Meridian Group acquires two office buildings in Tysons, VA for $58.25 million
Tysons, VA — The Meridian Group has acquired two office buildings in Tysons: • 1951 Kidwell Dr., an eight-story class B office building. The 172,957 s/f building is 75% leased. • 1953 Gallows Rd., an eight-story class B office building. The 256,714 s/f building is 55% leased. Together, the buildings total 429,671 s/f and are 64% leased across both properties.• Broker: Eastdil• Purchase price: $58.25 million About the buildings: The properties are located at an ideal access point at the intersection of Rte. 7 and the Capital Beltway (I-495) and within a half mile of Tysons Corner Center. The buildings offer an ideal combination of unmatched location, competitive asking rents, signage visibility from I-495 and a recently upgraded amenity package. The property at 1951 Kidwell Dr. features prominent signage opportunities along I-495. The building at 1953 Gallows Rd. is adjacent to Fairfax Square, the premier non-Metro mixed-use complex in the area boasting multiple full-service restaurants, coffee bars and an Equinox fitness club. Both properties feature easy and rapid access in and out of Tysons via Rte. 7, Chain Bridge Rd. and Gallows Rd.Gary Block, partner and chief investment officer of The Meridian Group, offers his perspective:Why did Meridian decide to buy these two buildings? “Meridian has long been believers in the ongoing renaissance in Tysons,” Block said.