www.marejournal.com Mid Atlantic Real Estate Journal — June 14 - 27, 2013 — 11A F inancial D igest F eaturing C reative F inancing Deal includes office buildings, 18 acres at Tysons Corner Meridian Group fund buys SAIC’s headquarters campus in Tysons Corner www.marejournal.com Mid Atlantic Real Estate Journal — June 14 - 27, 2013 — 11A
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ETHESDA,MD — The Meridian Group an- nounced an agreement
concentration of retail space between D.C. and Miami. “Tysons will increase its at- traction to employers due to its Beltway access, new HOT lanes, and four new Metro stations,” Lane added. “The SAIC property is at the front door of the newTysons Central 7/Greensboro Metro station and it has the closest existing buildings to Metro anywhere in Tysons.” Meridian’s purchase in- cludes SAIC’s 600,000 s/f three-building headquarters complex. SAIC, one of the larg- est employers and government contractors in the Washington metropolitan area, will lease back one of the buildings for seven years. The other two buildings will be vacated within a year. Meridian plans a $20-mil- lion renovation on those two buildings. Among the sig- nificant upgrades: new lobbies and common areas, elevator cabs, HVAC systems, and pedestrian walkways and pla- zas near the Metro station. A fourth building with a surface
parking lot on Greensboro Drive is currently vacant and will be demolished for rede- velopment. SAIC has filed plans to re- develop the property with an additional 3 million s/f of mixed uses, including new office, residential, retail, and hotel uses. Meridian will take over the processing of these plans and development of the property. “In addition to a $20 million renovation to rebrand and reposition the three-building complex, we are highly at- tracted to the beautiful caf- eteria and conference center in the SAIC complex, which will be major on-site amenities for other tenants,” said David Cheek , president of Meridian. “We are also excited about the development opportunities at this location and plan to create value through the new devel- opment plan.” Meridian’s fund, Meridian Realty Partners I, is one of the largest equity funds focused on real estate in the Washington metropolitan area. n with significant upside poten- tial. That strategy has worked extremely well and today their portfolio is a well-bal- anced mix of multi-tenanted and single tenant buildings ranging in size from 25,000 s/f to >1 million s/f. As per Cronin, “the lender went above and beyond in addressing the Borrower’s needs. There were several un- expected issues that cropped up during the due diligence and closing process that the lender handled in a highly professional and pro-active way so that all parties’ in- terests were addressed and resolved to everyone’s satis- faction.” Jeanne Cronin of Q10NY together with Larry Links- man of Bridge Funding originated and placed the loan. n
with Science Applications International Corp. (SAIC) to purchase its landmark 18-acre corporate headquarters cam- pus at Tysons Corner. Meridian, a real estate in- vestment and development firm based in Bethesda, is buy- ing four office buildings total- ing 900,000 s/f from SAIC The purchase is being made through Meridian’s $160-mil- lion discretionary real estate fund -- Meridian Realty Part- ners I. “We are delighted to have this opportunity to acquire SAIC’s landmark campus,” said Gary Block , manag- ing director of The Meridian Group. “This new property is uniquely positioned with a great location adjacent to Metro and retail amenities, and it fits our investment strategy for value-add transac- tions very well.” The property is located on Route 7 at the new Tysons Central 7/Greensboro Metro PHILADELPHIA, PA — Jeanne Cronin , manag- ing director of Q10 | New York Realty Advisors an- nounced the closing of a first mortgage loan in the amount of $29,000,000 secured by a 14-building industrial port- folio located in Northeast Philadelphia, PA. The non- recourse loan was written for a 10-year term based on a 30- year amortization schedule. The interest rate was fixed at 4.22% for the term of the loan. The loan was a par loan. The properties are owned, managed and leased by a prominent Philadelphia area family who has been in the real estate business for sever- al decades and has amassed a substantial real estate portfo- lio over that period. They are savvy buyers with a focus on underperforming properties
18-acre campus at Tysons Corner
opportunity in Tysons Cor- ner, which is the downtown of Northern Virginia and the 12th largest office market in the country,” said Bruce Lane , executive vice president and managing director of Me- ridian. “It also has the largest
station, which is expected to open in early 2014. Bound- ed by Westpark Drive and Greensboro Drive, the prop- erty sits in a major submarket of Tysons known as “The Hill” near Tysons Galleria Mall. “We are excited about this
Q10 | NewYork RealtyAdvisors closes $29mfirst mortgage loan secured by a 14-building Phila. industrial portfolio
14-building industrial portfolio located in Northeast Philadelphia, PA
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