Meridian Group Will Renovate the Office Building and WeWork Companies Inc. Will Lease over 100,000 SF as Part of the Agreement
The Meridian Group announced today the formation of a joint venture with affiliates of WeWork Property Advisors to acquire 1333 New Hampshire Ave. NW in Washington, D.C.
Meridian plans to renovate the 350,000-square-foot office building, which was purchased from Boston Properties for an undisclosed price. Affiliates of WeWork Property Advisors are contributing 50 percent of the equity. As part of the transaction, WeWork Companies Inc. is leasing over 100,000 square feet of the building.
“We are excited to partner with affiliates of WeWork Property Advisors,” said Gary Block, Chief Investment Officer of The Meridian Group.
Collins Ege at Eastdil Secured represented Boston Properties in this transaction, and Nicholas Seidenberg at Eastdil Secured represented the Meridian Group in its senior secured financing.
The 12-story building is ideally located next to the Dupont Circle Metro station in the Central Business District’s Golden Triangle submarket.The free-standing building offers panoramic views in all directions.
It currently is 84 percent leased to Akin Gump Strauss Hauer & Feld, a prominent law firm that has anchored the building for more than 25 years. The law firm is scheduled to leave by August 2019.
Meridian plans to renovate the building, including resurfacing and enhancing its exterior, upgrading and modernizing its lobby and adding high quality tenant amenities. Additionally, Meridian “is excited to build out a sizeable indoor/outdoor amenity at the penthouse level, which will afford tenants unobstructed, panoramic views of the District and Northern Virginia,” said Salem Tierce, Senior Vice President of The Meridian Group. “We’re looking forward to transforming 1333 New Hampshire Ave. into an exceptional building deserving of its exceptional location.”
The renovations will start next year and are expected to be completed by Summer 2020.
Situated in the heart of the Dupont Circle Area in the Golden Triangle, 1333 New Hampshire Ave. NW is in one of the most-coveted office and retail submarkets in Washington. The building features several restaurants at the street level and a two-level below-grade parking garage. The site offers easy access to the Metro as well as major thoroughfares.
“This is a well-located building near Dupont Metro station and numerous high-quality amenities,” said David Cheek, President of The Meridian Group. “It’s a tremendous asset with a great upside, and it fits perfectly with our value-add investment strategy.”
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 and developed more than 14 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.
