Meridian Adds To Tysons Portfolio With Purchase Of 4-Building Office Park
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Using its discretionary fund Meridian Realty Partners II, which closed last week at $231.6M, it bought Tysons Metro Center from Beacon Capital Partners for an undisclosed price. The Washington Business Journal reports it sold for north of $200M.
Meridian and Kettler broke ground in September on The Boro, a 3.5M SF mixed-use development that will include 1.3M SF of office, 1,500 residential units and 400k SF of retail including a 70k SF Whole Foods.
In addition to Tysons Metro Center and The Boro, Meridian also owns Greensboro Station, a three-building, 640k SF office complex. Meridian secured a $165M loan last summer to give the property an extensive renovation.
Given the proximity to the developer's other properties, Meridian vice president Andrew Pence said the firm has had its eye on the office park, and has been in talks with Beacon, for a number of years. He said Beacon finally felt it was the right time to sell after it completed its renovations and lease-up.
Pence said Meridian plans additional renovations to the exterior of the four buildings and some landscape improvements.
"What we’re doing with this acquisition is we’re trying to leverage what we’re doing at The Boro and put some finishing touches on this project to enhance it," Pence said. Meridian wants to "tie it into the experience office users and renters will have at The Boro and facilitate a rebranding of the projects into a cohesive destination."
The deal closes out a busy week for Beacon, which brought in Singapore Wealth Fund GIC to invest $1.05B in three of Beacons DC-area assets and bought a Fairfax office building from First Potomac Realty Trust.