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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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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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