18A — June 10 - 23, 2016 — DelMarVa — M id A tlantic
Real Estate Journal
www.marejournal.com
D el M ar V a
ASHINGTON, DC — The Meridian Group announced Firm plans renovations to 12-story office building at 1400 L St. The Meridian Group purchases 172,453 s/f building in Washington, DC from Mack-Cali W coming location,” said Gary Block , managing director of The Meridian Group. dous upside for us here.” The deal marks the latest acquisition for The Meridian Group in DC.
it has closed on the purchase of 1400 L St., with major plans to renovate the 12-story class A office building at the corner of L and 14th streets in Wash- ington, DC. The Meridian Group, a real estate investment and development firm based in Bethesda, MD, agreed to buy the 172,453 s/f building from Mack-Cali . “We’re pleased to acquire 1400 L Street, as it represents an outstanding value-add ac- quisition in a terrific up-and-
Located less than two blocks from McPherson Square Met- ro station, 1400 L St. is 98% leased, with the GSA/U.S. Customs and Border Protec- tion Agency as its largest ten- ant. The building is situated on 14th St., south of Thomas Circle, in the northern portion of Washington’s East End submarket. “GSA is expected to vacate the building in 2018, giving us the opportunity to reposition 1400 L Street and re-lease it,” Block said. “There is tremen-
“Acquiring 1400 L Street ex- pands our presence in Wash- ington, which is an important strategic goal of our firm,” said David Cheek , president and co-founder of The Meridian Group. In 2014, Meridian pur- chased 800 K and 801 Eye St., two adjoined office buildings in the campus formerly called Techworld and now known as AnthemRow. The firm is plan- ning a major renovation of the 758,000 s/f office complex, located between Mt. Vernon Square and CitiCenterDC. Meridian has major plans for 1400 L St. as well. “We are planning to signifi- cantly improve and upgrade 1400 L Street,” said Bruce Lane , executive vice presi- dent and co-founder of The Meridian Group. “These im- provements will include reno- vating the two-story lobby, re- vamping the retail storefronts and adding some creative amenities.” The building already fea- tures a lobby with a fountain, granite floors and a glass canopy. Amenities include an on-site fitness center and below-grade parking that ac- commodates up to 135 cars. The building’s typical floor plate is roughly 14,500 s/f -- ideally sized to attract the broadest selection of office tenants in the East End. The building’s premier lo- cation is close to Franklin Square, Thomas Circle, and McPherson Square parks, and just blocks fromLafayette Park and the White House. The building is ideally locat- ed for commuters. It’s within walking distance of four Metro stations – McPherson Square, Farragut North, Metro Center and Gallery Place-Chinatown. It is accessible from Vermont Ave., a major North-South ar- tery in downtown DC connect- ing the White House to the Logan Circle neighborhood and the 14th St. and U St. corridors. It is also accessible from K St. as well as to I-66 via the E Street Expressway. “This acquisition fits our in- vestment strategy perfectly,” Block said. “We plan to add considerable value to 1400 L Street and reposition this as- set for significant long-term success.” n
1400 L Street
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