Meridian Group acquires class A office building in Reston
- December 7, 2015
The Meridian Group said Monday that it has acquired a Class A office building near the Dulles Toll Road and the Wiehle-Reston East Metro Station in Reston. The price was not disclosed.
The Bethesda, Md.-based real estate investment and development firm purchased the 216,239-square-foot building at 11111 Sunset Hills Road from Boston-based Beacon Capital Partners. HFF represented Beacon in the transaction.
“This was an exceptional opportunity to acquire a Class A office building in an excellent location in a growing Reston submarket,” Gary Block, managing director of The Meridian Group, said in a statement. “The building is attractive for a number of reasons: It’s within walking distance of Metro, it has high visibility from the Dulles Toll Road, it’s ideally situated in a mixed-use neighborhood, and it attracts and includes investment-grade credit tenants.”
The property, which Meridian says is 80 percent leased, is close to a number of Reston retail hubs, including Reston Town Center and Plaza America. It’s also close to Comstock’s Reston Station, a mixed-use development that’s under construction. When completed, Reston Station will feature luxury apartments, a full-service hotel, restaurants and street-level retail in an urban plaza.
The Meridian Group continues to be an active investor in the D.C. metropolitan area. Since 2011, when Meridian completed its first discretionary private-equity fund, the firm has acquired $1.2 billion in assets in the region.
In addition to 11111 Sunset Hills Road, the firm also is developing The Boro, a 3.7-million-square-foot, mixed-use development in the heart of Tysons on Greensboro Drive. Located near the Greensboro Metro station, The Boro will offer mix of offices, apartments, condominiums, upscale stores, restaurants and entertainment.