TYSONS CORNER, VA-The Meridian Group's investment in the Tysons Corner area--its purchase of Science Applications International Corp.'s landmark 18-acre corporate headquarters campus; its $20 million renovation of the buildings--took another step forward with the selection of H & R Retail as exclusive retail leasing agent for Solutions Plaza.
Solutions Plaza is the new development portion of an 18-acre property at Westpark Dr. and Greensboro Dr. The mixed-use project will feature 3.2 million square feet of new development, including roughly 200,000 – 300,000 square feet of retail space.
"This is one of the best-located properties on the East Coast, and we are excited about getting the opportunity to provide retail leasing and design consulting services," said David Ward, president of H & R Retail, in a prepared statement. According to the company, leasing already has begun.
The Meridian Group first announced its plans to acquire the campus in Spring; by the end of summer it had secured the $150 million in debt financing necessary to close the deal.
The transaction consisted of the trade of four office towers totaling 900,000 square feet and a 600,000 square foot sale leaseback with SAIC. The fourth building is the one being torn developed. SAIC filed plans to redevelop the property with an additional 3 million square feet of mixed uses, including office, residential, retail, and hotel. Now Meridian is taking over these plans.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
