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The Meridian Group has acquired a CBD office building for $75M with plans for a major renovation.
The investment firm bought 1901 L St. NW, a 132k SF office building, from New York Life. The building is 75% leased to 15 office tenants and two retail tenants, Sweetgreen and Staples. Meridian plans to add three additional floors on top, bringing the building to 206k SF. Its renovation will also include a new lobby and façade and new HVAC and elevator systems.
“With its exceptional corner location in the heart of the CBD, this acquisition has tremendous potential to add value,” Meridian chief investment officer Gary Block said in a release. “It is an outstanding opportunity to reposition and renovate this building into a trophy asset.”
Meridian, which does massive developments like The Boro in addition to office repositioning projects, is also working on a $142M renovation at 700 K St. Last June, it bought the 239k SF International Place building in Rosslyn with renovation plans.
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