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The Meridian Group has sold a majority stake of a three-building office complex next to its massive Tysons development.
A JV of MetLife and Mubadala Investment acquired a 95% stake of the Greensboro Station for $244M, GlobeSt reports.
Meridian will retain its 5% stake and will continue to manage the property, which it has recently renamed Boro Station. Gary Block and Andrew Pence spearheaded the deal for Meridian, while Anthony Balestrieri and David Posnick led the transaction for MetLife.
"Boro Station represents an outstanding opportunity for MetLife Investment Management to participate in the activity and the buzz that comes with the Boro District,” Block said in a release.
The property sits at 1775 Greensboro Station Place in McLean, directly to the east of the Greensboro Silver Line station. Meridian bought the 640K SF office complex in 2013 for $85M from SAIC. It then launched a $60M-plus renovation of the buildings, adding a conference center and a Starbucks, replacing mechanical systems, upgrading common areas and reorienting the property toward the Metro station with a new entrance.
The property sits in the shadow of The Boro, the 4.2M SF mixed-use development Meridian and Kettler broke ground on in September 2016. The development team, which also includes Skanska and Rockefeller Group, celebrated the topping out of Boro Tower, the project's 20-story office tower, on Monday.
Since breaking ground on The Boro, Meridian has added to its Tysons portfolio with several nearby office buildings. In February 2017 it acquired the four-building Tysons Metro Center from Beacon Capital Partners for $232M. In December, it purchased the 210K SF building at 8280 Greensboro Drive for $64.1M, according to Fairfax County property records.
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