Real estate investment and development firm The Meridian Group has sold a 280,000 sq ft (26,000 sq m) technology campus near Washington, D.C. to an undisclosed buyer for $96 million.
The Tysons Technology Center in Vienna, Virginia consists of 199,560 sq ft (18,539 sq m) office and data center building and a 79,890 sq ft (7,422 sq m) office building.
Meridian acquired the campus from SAIC for $63 million in 2011. It then spent more than $11 million on renovation and upgrades to the property including new chillers, a UPS system, generator plant and switchgear, and upgrades to the cooling towers and EMS system.
The company has also rezoned the property ahead of plans for a full-sized lighted athletic field with synthetic turf and a sound wall, set for opening in 2018. It will be available to the public and managed by the Fairfax County Park Authority.
“This transaction fit our investment strategy of acquiring underperforming assets and unlocking additional value,” said Dave Gelfond, SVP of Meridian, said.
“It was a repositioning opportunity where we converted substandard office space to data space and increased leasing from 63 percent at acquisition to 91 percent at sale.”
Meridian was represented by Cushman & Wakefield and JM Zell Partners in the transaction.