The Meridian Group Acquires Two Tysons Office Assets for $58M
The combined 429,671-square-foot, class B office buildings, purchased from Colony Capital, will undergo planned renovations and updates.
TYSONS, VA – The Meridian group has acquired two office buildings in Tysons, VA for a combined purchase price of $58.25 million.
The two assets, purchased from Colony Capital, represent a combined 429,671 square feet and are 64% leased across both properties.
The sale encompasses the 172,957-square-foot, 8-story, class B office building at 1951 Kidwell Drive, and the 256,714-quare foot, 8-story, class B office building at 1953 Gallows Road. The assets, located at the intersection of Route 7 and the Capital Beltway, are currently 75% leased and 55% leased, respectively.
The Meridian Group intends to lease up existing vacancies through a planned capital project, consisting of amenity and common area renovations and updates.
The real estate investment and development firm, based in Bethesda, MD, has acquired and developed more than 14 million square feet of office, residential, hotel and mixed-use space since its inception in 1993.
