TYSONS, VA–GlobeSt.com caught up with Gary Block, chief investment officer of The Meridian Group to find out more about the JV it announced it had formed with Rockefeller Group to develop the $250 million Boro Tower.
Read Meridian, Rockefeller Group Form JV To Develop Boro Tower
How this partnership came about
We did not have a JV structure in mind from beginning. It came about through relationships we had with senior people at Rockefeller.
They were talking with us about trying to do a deal together. They wanted to do a trophy office building in a A plus, urban core location near a metro station.
Boro Towers was the perfect deal to do it. So we brought them in. We weren't looking for a capital partner for this particular deal but thought Rockefeller Group would be beneficial for the project. It's a straight up 50-50 deal.
On whether there will be future JVs with Rockefeller Group
Yes there will be but I can't say what specifically right now. It is possible we may talk to them again for the next phases of The Boro.
Any concrete plans for phase two of The Boro
We're just focused on phase one right now.
Other leasing activity at Boro Tower
Besides the two signed pre-leases there is a lot of leasing activity that I am not at liberty to discuss yet.
TYSONS, VA–GlobeSt.com caught up with Gary Block, chief investment officer of The Meridian Group to find out more about the JV it announced it had formed with Rockefeller Group to develop the $250 million Boro Tower.
Read Meridian, Rockefeller Group Form JV To Develop Boro Tower
How this partnership came about
We did not have a JV structure in mind from beginning. It came about through relationships we had with senior people at Rockefeller.
They were talking with us about trying to do a deal together. They wanted to do a trophy office building in a A plus, urban core location near a metro station.
Boro Towers was the perfect deal to do it. So we brought them in. We weren't looking for a capital partner for this particular deal but thought Rockefeller Group would be beneficial for the project. It's a straight up 50-50 deal.
On whether there will be future JVs with Rockefeller Group
Yes there will be but I can't say what specifically right now. It is possible we may talk to them again for the next phases of The Boro.
Any concrete plans for phase two of The Boro
We're just focused on phase one right now.
Other leasing activity at Boro Tower
Besides the two signed pre-leases there is a lot of leasing activity that I am not at liberty to discuss yet.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
