Firm sells 145,244-square-foot, fully-leased building to Monday Properties for $37.8 Million
The Meridian Group announced today it has closed on the sale of Cameron Run, a fully-leased Class A office building in Alexandria, Va.
Monday Properties purchased the building at 3601 Eisenhower Avenue for $37.8 million. The 145,244-square-foot, six-story building had recently undergone a major renovation.
“Cameron Run fit our investment strategy of acquiring an asset with potential for us to add significant value,” said Wil Machen, Vice President of The Meridian Group. “Monday Properties has purchased a Class A office building that is now fully-renovated and 100 percent leased. This was an excellent transaction for everyone involved.”
The Meridian Group was represented by a Cushman & Wakefield team led by Eric Berkman, Executive Managing Director; and the late Juliana Ko, a Senior Financial Analyst.
Meridian purchased the building in 2012 through the firm’s $160-million discretionary real estate fund -- Meridian Realty Partners I. Meridian then completed $1.7 million in capital improvements, including cooling tower replacements, garage enhancements, a new fitness center, new café, additional landscaping and a renovated lobby, restrooms and elevator cabs.
These improvements contributed to leasing success at the building which went from 81 percent leased at acquisition to 100 percent leased upon sale. For leasing, Meridian was represented by a Newmark Knight Frank team of Ed Clark and Steve Hoffeditz,Executive Managing Directors;and Wes Evans, Associate.
“We are proud of our efforts to transform Cameron Run into a premier office asset that resulted in long-term commitments from its tenants,” Machen said.
Built in 1991, Cameron Run is ideally situated in the Eisenhower Corridor of Alexandria. The submarket, one of Northern Virginia’s most active and desirable locations, is experiencing tremendous growth with the National Science Foundation moving its headquarters nearby.
Cameron Run offers easy access to the Capital Beltway and Holmes Run Trail, and is within 1.5 miles of four Metro stations. The building is also close to abundant amenities in Hoffman Town Center, Carlyle Gateway, Old Town Alexandria and National Harbor.
The property is 100 percent leased to 13 tenants, with several making Cameron Run their headquarters. These include the Michael Baker Corporation, which leases 50,709 square feet of the building.
“Cameron Run is very well-positioned now for long-term success,” Machen said.
ABOUT THE MERIDIAN GROUP
The Meridian Group is a real estate investment and development firm based in Bethesda, Md. Since its inception in 1993, Meridian has acquired and developed more than 14 million square feet of office, residential, hotel, mixed-use, and land with a focus on the metropolitan Washington, DC market. To learn more, visit Meridian’s website at www.tmgdc.com.
