Meridian Group recapitalizes Boro Station with joint venture partner
The Meridian Group said Monday that it has secured a joint venture partner for the recapitalization of Boro Station, selling a majority interest in the three-building complex in Tysons to MetLife Investment Management.
Meridian will retain a minority interest in Boro Station (formerly known as Greensboro Station) and continue day-to day management of the property.
Globestreet.com reported that MetLife and Mubadala Investment had closed on the transaction, with a 95 percent stake in Boro Station for $244 million. It reported that the Meridian Group kept a 5 percent stake.
Boro Station comprises three recently renovated office towers of about 630,000 square feet and a 1,602-car parking garage. It’s located steps away from the Greensboro Metro Station.
The offices serve as the gateway to The Boro, Meridian’s new development that’s currently under construction and will offer 4.2 million square feet of office, retail, entertainment and an open park space on 15 acres.
“Boro Station represents an outstanding opportunity for MetLife Investment Management to participate in the activity and the buzz that comes with the Boro District,” Gary Block, partner and chief investment officer of the Bethesda, Md.-based Meridian Group, said in a statement.
Meridian acquired Boro Station from Science Applications International Corp. (SAIC) in 2013 for a reported $85 million. Since then, the company says it has invested more than $60 million on renovating and repositioning the development.
Renovations have included replacement of mechanical systems, renovating common areas, upgrading the lobbies, improving the fitness center and re-orienting the property towards the new Metro station. Additions included a new conference center, a two-story café and a Starbucks.