{"id":1004166760,"date":"2017-02-15T05:13:34","date_gmt":"2017-02-15T13:13:34","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004166760"},"modified":"2022-12-08T19:56:52","modified_gmt":"2022-12-09T03:56:52","slug":"the-meridian-group-invests-heavily-in-dc","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/the-meridian-group-invests-heavily-in-dc\/","title":{"rendered":"The Meridian Group Invests Heavily in DC"},"content":{"rendered":"

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

\"Left<\/a>

Left to right: Gary Block, David Cheek, Bruce Lane<\/p><\/div>\n

Washington<\/strong>\u2014The Meridian Group has closed Meridian Realty Partners II LP, its second fund, with $231.6 million raised from institutional investors.\u00a0Meridian also raised and invested an additional $80 million of co-investment capital\u00a0in Fund II transactions to date.<\/p>\n

\u201cWe will be acquiring undermanaged, undervalued and\/or underleased assets in A+ locations in the D.C. area near metro and mixed-use amenities at pricing substantially below replacement cost,\u201d\u00a0Gary Block, The Meridian Group\u2019s chief investment officer, told Commercial Property Executive<\/em>. \u201cThen we\u2019ll renovate and reposition the assets to a condition and space that we believe is what the tenants want today and tomorrow, achieve stabilization and sell.\u201d<\/p>\n

With leverage and additional co-investment capital, the firm expects to acquire properties totaling approximately $1.5 billion for its new fund over the next several years.<\/p>\n

Meridian has already completed five Fund II transactions totaling over $400 million.<\/p>\n

According to Block, each of the assets acquired in Fund II has been purchased at pricing substantially below replacement cost and, in most cases, substantially below Meridian\u2019s view of value and in need of renovation or leasing.<\/p>\n

The properties include 11111 Sunset Hills in Reston, Va.; International Place at the Rosslyn Metro across the street from the newly developed Central Place; 400 L St. in the CBD and well-located in the 14th Ave. Corridor;\u00a01901 L St. in the CBD<\/a>; and Bethesda Hyatt at the Bethesda Metro and adjacent to Bethesda Row.<\/p>\n

\u201cWe are seeing a lot positive trends in the D.C. metro area. These include positive demographics with the highest combination of private sector and government-related job growth in years; positive population growth, especially from the Millennials; an ever-growing educated work force and companies relocating to the D.C. metro area,\u201d Block said. \u201cThere\u2019s also an ever-growing appetite for core investors to pay increasingly higher prices for core product in D.C.\u201d<\/p>\n

Looking ahead, Block noted the company will continue to \u201cstick to our knitting,\u201d acquiring assets near metro and mixed-use amenities in Tysons near Greensboro Station<\/a>, in the Central Business District, in Arlington, in Bethesda, Md., and in Alexandria, Va.<\/p>\n

\u201cThese are places where we can create value on the buy and create value at the property level by creating space that is in demand by today and tomorrow\u2019s tenants,\u201d he said. \u201cThat includes leasing up the property, renovating it, repositioning it, creating retail value and\/or developing the property further.\u201d<\/p>\n

Meridian\u2019s first fund, Meridian Realty Partners I LP, raised $160 million of discretionary funds, along with additional co-investment capital of $510 million, for a total of $670 million for acquisitions and development projects. Total capitalization is expected to be $1.8 billion.<\/p>\n

Image courtesy of The Meridian Group<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The firm expects to acquire properties totaling $1.5 billion for its new fund over the next several years.<\/p>\n","protected":false},"author":451,"featured_media":1004166761,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21783,11,21752,21742,21747,1615],"tags":[33989,33280],"class_list":["post-1004166760","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-investment","category-midatlantic","category-mixed-use","category-latest","category-office","category-washington-dc","tag-gary-block","tag-the-meridian-group"],"acf":[],"yoast_head":"\nThe Meridian Group Invests Heavily in DC - 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-invests-heavily-in-dc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Meridian Group Invests Heavily in DC\" \/>\n<meta property=\"og:description\" content=\"The firm expects to acquire properties totaling $1.5 billion for its new fund over the next several years.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/the-meridian-group-invests-heavily-in-dc\/\" \/>\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=\"2017-02-15T13:13:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T03:56:52+00:00\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/Left-to-right-Gary-Block-David-Cheek-Bruce-Lane-e1487161321769.jpg\" \/>\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-invests-heavily-in-dc\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/the-meridian-group-invests-heavily-in-dc\/\",\"name\":\"The Meridian Group Invests Heavily in DC - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/the-meridian-group-invests-heavily-in-dc\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/the-meridian-group-invests-heavily-in-dc\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/Left-to-right-Gary-Block-David-Cheek-Bruce-Lane-e1487161321769.jpg\",\"datePublished\":\"2017-02-15T13:13:34+00:00\",\"dateModified\":\"2022-12-09T03:56:52+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/aaa29b723dad85f2444ae3cb0c4d735f\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/the-meridian-group-invests-heavily-in-dc\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/the-meridian-group-invests-heavily-in-dc\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/the-meridian-group-invests-heavily-in-dc\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/Left-to-right-Gary-Block-David-Cheek-Bruce-Lane-e1487161321769.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/Left-to-right-Gary-Block-David-Cheek-Bruce-Lane-e1487161321769.jpg\",\"width\":4352,\"height\":3280,\"caption\":\"Left to right: Gary Block, David Cheek, Bruce Lane\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/the-meridian-group-invests-heavily-in-dc\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The Meridian Group Invests Heavily in DC\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/aaa29b723dad85f2444ae3cb0c4d735f\",\"name\":\"Keith Loria\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/c971a04cf612cbf81bf5ac2e5ca5dfe85c32fa0d44d16ce044eee3b59755107d?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/c971a04cf612cbf81bf5ac2e5ca5dfe85c32fa0d44d16ce044eee3b59755107d?s=96&d=mm&r=g\",\"caption\":\"Keith Loria\"},\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/keith-loria\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"The Meridian Group Invests Heavily in DC - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/the-meridian-group-invests-heavily-in-dc\/","og_locale":"en_US","og_type":"article","og_title":"The Meridian Group Invests Heavily in DC","og_description":"The firm expects to acquire properties totaling $1.5 billion for its new fund over the next several years.","og_url":"https:\/\/www.commercialsearch.com\/news\/the-meridian-group-invests-heavily-in-dc\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2017-02-15T13:13:34+00:00","article_modified_time":"2022-12-09T03:56:52+00:00","author":"Keith Loria","twitter_card":"summary_large_image","twitter_image":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/Left-to-right-Gary-Block-David-Cheek-Bruce-Lane-e1487161321769.jpg","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/the-meridian-group-invests-heavily-in-dc\/","url":"https:\/\/www.commercialsearch.com\/news\/the-meridian-group-invests-heavily-in-dc\/","name":"The Meridian Group Invests Heavily in DC - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/the-meridian-group-invests-heavily-in-dc\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/the-meridian-group-invests-heavily-in-dc\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/Left-to-right-Gary-Block-David-Cheek-Bruce-Lane-e1487161321769.jpg","datePublished":"2017-02-15T13:13:34+00:00","dateModified":"2022-12-09T03:56:52+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/aaa29b723dad85f2444ae3cb0c4d735f"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/the-meridian-group-invests-heavily-in-dc\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/the-meridian-group-invests-heavily-in-dc\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/the-meridian-group-invests-heavily-in-dc\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/Left-to-right-Gary-Block-David-Cheek-Bruce-Lane-e1487161321769.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/Left-to-right-Gary-Block-David-Cheek-Bruce-Lane-e1487161321769.jpg","width":4352,"height":3280,"caption":"Left to right: Gary Block, David Cheek, Bruce Lane"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/the-meridian-group-invests-heavily-in-dc\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"The Meridian Group Invests Heavily in DC"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/aaa29b723dad85f2444ae3cb0c4d735f","name":"Keith Loria","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/c971a04cf612cbf81bf5ac2e5ca5dfe85c32fa0d44d16ce044eee3b59755107d?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c971a04cf612cbf81bf5ac2e5ca5dfe85c32fa0d44d16ce044eee3b59755107d?s=96&d=mm&r=g","caption":"Keith Loria"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/keith-loria\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/Left-to-right-Gary-Block-David-Cheek-Bruce-Lane-e1487161321769.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004166760","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/451"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004166760"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004166760\/revisions"}],"predecessor-version":[{"id":1004611846,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004166760\/revisions\/1004611846"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004166761"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004166760"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004166760"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004166760"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}