MVT: Meridian Group purchases Techworld Plaza at 800 K Street NW

According to a report from Commercial Real Estate News outfit Bisnow, The Meridian Group have purchased Techworld from JBG. Here is that report..........

"Multiple sources tell us Meridian (and principals David Cheek, Bruce Lane, and Gary Block) is under contract on JBG's Techworld Plaza, a two-building, 750k SF portfolio that sits catty-corner to City Center downtown. The site (801 Eye St and 800 K St) also includes over 40k SF of ground-floor retail, and according to Meridian's website, would be the firm's only investment in DC. (Many people have thrived by only owning one thing in DC--though usually that one thing was a senator.) It marks their second big acquisition in as many years, after last year's purchase of the SAIC site on Greensboro Drive in Tyson's, which it's currently repositioning. "

"Here's 800 K St. JBG, which bought the properties back in '09, has been marketing them for a few years, and while there's no word on exact pricing, the portfolio's expected tax assessment for 2014 is almost $330M, according to DC public records."

More on this as information becomes available.......

The above article is an 'unedited' republish of a BISNOW Newsletter article.