Bethesda, MD-based Meridian Group has purchased International Place, a 12-story office building in Rosslyn, Virginia from Beacon Capital Partners, which paid $99 million for the property in 2007. According to a Commercial Real Estate direct report, Meridian purchased the building for $106.5 million, or $362.80 per square foot, in a sale that was brokered by Cushman & Wakefield. CBRE's Malcolm Schweiker and Erik McLaughlin handled leasing prior to the sale; Meridian did not disclose future leasing plans, but did indicate it would continue property improvements.
"International Place is in an ideal location at the base of Central Place, now under construction, so it's primed for positive growth," Gary Block, managing director and partner of The Meridian Group, said in a statement. "We are pleased that we were able to acquire an asset with such exceptional potential."
"International Place is strategically located in the heart of the dynamic Rosslyn market," said Bill Collins, Cushman & Wakefield Vice Chairman. "Rosslyn is quickly transforming itself into a world class city with the delivery of Central Place across the street and the coattails of additional retail and residential development that will follow."
"This area is quickly evolving into a vibrant downtown," added Bruce Lane, executive vice president and co-founder of The Meridian Group. "It's an incredible transformation, and we're excited to be a part of it. [...] We have plans for a number of other improvements, including upgrades to the building's lobby and other common areas."
The 12-story office building at 1735 Lynn Street underwent a $4.4 million round of improvements under Beacon, including the addition of a fitness center and conference center, and is LEED Gold and ENERGY STAR certified. Meridian said it plans to upgrade the building, which sits across the street from the Rosslyn Metro station, to improve the lobby and other common areas. Meridian's Gary Block said that the 90% occupied asset is an "older, Class B building" in an "A-plus location."
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