WASHINGTON, DC—The JBG Cos. have sold the two-building TechWorld office complex across the street from the Washington Convention Center to Bethesda, MD-based The Meridian Group.
Sources told Globest.com back in February that a deal was in the works between JBG of Chevy Chase, MD and Meridian for the properties at 800 K St. NW and 801 Eye St. NW. Globest.com’s Erika Morphy reported that the purchase price was rumored to be $315 million. While both JBG and Meridian refused to disclose the sale price, the Washington Business Journal in a report on Thursday also cited sources putting the sale price at $315 million.
The two 12-story buildings total 745,900 square feet and contain more than 705,000 square feet of office space and more than 40,000 square feet of retail space, according to JBG’s website.
Meridian Managing Director Gary Block says Meridian was attracted to 800 K and 801 Eye given its location surrounding Mount Vernon Square, according to the Washington Business Journal that reported the building sale closed on Wednesday. “First and foremost, we love the location,” Block says. “We believe this is the heart of the East End, being adjacent to CityCenter. We just feel like we’re in the heart of a 24-hour, live-work-play environment that is not really seen in the DC area.”
Meridian is planning upgrades to the property that will include facade changes, upgrades to the building’s mechanical systems and lobby as well as the conversion of ground-floor space to retail use. See story in the Washington Business Journal.