June 13, 2016
Bethesda, MD-based The Meridian Group acquired International Place, a 12-story office asset in Rosslyn, VA from Boston-based Beacon Capital Partners for more than $100 million. The acquisition was made by the developer’s Meridian Realty Partners II LP fund, which focuses on value-add plays near Metro stops.
Meridian’s Gary Block says the 90% occupied 293,539-square-foot asset is an “older, Class B building” in an “A-plus location.” The company believes Rosslyn is primed for growth.
Beacon Capital acquired International Plaza in 2007 for $99 million and completed $4.4 in capital improvements, including a 5,000-square-foot fitness center and conference center. Meridian plans to complete additional renovations to re-position the property.
Cushman & Wakefield’s Bill Collins and Paul Collins represented Beacon. CBRE’s Malcolm Schweiker and Erik McLaughlin handled leasing prior to the sale.