TYSONS, VA–The Meridian Group has sold Tysons Technology Center, a 280,000-square-foot data center and office complex on Science Applications Court, for $96 million.
The buyer is a venture between an affiliate of Central Colo, a national data center operator, and Legacy Investing, LLC, a Northern Virginia-based real estate investment company, according to the Meridian Group. Meridian purchased the complex from SAIC for $63 million in 2011 and went on to invest more than $11 million in upgrades. Along the way it increased occupancy from the 63% level at acquisition to the current 91%.
It also had the property rezoned to build a public athletic field. The park is slated to deliver in 2018 and will be managed by the Fairfax County Park Authority.
Meridian was represented by Eric Berkman and Bill Collins at Cushman & Wakefield, and Jeff Zell and Louis Kluger at JM Zell Partners.