Meridian Group, WeWork Acquire Office Building in D.C. for $136.5M
WASHINGTON, D.C. — Meridian Group and affiliates of WeWork Property Advisors, an investment fund established by coworking firm WeWork, have created a joint venture to buy 1333 New Hampshire Ave. N.W., a 350,000-square-foot office building in Washington, D.C. Washington Business Journal reported the sales price was $136.5 million. Affiliates of WeWork Property Advisors are contributing 50 percent of the equity, and WeWork Cos. Inc. will lease more than 100,000 square feet of the building. Meridian plans to renovate the building, which is 84 percent leased to Akin Gump Strauss Hauer & Field, a law firm that has been in the space for 25 years. The firm is set to leave by August. Renovations are slated to begin next year and be completed in summer 2020. Collins Ege at Eastdil Secured represented the seller, Boston Properties, in this transaction, and Nicholas Seidenberg at Eastdil Secured represented the Meridian Group in its acquisition financing.