Virginia

TYSONS, VA. — The Meridian Group has secured MetLife Investment Management as a joint venture partner for Boro Station, a three-building office complex in Tysons. MetLife acquired a 95 percent stake in the property for $244 million, according to local media reports. Meridian will retain a minority interest and continue day-to-day property management. Boro Station serves as the gateway to The Boro, Meridian’s planned 4.2 million-square-foot mixed-use development that will feature office, retail, entertainment and open park space upon completion. Meridian acquired Boro Station from Science Applications International Corp. in 2013 and invested more than $60 million to renovate the property. Capital improvements included an upgraded lobby, improved fitness center, new entrance, new conference center and the addition of a two-story café and a Starbucks Coffee. The property features a 1,602-car parking garage and is located within walking distance to the Greensboro Metro station. Collins Ege, Nicolas Seidenberg, Sean McDermott, Bradley Allen and Axel Azcue of Eastdil Secured arranged the transaction on behalf of Meridian.

RESTON, VA. — JBG Smith has sold Summit, a two-building office campus in Reston, to Brookfield Property Partners (BPY) for $95 million. Summit I and Summit II are located along Dulles Toll Road, roughly 22 miles northwest of Washington, D.C. The property, which includes more than 290,000 rentable square feet, was fully leased at the time of sale. In 2016, nonprofit science and technology company Noblis Inc. signed a 160,000-square-foot lease at the property, taking all of Summit I and a portion of Summit II, according to the Washington Business Journal. Tom Cleaver, Dan Grimes and Rob Faktorow of CBRE arranged the transaction on behalf of both JBG Smith and BPY. Summit features a fitness center, showers, bike racks, an on-site deli and shuttle service to Reston Town Center, a mixed-use development featuring offices, retail and restaurant space. The property is located one mile from the future Reston Town Center Metro station.

ALEXANDRIA, VA. — The Meridian Group has sold Cameron Run, a 145,244-square-foot office building in Alexandria, for $37.8 million. The property is located at 3601 Eisenhower Ave., roughly eight miles south of Washington, D.C. Monday Properties acquired the six-story building. Eric Berkman and the late Juliana Ko of Cushman & Wakefield arranged the transaction on behalf of Meridian, which originally acquired the asset in 2012. Meridian invested $1.7 million in capital improvements at Cameron Run, including cooling tower replacements, garage enhancements, a new fitness center, new café, additional landscaping and a renovated lobby, restrooms and elevators. The building was fully leased at the time of sale to 13 tenants, including engineering company Michael Baker Corp., which occupies 50,709 square feet.