Meridian Group buys 12-story office building in Rosslyn
The Meridian Group has purchased International Place, a 12-story office building in Rosslyn for an undisclosed price.
The real estate investment and development firm, based in Bethesda, Md., plans to renovate and reposition the 293,539-square-foot building at 1735 Lynn Street in the submarket of Arlington County.
“International Place is in an ideal location at the base of Central Place, now under construction, so it’s primed for positive growth,” Gary Block, managing director and partner of The Meridian Group, said in a statement. “We are pleased that we were able to acquire an asset with such exceptional potential.”
Meridian purchased the building from Beacon Capital Partners. Representing Beacon were Bill Collins and Paul Collins at Cushman & Wakefield.
It’s the Meridian Group’s second transaction with Beacon Capital in the past seven months. In December, Meridian purchased 11111 Sunset Hills Road in Reston from Beacon.
Located across the street from the Rosslyn Metro station, International Place is 90 percent leased to tenants that include the USPS Office of the Inspector General and the State Department. The LEED gold-certified building offers views of the Jefferson Monument, Memorial Bridge and the Potomac River.
The building recently has undergone $4.4 million in improvements, including a 4,376-square-foot fitness center and a newly constructed conference center.
“We have plans for a number of other improvements, including upgrades to the building’s lobby and other common areas,” said Bruce Lane, executive vice president and co-founder of The Meridian Group.
International Place is close to a number of new developments, including The JBG Cos. Central Place. That development, now under construction, will include a large public plaza and 45,000 square feet of ground-level retail.
“This area is quickly evolving into a vibrant downtown,” Lane said.