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BETHESDA, MD-The Shady Grove Executive Center is now owned by real estate investment company the Meridian Group and Northwestern Mutual following a $90-million transaction. The two companies purchased the office park from IBM and one-time Spaulding & Slye principals.

Shady Grove, which Spaulding & Slye developed between 1985 and 1989, offers 570,000 sf of office space dispersed among five structures. Also, there are two sites on the property that can accommodate 200,000 sf of additional office space. The Meridian and Nowrthwestern joint venture will not begin construction on the two other sites until a significant amount of pre-leasing is accomplished.

“We are delighted to acquire one of the premier office parks in Montgomery County,” says Meridian President David Cheek, “which is located in one of the strongest submarkets in the Washington, DC metropolitan area — the I-270/Rockville submarket.” Currently, the complex is 99% leased, with tenants Lockheed Martin and GSA occupying 85% of the space.

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