WASHINGTON, DC — The Meridian Group announced it has closed on the purchase of 1400 L St., with major plans to renovate the 12-story class A office building at the corner of L and 14th streets in Washington, DC.The Meridian Group, a real estate investment and development firm based in Bethesda, MD, agreed to buy the 172,453 s/f building from Mack-Cali.
“We’re pleased to acquire 1400 L Street, as it represents an outstanding value-add acquisition in a terrific up-and-coming location,” said Gary Block, managing director of The Meridian Group. Located less than two blocks from McPherson Square Metro station, 1400 L St. is 98% leased, with the GSA/U.S. Customs and Border Protection Agency as its largest tenant. The building is situated on 14th St., south of Thomas Circle, in the northern portion of Washington’s East End submarket. “GSA is expected to vacate the building in 2018, giving us the opportunity to reposition 1400 L Street and re-lease it,” Block said. “There is tremendous upside for us here.”
The deal marks the latest acquisition for The Meridian Group in DC. “Acquiring 1400 L Street expands our presence in Washington, which is an important strategic goal of our firm,” said David Cheek, president and co-founder of The Meridian Group. In 2014, Meridian purchased 800 K and 801 Eye St., two adjoined office buildings in the campus formerly called Techworld and now known as Anthem Row. The firm is planning a major renovation of the 758,000 s/f office complex, located between Mt. Vernon Square and CitiCenterDC.Meridian has major plans for 1400 L St. as well.
“We are planning to significantly improve and upgrade 1400 L Street,” said Bruce Lane, executive vice president and co-founder of The Meridian Group. “These improvements will include renovating the two-story lobby, revamping the retail storefronts and adding some creative amenities.”
The building already features a lobby with a fountain, granite floors and a glass canopy. Amenities include an on-site fitness center and below-grade parking that accommodates up to 135 cars. The building’s typical floor plate is roughly 14,500 s/f -- ideally sized to attract the broadest selection of office tenants in the East End.The building’s premier location is close to Franklin Square, Thomas Circle, and McPherson Square parks, and just blocks from Lafayette Park and the White House. The building is ideally located for commuters. It’s within walking distance of four Metro stations – McPherson Square, Farragut North, Metro Center and Gallery Place-Chinatown. It is accessible from Vermont Ave., a major North-South artery in downtown DC connecting the White House to the Logan Circle neighborhood and the 14th St. and U St. corridors. It is also accessible from K St. as well as to I-66 via the E Street Expressway.“This acquisition fits our investment strategy perfectly,” Block said. “We plan to add considerable value to 1400 L Street and reposition this asset for significant long-term success.”