Meridian Group Purchases 763,965 SF Office Portfolio in Metro D.C. for $227M
MCLEAN, VA. — The Meridian Group has purchased Tysons Metro Center, a 763,965-square-foot development of Class A office space in McLean’s Tysons district, roughly 17 miles west of Washington, D.C., from an affiliate of Beacon Capital Partners for $227 million.
The portfolio consists of four buildings:
- Tysons Metro Center I, a 168,006-sqaure-foot, 12-story building constructed in 1984 and renovated in 2012, features a rooftop terrace with outdoor seating, a fitness center and an on-site deli;
- Tysons Metro Center II, A 129,926-square-foot, six-story property built in 2002 and revamped in 2015, offers an exterior patio and a lounge and gaming center for workplace collaboration;
- Tysons Metro Center III, a 257,824-square-foot, 12-story site that was erected in 1980 and underwent $18.1 million in improvements in 2014, boasts a 2,800-square-foot café and locker rooms with showers;
- Tysons Metro Center IV, a 208,219-square-foot, 13-story building, was built in 1999 and later renovated.
The four buildings share several amenities, most notably a tenants-only sports court equipped for basketball, short-court tennis and volleyball.
The properties span the 8251-8285 stretch of Greensboro Drive, close to the Greensboro Metro station and two malls, Tysons Galleria and Tysons Corner Center.
The complex is adjacent to two properties already owned by Meridian Group, a Washington D.C.-based firm specializing in repositioning and development projects: Greensboro Station, a 640,000-square-foot, Class A office complex comprised of three buildings, and The Boro, a 3.7 million-square-foot, mixed-use development.
“We are working on a master plan that integrates Tysons Metro Center, Greensboro Station and the mixed-use Boro development into an amenity-rich urban center,” said David Cheek, Meridian Group president, in a press release.
The previous owner of Tysons Metro Center recently completed a $26.9 million capital improvement program. The property is 91 percent leased to 40 tenants, including anchors Booz Allen Hamilton and Alarm.com.
Stephen Conley, James Meisel, Stephen Potts, Andrew Weir and Matthew Nicholson of mortgage banking firm Holliday Fenoglio Fowler LP represented the seller in the transaction.
Sue Carras, Cary Abod, Dan McIntyre and Rob Carey of HFF arranged a $175 million, floating-rate acquisition loan through Starwood Property Trust Inc. on behalf of Meridian Group.