Meridian Moves into DC
Less than a year after buying one of Tysons' most notable assets, the three amigos at Meridian Group have picked up a coveted DC office site.
Multiple sources tell us Meridian (and principals David Cheek, Bruce Lane, and Gary Block) is under contract on JBG's Techworld Plaza, a two-building, 750k SF portfolio that sits catty-corner to CityCenter downtown. The site (801 Eye St and 800 K St) also includes over 40k SF of ground-floor retail, and according to Meridian's website, would be the firm's only investment in DC. (Many people have thrived by only owning one thing in DC--though usually that one thing was a senator.) It marks their second big acquisition in as many years, after last year's purchase of the SAIC site on Greensboro Drive in Tysons, which it's currently repositioning.
Here's 800 K St. JBG, which bought the properties back in '09, has been marketing them for a few years, and while there's no word on exact pricing, the portfolio's expected tax assessment for 2014 is almost $330M, according to DC public records.