WASHINGTON, DC—The Meridian Group has closed on its $69 million acquisition of 1400 L St., from Mack-Cali Realty Corp., and is getting ready to embark on a $16 million renovation of the 172,453-square-foot building.
The company is preparing the building in anticipation of its largest tenant, the US Customs and Border Protection Agency, vacating the space in 2018. The government agency currently occupies about 98%.
The company will renovate the lobby, gym, conference center, outdoor deck and upgrade the retail store frontage, Bruce Lane, who is responsible for investment strategy, acquisitions, asset management, value creation, and dispositions at The Meridian Group, tells GlobeSt.com.
The building's location gives it tremendous upside, he says. “It is a corner building in a prominent location.”
WASHINGTON, DC—The Meridian Group has closed on its $69 million acquisition of 1400 L St., from Mack-Cali Realty Corp., and is getting ready to embark on a $16 million renovation of the 172,453-square-foot building.
The company is preparing the building in anticipation of its largest tenant, the US Customs and Border Protection Agency, vacating the space in 2018. The government agency currently occupies about 98%.
The company will renovate the lobby, gym, conference center, outdoor deck and upgrade the retail store frontage, Bruce Lane, who is responsible for investment strategy, acquisitions, asset management, value creation, and dispositions at The Meridian Group, tells GlobeSt.com.
The building's location gives it tremendous upside, he says. “It is a corner building in a prominent location.”
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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.
