Meridian Group buys Rosslyn-Ballston office building for $49 million
- May 21, 2012
One Ballston Plaza, located at 1010 N. Glebe Road, in the popular Rosslyn-Ballston Corridor in Arlington County has a new owner. Eastdil Secured announced Monday that it arranged the sale of the 142,833-square-foot, Class A building to The Meridian Group, a real estate investment and development firm based in Bethesda, Md., for $49 million. The seller was TA Associates Realty, an affiliated company of TA Associates,a private equity firm based in Boston.
“One Ballston Plaza attracted interest from a broad array of investors who have been seeking a Class A office building in the R/B Corridor, one of the most sought-after suburban submarkets in the country,” John Kevill, managing director of Eastdil Secured, said in a statement.
Built in 1986, the eight-story building has a diversified tenant base of 13 tenants, including government contractors, private firms and national associations. It is within walking distance of more than 50 restaurants, several hotels and the Ballston Common Mall.
According to Eastdil Secured, the population in the R-B Corridor has grown 11 percent since 2000, and is expected to grow an additional 8.4 percent between 2010 and 2015. Future developments are focused primarily on residential projects, limiting office opportunities. As a result, the corridor is among the most supply-constrained submarkets in the region.
Eastdil Secured is a subsidiary of Wells Fargo Bank. It has offices in Washington, D.C. and throughout the country and in London and Hong Kong. Since 2007, Eastdil Secured says it has completed more than 1,800 transactions totaling more than $400 billion.