Firm plans to renovate 2500 Wilson Boulevard, located in the heart of the Clarendon/Courthouse submarket near the Courthouse Metro station
The Meridian Group announced today it has purchased 2500 Wilson Boulevard, with plans to renovate the Class A office building in Arlington, Va.
The Meridian Group, a real estate investment and development firm based in Bethesda, Md., acquired the 104,347-square-foot building for an undisclosed price.
“This purchase aligns perfectly with our investment strategy. It’s ideally situated in a prime location near a Metro station, and it’s a building where we can add considerable value,” said Gary Block, Chief Investment Officer of The Meridian Group.
Situated in the heart of the Clarendon/Courthouse submarket, 2500 Wilson Boulevard enjoys a robust amenity base featuring a variety of popular stores and restaurants. The building is a short walk to the Courthouse Metro station and offers convenient access to Arlington’s major roads, including Route 29, Route 50, GW Parkway, and I-66.
Meridian purchased the building from TH Real Estate. James Cassidy and Jud Ryan of Newmark Knight Frank represented TH Real Estate in the transaction. Joe Donato and Kassi Saridakis of Newman Knight Frank represented Meridian in its senior secured financing from Square Mile Capital.
The five-story building, certified LEED Gold, is currently 85 percent leased. However, one of the major tenants is expected to vacate the building next year, bringing occupancy to 39 percent and creating an opportunity to selectively renovate the building.
“While we are still evaluating the final scope of the renovation, we are confident that it will substantially enhance 2500 Wilson Boulevard to make it a truly premier asset,” said Kyle Maurer, Vice President of The Meridian Group.
The building is close to Market Common Clarendon, which features over 240,000 square feet of prime retail space, including Apple, Crate & Barrel, Pottery Barn and Barnes & Noble. It is near some of the area’s most popular bars and restaurants, as well as two grocery stores -- Whole Foods Market and Trader Joe’s.
The property is well positioned in the Rosslyn-Ballston Corridor, which features a 24/7 urban environment and multiple metro stations that connect the corridor to the rest of the Washington Metro area.
“This property represented an excellent opportunity for us to expand our presence in the Washington Metro area,” said David Cheek, President of The Meridian Group. “We are very pleased that we were able to acquire another property with exceptional potential for us.”
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.
