{"id":1004072324,"date":"2013-05-08T06:41:56","date_gmt":"2013-05-08T14:41:56","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004072324"},"modified":"2025-02-24T23:57:47","modified_gmt":"2025-02-25T07:57:47","slug":"the-meridian-group-acquires-saic-corporate-headquarters-in-northern-virginia","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/the-meridian-group-acquires-saic-corporate-headquarters-in-northern-virginia\/","title":{"rendered":"The Meridian Group Acquires SAIC Corporate Headquarters in Northern Virginia"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"\"<\/a>Bethesda, Md.\u2014The Meridian Group, a real estate investment and development firm based in Bethesda, Md., has acquired Science Applications International Corp.\u2019s landmark 18-acre corporate headquarters campus at Tysons Corner in Northern Virginia.<\/p>\n

The purchase was made through Meridian\u2019s $160-million discretionary real estate fund, Meridian Realty Partners I. Meridian\u2019s purchase includes SAIC\u2019s 600,000-square-foot three-building headquarters complex, and Meridian will lease back one of the buildings for seven years. The other two buildings will be vacated within a year. A fourth building with a surface parking lot is currently vacant and will be demolished for redevelopment.<\/p>\n

\u201cTysons is the downtown of Northern Virginia, and is the 12th largest office market in the country.\u00a0It has the largest concentration of retail space between DC and Miami, and will increase its attraction to employers due to its Beltway access, new HOT lanes and four new Metro stations,\u201d Gary Block, The Meridian Group\u2019s managing director, told Commercial Property Executive<\/em>. \u201cThis transaction provides us with the ability to participate in the transformation of one of the largest office markets in the country into a dynamic live-work-play atmosphere.\u201d<\/p>\n

The property is located on Route 7 at the new Tysons Central 7\/Greensboro Metro station, and it has the closest existing buildings to Metro anywhere in Tysons. Bounded by Westpark Drive and Greensboro Drive, the property sits in a major submarket of Tysons known as \u201cThe Hill\u201d near Tysons Galleria Mall.<\/p>\n

\u201cThe Greensboro area of Tysons, in particular, offers what we believe can be the true urban core of Tysons, and the property is right at the center of that,\u201d Block said. \u201cAs tenants today are increasingly looking to relocate to newer, more efficient space, we believe the property is uniquely-situated to meet that demand at different price points, with new development competing at the upper end of the Tysons market and our existing, renovated buildings offering an extremely competitive product for more price sensitive tenants that are also seeking amenity rich, efficient space.\u201d<\/p>\n

According to Block, Meridian will start a $20-million renovation plan that includes repositioning and rebranding the three building complex, which will include an overhaul of the buildings\u2019 mechanical system, renovation of all common areas including the main lobby, corridors, elevator cabs, ceilings (including lighting and sprinkler systems), fitness facilities, and restrooms, as well as creating exceptional outdoor work and social gathering spaces.<\/p>\n

It will also create a new grand entrance to the complex immediately adjacent to the new Metro station, which should afford additional retail opportunities.<\/p>\n

\u201cOur investment philosophy is to acquire institutional quality assets in \u2018path of growth\u2019 locations near Metro rail stations, highway interchanges and retail or mixed-use projects;\u00a0 and, with value-creation potential,\u201d Block said. \u201cThis transaction represents well the strategy that we have devised for our $160 million+ discretionary private equity fund.\u201d<\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The Meridian Group acquired Science Applications International Corp.\u2019s landmark 18-acre corporate headquarters campus at Tysons Corner. <\/p>\n","protected":false},"author":451,"featured_media":1004072333,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21808,21783,11,21742,21747,4,1615],"tags":[],"class_list":["post-1004072324","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-featured","category-investment","category-midatlantic","category-latest","category-office","category-regions","category-washington-dc"],"acf":[],"yoast_head":"\nThe Meridian Group Acquires SAIC Corporate Headquarters in Northern Virginia - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/the-meridian-group-acquires-saic-corporate-headquarters-in-northern-virginia\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Meridian Group Acquires SAIC Corporate Headquarters in Northern Virginia\" \/>\n<meta property=\"og:description\" content=\"The Meridian Group acquired Science Applications International Corp.\u2019s landmark 18-acre corporate headquarters campus at Tysons Corner.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/the-meridian-group-acquires-saic-corporate-headquarters-in-northern-virginia\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-05-08T14:41:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-25T07:57:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/05\/SAIC-HQ.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"958\" \/>\n\t<meta property=\"og:image:height\" content=\"642\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/the-meridian-group-acquires-saic-corporate-headquarters-in-northern-virginia\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/the-meridian-group-acquires-saic-corporate-headquarters-in-northern-virginia\/\",\"name\":\"The Meridian Group Acquires SAIC Corporate Headquarters in Northern Virginia - 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