central Place, now under construction, so it’s primed for positive growth,” Gary Block, TMG managing partner, said in a release. “We are pleased that we were able to acquire an asset with such exceptional potential.”
The building recently underwent $4.4M in improvements, including a 4,376 SF fitness center. TMG plans to upgrade the lobby and other common areas, the release said. Beacon Capital paid $99M when it bought the building in 2007, according to property records.
TMG secured another deal with Beacon Capital in December when they bought a 216k SF office at 11111 Sunset Hills Rd in Reston. They're also developing The Boro, the Whole Foods-anchored megaproject in Tysons, and bought the last Mack-Cali-owned office building in DC, at 1400 L St NW, earlier this year.
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