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The Meridian Group is continuing to expand its Northern Virginia office holdings with a Rosslyn building it won at a foreclosure auction.
A Meridian affiliate won a Wednesday auction for the 1500 Wilson Blvd. building with a $58.3M bid after the previous owner defaulted on its debt, the Washington Business Journal reports.
The building was previously owned by an affiliate of Penzance. Its lender, an affiliate of Mesa West Capital, alleged it defaulted on $95.6M of debt it took out in 2018, and Mesa then scheduled the foreclosure auction. Meridian then acquired the debt from Mesa before the auction was held, and it was the only bidder at the auction, according to the WBJ.
The 17-story, 261K SF office building has about 124K SF of vacant space, according to its website. CBRE represented Penzance in leasing the building, which sits about a quarter-mile from the Rosslyn Metro station.
The deal is the latest in a series of Northern Virginia office acquisitions for Meridian Group, the developer behind Tysons megaproject The Boro. In December 2019, it paid $113M for a Rosslyn office building at 1525 Wilson Blvd., across the street from its latest acquisition.
Last April, Meridian Group bought three office buildings in Tysons. It paid $57M for 8283 Greensboro Drive, and it bought a pair of buildings at 1951 Kidwell Drive and 1953 Gallows Road for $58.3M. The developer is also moving forward with the next phase of The Boro after bringing on Akridge as a partner.
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