12-Story Building in the Heart of Fast-Evolving Downtown
The Meridian Group announced today it has purchased International Place, a 12-story office building in the fast-evolving center of Rosslyn, Va.
The Meridian Group, a 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 Rosslyn 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,” said Gary Block, managing director and partner of The Meridian Group. “We are pleased that we were able to acquire an asset with such exceptional potential.”
Meridian purchased the building from Beacon Capital Partners for an undisclosed price. 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, Va., from Beacon.
“Both transactions are excellent value-add opportunities that fit our investment strategy well,” said David Cheek, president and co-founder of The Meridian Group.
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 and Energy Star-certified building features spectacular 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 state-of-the-art fitness center and a newly constructed best-in-class 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 already features a stellar line-up of fast-casual dining options, including Chipotle, Chop’t, Potbelly, Perfect Pita, Brown Bag, Starbucks, and Wiseguy NY Pizza. In addition to the outstanding ground-level retail at International Place, the area is home to an abundant variety of shops, coffee houses, restaurants and outdoor activities.
Few properties in the metro DC area are as easily accessible as International Place, with the nearby Metro station and access for motorists via Route 50, Interstate 66, Interstate 395, Wilson Boulevard, Clarendon Boulevard, and the George Washington Memorial Parkway. Georgetown is located less than one mile away across the Key Bridge.
International Place is close to a number of new developments, including The JBG Companies’ Central Place. That development, now under construction, will include a large public plaza and some 45,000 square feet of ground-level retail.
“This area is quickly evolving into a vibrant downtown,” Lane said. “It’s an incredible transformation, and we’re excited to be a part of it.”
International Place is just the latest acquisition by The Meridian Group, one of the most active investors in the DC metropolitan area. Its acquisitions include:
- An 18.1-acre site that Meridian is developing into The Boro, a premier mixed-use development in the heart of Tysons, Va. Located within walking distance of the Greensboro Metro station, The Boro will feature 3.7 million square feet of offices, apartments, condominiums, upscale stores, restaurants and entertainment.
- 1400 L Street, a 12-story Class A office building at the corner of L and 14th streets in Washington, DC. The firm plans a $16 million renovation to the 172,453-square-foot building, located less than two blocks from the McPherson Square Metro station.
- 11111 Sunset Hills Road, a Class A office building in Reston, Va. The 216,000-square-foot building is located near the Dulles Toll Road and the Wiehle-Reston East Metro station.
- The Hyatt Regency Bethesda, a 390-room upscale hotel located at 7400 Wisconsin Avenue. The firm has plans to reposition the well-known hotel, which sits atop the Bethesda Metro station.
- 800 K and 801 Eye Street, two adjoined office buildings in the campus formerly called Techworld and now known as Anthem Row. The firm is planning a major renovation of the 758,000-square-foot office complex, located between Mt. Vernon Square and CityCenterDC.
ABOUT THE MERIDIAN GROUP
The Meridian Group is a real estate investment and development firm based in Bethesda, Md. Since its inception in 1993, Meridian has acquired more than 12 million square feet of office, residential, hotel, mixed-use, and land with a focus on the metropolitan Washington, DC market. To learn more, visit Meridian’s website at www.tmgdc.com
