Real Estate Journal — December 11 - 23, 2015 — 11A
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M id A tlantic
W Groh and Blyumin from JLL represents GEICO Akridge to redev. Tysons property into trophy office bldg. Companies have acquired 1690 Old Meadow Rd. in Tysons, Virginia and plan to redevelop it into a modern, 250,000 s/f office building with ground floor retail and a full host of on-site amenities. The property sits directly across the street from the McLean Metro Station and planned Wegmans grocery store. It offers easy access to the Capital Beltway and Dol- ley Madison Blvd. and will include 11 stories of trophy office space atop a five-story parking garage. The building is being de- The sale of 1690 Old Mead- ow Rd. resulted from a tri- party agreement with GEICO and Merritt Properties . GEICO is relocating its cur- rent training facility to a new, state-of-the-art facility designed and built specifically to meet its needs and located in Merritt’s Ashbrook busi- ness park. Jeff Groh and Michael Marcus &Millichap closes McPherson Square office building in DC over list price Blyumin from JLL repre- sented GEICO and Joseph Svatos represented Akridge and the Ronald D. Paul Com- panies in the real estate transaction, while Akridge’s Andrei Ponomarev repre- sented GEICO in the develop- ment and construction phase of the project. “Akridge is eager to expand its presence in Northern Virginia and to invest in the Tysons mar- ket,” said Matt Klein, President of Akridge. “The opening of the Silver Line and Tyson’s planned growth will have a tremendous impact on the region. Akridge is excited to deliver this trophy- quality, boutique space to the burgeoning market.” n signed by KGDArchitecture and will feature a 15-story, curved, glass curtain wall and offer an array of amenities, in- cluding a conference facility, in-building wireless, an onsite restaurant, and a landscaped terrace with common space and bocce courts. ASHINGTON, DC — Akridge and the Ronald D. Paul
MeridianGroupacquires class A office building
11111 Sunset Hills Rd.
Reston, Va — The Me- ridian Group has acquired 11111 Sunset Hills Rd., a class A office building near the Dull- es Toll Rd. and the Wiehle- Reston East Metro Station in Reston, Va. The Meridian Group, a real estate investment and de- velopment firm purchased the 216,239 s/f building from Boston-based Beacon Capital Partners . The price was not disclosed. “This was an exceptional op- portunity to acquire a class A office building in an excellent location in a growing Reston submarket,” said Gary Block , managing director of The Me- ridian Group. “The building is attractive for a number of reasons: It’s within walking distance of Metro, it has high visibility from the Dulles Toll Rd., it’s ideally situated in a mixed-use neighborhood, and it attracts and includes invest- ment-grade credit tenants.” The Meridian Group contin- ues to be one of the most active investors in the D.C. metro- politan area. Since 2011, when Meridian completed its first discretionary private-equity fund, the firm has acquired $1.2 billion in assets in the D.C. area. In addition to 11111 Sunset Hills Rd., the firm is also devel- oping The Boro, a 3.7-million s/f mixed-use development in the
heart of Tysons on Greensboro Dr. Located near the Greens- boro Metro station, The Boro will feature a dynamic mix of offices, apartments, condomini- ums, upscale stores, restau- rants and entertainment. The firm is acquiring 11111 Sunset Hills Rd. through Me- ridian Realty Partners II, LP , a private real estate fund and affiliate of The Meridian Group . “This transaction fits our investment strategy for value- add office acquisitions,” said David Cheek , president and co-founder of The Meridian Group. “The building is 80% leased, which allows us to add value by repositioning the property, leasing the vacant space and stabilizing the occupancy. It also has potential for additional development onsite.” Built in 2000, the five-sto- ry building features efficient 45,000 s/f plates, award-win- ning sustainability features, surface and structured park- ing, an on-site café, a newly refurbished auditorium and a fitness center. The building offers easy ac- cess for motorists as well as Metro riders. It overlooks the Dulles Toll Rd. at the Wiehle Avenue Interchange and is within walking distance of the Wiehle-Reston East Metro sta- tion. n
WASHINGTON, DC —Mar- cus & Millichap announced the sale of 923 15th St. NW, a 13,168 s/f office building in downtown Washington, D.C., according to Bryn Merrey , regional manager of the firm’s D.C. office. The McPherson Square asset sold for $5.2 mil- lion, $200,000 over list price, after 24 days on the market. Robert Filley , senior direc- tor, Josh Feldman , associate vice president investments, Marcus Fleckenstein , invest- ment specialist, and Benjamin Wilson , investment specialist had the listing to market the property on behalf of the seller, a group of attorneys who have owned and operated the prop- erty for 35 years. The buyer, Douglas Development Corpora- tion, was also secured by this team of agents out of the firm’s Washington, DC office. “Market conditions are very strong for older and historic properties near the Central Business District and East End submarkets of Downtown D.C.,” Filley said of the mar- ket. “Especially because this property offers a tremendous value-add opportunity for savvy investors that under- stand the unique nature and significance of these historic buildings.” The property, located at 923 15th St. NW, is less than 1,800
923 15th St. NW
ft. from the White House and directly next door to the Ameri- can Civil Liberties Union’s Washington Legislative Media office. Douglas Development Corporation plans to rede- velop the property, which was delivered vacant, to include potential ground floor retail and upper level office space. n The six-story building, located one block from the McPherson Square Metro station, was designed by local architect George N. Ray in 1924. “Based on the property’s McPherson Square location and potential to reposition, this was a very competitive process wherein we generated numerous offers that resulted in an atmosphere yielding an above list price,” Feldman concluded. LANDOVER, MD — Mar-
cus & Millichap announced the sale of 26 units within the MarkhamViewCondominium, an apartment community in Landover. The asset closed for $1.85 million, its full list price, and $72,000 per unit. Dave Gray , senior associate inMarcus &Millichap’s Wash- ington, D.C. office had the exclusive listing to market the property on behalf of the seller, who acquired the property in 2009. Gray also secured the buyer, an association manage- ment company. The investor acquired the property not only for the 26 income producing units but also the additional fee income for managing the entire condominium commu- nity. Nathan Pealer , vice president investments in the firm’s Manhattan office as- sisted on the transaction. n
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