The Meridian Group has plans to make a substantial investment in the repositioning of a newly acquired asset.
The company purchased 1400 L St NW from Mack-Cali Realty for $69M. Meridian is planning a $16M renovation throughout the 172k SF property, GlobeSt reports.
Meridian will upgrade the retail store frontage and renovate several of the building’s amenities, including the conference center and outdoor deck. The plans are being set in motion in advance of the exit of the building’s largest tenant, the US Customs and Border Protection Agency, which occupies 98% of the building, but will move out in 2018.
This is the latest area acquisition for the Meridian Group made with an eye towards repositioning the asset. Late last year, the company purchased a 216k SF, Class-A office building in Reston, and has plans in the works to revamp the metro-accessible building. [GS]
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