Meridian pays $227m for D.C.-area office complex
The Meridian Group has purchased Tysons Metro Center, a development of class A office space in Northern Virginia, from an affiliate of Beacon Capital Partners for $227 million.
The 763,965-square-foot portfolio, located in Tysons Corner, Va., consists of four buildings: Tysons Metro Center I, a 168,006-square-foot, 12-story building; Tysons Metro Center II, a 129,926-square-foot, six-story property; Tysons Metro Center III, a 257,824-square-foot, 12-story site; and Tysons Metro Center IV, a 208,219-square-foot, 13-story building.
Despite year-to-date negative absorption, Washington, D.C., metro office market fundamentals improved in the fourth quarter, according to Colliers International. Demand ended the quarter at 535,259 square feet of positive absorption, and the vacancy rate decreased by 37 basis points in the fourth quarter. But that may be a temporary period of improvement. A large amount of new space is coming to the market, and a relatively small amount of gro