The Meridian Group Lands Federal Agency At Newly Acquired Tysons Building
Four months after acquiring an office building in Tysons, The Meridian Group has landed a new long-term lease.
The General Services Administration issued an award notice last week for a 15-year, 59K SF federal agency lease at 1953 Gallows Road. It didn't disclose which federal agency is leasing space in the building.
The Meridian Group acquired the building March 27 for $34M, property records show. The deal was part of a two-building acquisition from Colony Capital that also included 1951 Kidwell Drive in Tysons.
The Gallows Road building, a 257K SF property near the intersection of Route 7 and The Beltway, was 55% leased when The Meridian Group acquired it. The buyer said after acquiring the building it expected it to appeal to cost-conscious tenants. The GSA has maintained a cap on rent prices as it looks to save taxpayer money.
“Meridian is thrilled to have been awarded this lease with the General Services Administration and to expand its relationship with the federal government throughout the region," Meridian Group Chief Investment Officer Gary Block wrote in an emailed statement to Bisnow. "We have already seen tremendous success at 1953 Gallows in the few months that we’ve owned the building and look forward to more leasing success in the months to come.”
Meridian has been one of the most active developers in Tysons. It completed construction last year on The Boro, and it is planning to add another 1M SF to the mixed-use development. It also acquired an office building at 8283 Greensboro Drive in April.
