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Grubb & Ellis Unit Closes $90.3 Mil Sale of IBM Complex

CHARLOTTE-The Meridian Group of Bethesda, Md. paid $47.53 per sf for the 11-building, 1.9 million sf office, warehouse and manufacturing campus in the 3,200-acre University Research Park in this city's northeast submarket. IBM remains as the lead tenant. The deal is one of the area's largest of its kind this year.

By Robert Anthony | Updated on October 09, 2000

CHARLOTTE-The Meridian Group, a national investment player based in a Washington, D.C. suburb, is the new owner of the 11-building, 1.9 million sf IBM office, warehouse and manufacturing campus in this city’s northeast submarket.

The $90.3 million price equates to $47.53 per sf for the 230-acre asset in the 3,200-acre University Research Park.

IBM remains as the lead tenant. The deal is one of the area’s largest of its kind this year, according to Lane Holbert, Bailey Patrick and Ned Curran, the local Grubb & Ellis/Bissell Patrick brokers who handled the transaction.

Meridian, of Bethesda, MD, plans to upgrade offices and add to existing parking facilities. Meridian selected Trammell Crow Co. to lease and manage the building.

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