Meridian Group Purchases Office Building in Downtown D.C. from New York Life for $75M
WASHINGTON, D.C. — The Meridian Group, a Bethesda, Md.-based real estate investment and development firm, has purchased 1901 L Street, an eight-story office building located in downtown Washington, D.C.’s central business district. Meridian purchased the 132,372-square-foot property from New York Life in an off-market transaction for $75 million. At closing, the building will be 73 percent leased to two retail tenants — Staples and Sweetgreen — and a mix of 15 office tenants. Meridian is planning an extensive renovation of 1901 L that will add three new floors of trophy space to the top of the building. The renovation will also include a new lobby with high-end finishes, new façade and new HVAC and elevator systems, as well as a tenant-only indoor/outdoor penthouse space, fitness center and a conference center. The renovation will increase the size of the building to 206,000 square feet. Meridian selected Fox Architects to design the new building. The purchase is the fifth acquisition for an affiliate of Meridian — Meridian Realty Partners II LP, a $231.6 million discretionary fund.