By IvyLee Rosario
Vienna, Va.—The Meridian Group recently closed the sale of Tysons Technology Center, a 280,000-square-foot technology campus just outside Washington, D.C. The property traded for $96 million to an undisclosed buyer. Meridian was represented by Cushman & Wakefield’s Eric Berkman and Bill Collins and JM Zell Partners’ Jeff Zell and Louis Kluger. Gary Block, managing director at The Meridian Group led the firm’s efforts on the acquisition and sale of the asset.
The complex, located on Science Applications Court in Vienna, Va., is adjacent to the Capital Beltway (Interstate 495), a short distance away from the Tysons Corner Metro Station, and two miles south of The Boro, another Meridian Group development. Tyson Technology Center comprises a 199,560-square-foot office and data center building and an additional 79,890-square-foot office building. The property is 91 percent occupied and anchored by Leidos and GSA.
Meridian purchased the campus for $63 million in 2011 from SAIC and invested more than $11 million in upgrades, including renovation of the lobbies and data infrastructure enhancements. The company is also rezoning the property to allow for a full-sized lighted athletic field with synthetic turf and sound wall to reduce noise from the highway. The revamp is slated for completion in 2018 and the park will be managed by the Fairfax County Park Authority.
“This transaction fit our investment strategy of acquiring underperforming assets and unlocking additional value,” said Dave Gelfond, senior vice president of Meridian, in prepared remarks. “It was a repositioning opportunity where we converted substandard office space to data space and increased leasing from 63 percent at acquisition to 91 percent at sale.”
Image courtesy of The Meridian Group