Meridian Group Buys Northern Virginia Office Campus

Meridian Group Buys Northern Virginia Office Campus
JLL Capital Markets represented the sellers and procured the buyer of the two-building asset.
Apr122021
Image courtesy of JLL
Just over a decade after acquiring Plaza East in Chantilly, Va., MRP Realty and Rockpoint Group have sold the 247,000-square-foot office complex to The Meridian Group.
MRP and Rockpoint secured a buyer with the assistance of JLL Capital Markets, which, in addition to representing the sellers in the transaction, assisted the buyer in obtaining acquisition financing for the fully leased, two-building asset in Northern Virginia, just outside Washington, D.C.
MRP and Rockpoint had owned Plaza East since 2010, when they purchased the HOK-designed campus from lender General Electric Co. following the previous owner’s loan default. The partners had acquired the property for $31.6 million with the aid of a $30 million loan through EagleBank, according to CommercialEdge data. Developed by Tishman Speyer in 2007, Plaza East consists of 14291 and 14295 Park Meadow Drive, which feature approximately 125,000 and 122,000 square feet, respectively, on a prime site at the center of the Westfields submarket’s cyber-intelligence hub. Today, the five-story, mission critical office campus is leased to seven tenants, with government contractor Perspecta Inc. serving as anchor, occupying 68 percent of the property’s rentable building area.

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