The Meridian Group Names New President As Co-Founders Step Back
The Meridian Group, last year's most active developer in the D.C. region, has named a new president as its co-founders are moving away from day-to-day operations.
Mark King, who was previously Meridian's chief financial officer and chief operating officer, has become its new president and chief operating officer, the firm announced Tuesday.
Co-founder David Cheek, who previously served as president, is now taking the roles of chairman and managing partner. Co-founder Bruce Lane, who was previously executive vice president and managing director, is now vice chairman. Gary Block remains chief investment officer and partner.
“We are pleased to have completed our succession plan after a thoughtful planning process,” Cheek said in a statement. “It will ensure the continuity and long-term sustainability of our business for the benefit of our employees, investors and customers, and it provides advancement opportunities for our management team."
The developer had nearly 7M SF of projects under construction last year, the most of any firm in the D.C. region, according to the Washington Business Journal. Cheek told WBJ that the succession plan means he and Lane will step back from some day-to-day tasks in order to focus on the firm's strategic direction.
Much of Meridian's recent work has focused on Tysons, where the firm in 2019 delivered the 1.7M SF first phase of The Boro. In June, it announced it had brought Boro Tower, the project's 440K SF office building, to 95% leased. The firm owns additional buildings near the Greensboro Metro station, and its future development in the area could add up to 2M SF.
The real estate investment and development firm also owns a portfolio of office buildings in Arlington and D.C. And it has recently expanded into industrial, partnering with Wickshire Industrial to break ground this month on its $150M, 277-acre industrial development in Winchester.
Since Cheek and Lane founded Meridian in 1993, the firm has raised $5.5B in investments.
Meridian has raised four investment funds since King joined the firm in 2012. Prior to his time at Meridian, King also had stints at Clark Realty Capital, Ernst & Young and Deloitte, according to his LinkedIn profile.
