The Meridian Group Raises $232M For Second DC Real Estate Fund
Meridian principals Gary Block, David Cheek and Bruce Lane
The Meridian Group has closed its second DC real estate fund, which it is using for investments from Reston to Bethesda.
The fund, Meridian Realty Partners II, raised $231.6M from institutional investors and $80M of co-investment capital. The firm has already acquired more than $400M of properties with the fund and expects that total to reach $1.5B over the next several years.
Meridian's first fund totaled $670M in investment and is being used to develop the $850M first phase of The Boro, which broke ground in September. It is also funding the $142M renovation of 700 K St. NW.
The second fund has already made five acquisitions totaling more than $400M. The properties include a Reston office building, the International Place building in Rosslyn, two office buildings in the CBD, and the Hyatt Regency Bethesda.
“Our investment strategy is focused on well-located, institutional-quality assets near Metro stations, major highways and walkable amenities,” Meridian executive vice president Bruce Lane said in a release. “These are places where we can create value through repositioning, renovations, leasing, redevelopment, development and land entitlements.”
