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Meridian Group buys D.C. office building

Plaza East (Credit: MRP Realty)

The Meridian Group has acquired Plaza East, a two-building, 247,000-SF office complex in the Washington, D.C., suburb of Chantilly, Va. from Rockpoint Group + MRP Realty for an undisclosed sum, JLL announced in a press release.

Property details: Originally developed by Tishman Speyer in 2007, Plaza East is located at 14291 and 14295 Park Meadow Drive. It’s currently fully leased to seven tenants with approximately nine years of weighted average lease term, CO noted. Perspecta Inc., a government services company occupies 167,960 SF, and is the largest tenant at the complex.

Heard on the Street: The Meridian Group’s Gary Block told CO: “This was a newly built asset, attractive basis, solid submarket with supply-and-demand dynamics in our favor, well leased, and good cash flow mitigating any near-term office demand risk and potential land play.”

Flashback: Rockpoint + MRP paid $30.6 million for the asset in 2010.

Brokers: JLL’s Matt Nicholson, Jim Meisel, Andrew Weir and Dave Baker represented the seller. Financing efforts for the buyer were led by the firm’s Paul Spellman and Dan McIntyre. [CO+JLL]

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