Jones Lang LaSalle to manage Solutions Plaza in Tysons
- August 15, 2013
The Meridian Group has hired Jones Lang LaSalle (JLL) to manage three buildings totaling 640,000 square feet at Solutions Plaza, an 18-acre corporate headquarters campus in Tysons.
The Solutions Plaza assignment includes three buildings on SAIC Drive, located at Route 7 in the Tysons submarket known as "The Hill" near Tysons Galleria Mall.
In addition to adjacent retail amenities, the property soon will be serviced by the new Tysons Central 7/Greensboro Metro station, scheduled to open in early 2014.
“Meridian’s buildings offer a great opportunity to showcase the market changes expected in Tysons with the new Silver Line Metro,” Meredith Roark, regional director, mid-Atlantic property management for JLL, said in a statement.
The Meridian Group, a real estate investment and development firm based in Bethesda, Md., recently acquired the property. According to JLL, the firm plans a $20 million renovation of two of the buildings, which will be vacated within a year. The upgrades include new lobbies and common areas, HVAC systems and pedestrian walkways and plazas near the Metro station.
The third building is fully occupied.
A fourth Solutions Plaza building, with a surface parking lot on Greensboro Drive, is vacant and will be demolished for redevelopment.
Previously filed development plans, which The Meridian Group plans to follow, also call for an additional 3 million square feet of mixed-use space, including new office, residential, retail and hotel uses.
The Meridian Group acquired Solutions Plaza through its $160-million discretionary real estate fund, Meridian Realty Partners I, one of the largest equity funds focused on real estate in the Washington, D.C., metropolitan area.