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Friday, 04 April 2014

Meridian Said to Pay $315Mln for Washington, D.C., Offices; Gets Helaba Loan

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Commercial Real Estate Direct Staff Report

Meridian Group is said to have paid $315 million, or $414/sf, for 800 K and 801 Eye streets NW, two neighboring 12-story office buildings with a total of 760,000 square feet in Washington, D.C.

The Bethesda, Md., investment manager bought the buildings, which are separated by a pedestrian plaza, from JBG Cos., which had acquired them in 2009 for $265 million.

Meridian, which declined to comment, acquired the property on behalf of its Meridian Realty Partners I commingled fund. It lined up a loan of roughly $189 million, or 60 percent of the property's purchase price, from Landesbank Hessen-Thuringen Girozentrale, which is commonly referred to as Helaba Bank.

The property had been encumbered by a $145 million loan that Allstate Life Insurance Co. had provided in 2009. It has since been retired.

The two buildings, commonly referred to as Techworld Plaza, include 40,392...


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“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Washington
  • States: District of Columbia
  • Sector: Office
  • Subject: Mortgages/Financing (MOR), Property Acquisitions (ACQ)
  • Valuation: More than $150 million
  • Private: Yes
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Dan Moynihan

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