The Meridian Group (TMG) has acquired Northern Virginian office tower, Boro Central, and plans to do what it calls a "reintroduction" of the property. That won't involve a transformation into another asset class; rather, it's updating the offerings to the market, from leasing options to upgraded amenities. TMG puts this into its go-forward office strategy, which involves buying trophy properties and then repositioning them.
Already, the 388,206 square foot Boro Central at 1750 Tysons Central Street features a private terrace, 30-inch to 40-inch column spacing and floor-to-ceiling windows. TMG wants to add spec suites, a new conference center and "curated amenity programming," according to a statement by the company.
Cushman & Wakefield will continue handling the leasing, with the brokerage's Josh Masi, Paige Barger and Scott Goldberg taking the inquiries. TMG intends to make the building appealing to various types of tenants, whether they are listed on Fortune's annual 500 companies list or are established local players. Boro Central is adjacent to 437,000 square foot office Boro Tower, which is 95 percent leased and co-owned by TMG.
Recommended For You
The office tower, in Tysons, is situated in a mixed-use district, known as The Boro. The area is known for its experiential entertainment, green space, upscale office space and restaurants.
“Boro Central is a perfect complement to the diverse workplace options across The Boro District,” said Gary Block, chief investment officer of TMG.
“We’re excited to reintroduce this building to the market as an inspiring environment for companies seeking to elevate their space and offer employees access to best-in-class amenities.”
In the first quarter, the Mid-Atlantic saw declines in both single and multi-tenant sales, according to a report from Northmarq. Multi-tenant sales in the market were $925 million compared with $1.54 billion in the 12 months prior. Single-tenant sales in the region plunged by 56.2 percent to $1.79 billion.
In addition to office, TMG said that it's in a position to pursue other opportunities relating to higher-tier properties in the industrial and residential asset classes in urban markets across the country.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
Anthony Russo
Anthony Russo has been contributing to GlobeSt. since July 2024. Along with CRE, his financial background expands to capital markets, the economy, and consumer issues. Previously, he has written for CapitalWatch and was a senior reporter for The US Sun.
