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MetLife Pays $244 Million for Majority Stake in Boro Station

Meridian Group Finds Partner for Recapitalization of Three-Building Complex
April 10, 2018
The Meridian Group has sold a 95 percent stake in the Boro Station in Tysons Corner to MetLife Investment Management for $244 million - the third office sale in the Washington, D.C. market this year to surpass the $200 million mark.

Meridian paid $85 million back in 2013 to acquire the three-building, 642,046-square-foot Boro Station - then known as Greensboro Station - from Science Applications International Corp. (SAIC).

Following its purchase, the real estate investment and development firm out of Bethesda, MD, invested more than $60 million to reposition the complex - a massive value-add initiative that included a reconfiguration to provide easier access to the new Greensboro Silver Line metro station. Current tenants in Boro Station include MC Dean, Cvent, Watt, Tieder, Hoffar & Fitzgerald LLP and Serten Advisors.

Meridian retained a 5 percent stake in Boro Station and will continue to oversee day-to-day management of the complex, which sits adjacent to the 4.2 million-square-foot The Boro mixed-use district Meridian is developing with Kettler.

Collins Ege, Nicolas Seidenberg, Sean McDermott, Bradley Allen and Axel Azcue of Eastdil Secured, in collaboration with in-house reps Gary Block and Andrew Pence, brokered the sale for Meridian. Anthony Balestrieri and David Posnick of MetLife Real Estate handled negotiations for MetLife Investment Management.

Please see CoStar COMP #4197247 for more information on the transaction.
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