Meridian Group joins forces with Rockefeller Group on Boro Tower
The Meridian Group has joined forces with the Rockefeller Group in a joint venture to co-develop Boro Tower, the 20-story, 437,000-square-foot trophy office building underway at Tysons.
“We are thrilled to have such a major company as Rockefeller Group, with its incredible capabilities and brand, invest alongside us and co-develop Boro Tower,” David Cheek, president of Bethesda, Md.-based Meridian, said in a statement.
Located within walking distance of the new Greensboro Metro station, the $250 million tower is part of a larger $825 million mixed-use development that will offer a mix of offices, apartments, condominiums, retail stores, restaurants and entertainment.
The 4.2 million-square-foot development is part of the new urban, walkable focus of Tysons as it continues a shift from a suburban shopping and work center to a 24/7 urban core center for Fairfax County.
“We feel privileged to be partnering with The Meridian Group to co-develop Boro Tower, our firm’s first development in the greater D.C. market,” Daniel Moore, executive vice president and head of urban development for Rockefeller Group, said in a statement. “The Boro is a transformational project that will create long-term economic and civic value.”
Gary Block, chief investment officer of The Meridian Group, said in an interview that his company has had personal and business relationships with some of the senior executives at the New York-based Rockefeller Group, known for developing Rockefeller Center. “So we have been in discussions with them about finding a project to do together, and this one was the perfect one. It’s an iconic office building in a very exciting development.”
Boro Tower already is more than 20 percent preleased to two tenants. Tegna, which has a portfolio of media and digital businesses, is moving its headquarters from McLean to the top three floors where it will take about 46,000 square feet. Hogan Lovells, a global law firm based in Northern Virginia with more than 45 offices, will lease 44,500 square feet to occupy the tower’s 17th floor and half of its 16th floor.
From its site on a place known as “The Hill” – the highest ground elevation in Fairfax County – Boro Tower will offer panoramic views from the Blue Ridge Mountains to downtown Washington.
Excavation work is underway on what will be a LEED gold-designed tower. The building will have a glass curtain wall, accented by a modern, white-glazed terra cotta. It will offer nine- to ten- ceilings and be topped by an expansive rooftop terrace.
According to Block, the tower’s shell should be ready for build out by tenants by June or July of next year.
The Gensler-designed office project is part of The Boro’s 1.7 million-square-foot Phase One. Now under construction, the first phase will have about 260,000 square feet of retail, 700 residential units, and 500,000 square feet of office space. According to The Meridian Group, it’s one of the largest private development project under construction in the Washington region.
In addition to the office tenants, The Boro has attracted Whole Foods Market, which is planning a 69,000-square-foot flagship location; and ShowPlace ICON Theatre, which will open a cinema with 15 screens and dining options. Located near Route 7, Route 123 and Greensboro Drive, The Boro will offer a combination high-rise and mid-rise construction on a 15-acre site.
At total build out, the entire project plans more than 1,500 residential units, 1.8 million square feet of office space and a new hotel. It will also offer 316,000 square feet of retail space with nearly 20 restaurants as well as fitness, home furnishings, fashion, and service retail locations.