Bisnow Scoop: Meridian Group Buys 216k SF Office Building Next to Silver Line in Reston
The Meridian Group is making another bet on the power of the Silver Line, buying 11111 Sunset Hills Rd from Beacon Capital Partners.
The 216k SF Class-A office building is walking distance to the Wiehle-Reston East station, the terminus of Phase 1 of the Silver Line. Built in 2000, it will be 78% leased as of February, Meridian says, and will lend itself to a repositioning. Meridian Group president and co-founder David Cheek says the property also has future development potential. Beacon Capital Partners bought it in 2007 for $74M. HFF brokered Meridian Group's purchase.
Across the street is Comstock Partners' Reston Station 1.5M SF mixed-use project, which when completed will include a 21-story residential tower and a 16-story trophy office building. The project is being built on spec thanks to a recent investment and is expected to open next year.
The Meridian Group is buying the property after closing a second investment fund. It's safe to say investors like what they're doing along the Silver Line in Tysons, where Meridian is building 3.7M SF at The Boro, including DC's largest Whole Foods, on the old SAIC campus site.