By Beata Lorincz
The Meridian Group has sold a majority interest in Boro Station, a three-building office complex in the Washington, D.C.-area, to MetLife Investment Management, recapitalizing the property in a joint venture partnership. Meridian, who acquired the office towers in 2013 from Science Applications International Corp., retained a minority interest and will continue to manage the asset. According to public records, the three towers traded for a total of $236.3 million.
The property is located in Tysons, Va., roughly 40 miles west of downtown D.C., adjacent to the Greensboro metro station. The site, providing 1,602 parking spaces, offers easy access to interstates 495 and 66, along with roads 267, 7 and 123, being in close proximity to three large retail centers. Boro Station represents the gateway to The Boro, Meridian’s upcoming mixed-use development, which will provide 4.2 million square feet of office, retail and entertainment amenities.
Shortly after purchasing the ensemble, Meridian invested more than $60 million in the renovation and repositioning of Boro Station. The upgrades included the replacement of mechanical systems, renovation of the common areas, fitness center and lobbies. The property was also re-oriented towards the Metro station, with the addition of a new grand entrance. Additional amenities were included, such as a conference center, a two-story café and a Starbucks.
Eastdil Secured’s team comprising Collins Ege, Nicolas Seidenberg, Sean McDermott, Bradley Allen and Axel Azcue represented Meridian. Anthony Balestrieri and David Posnick led the transaction for MetLife Investment Management.
“MetLife has acquired a majority interest in Boro Tower, three outstanding Class A office towers, all ideally located in the Boro District, the premier metro-oriented, mixed-use destination in Tysons,” Gary Block, partner & chief investment officer of The Meridian Group, told Commercial Property Executive.
Image courtesy of The Meridian Group