Jones Lang LaSalle to manage Solutions Plaza in Tysons
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.