The Meridian Group Lands $50M Refi for DC-Area Asset

Eastboro V. Image courtesy of JLL

The Meridian Group has obtained a $50 million refinancing for Eastboro V, Booz Allen Hamilton’s corporate headquarters in Tysons, Va. JLL Capital Markets worked on behalf of the borrower to obtain the five-year, floating-rate loan from a national bank lender.

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The nine-story Eastboro V offers 222,989 square feet of Class A office space that’s fully occupied by Booz Allen Hamilton. The property was completed in 1996 as a build-to-suit for the IT consulting firm. Located at 8283 Greensboro Drive, the property is also next to the Greensboro Metrorail station and is a roughly 15-mile drive to downtown Washington, D.C.

The JLL Capital Markets team representing The Meridian Group was led by Paul Spellman, Dan McIntyre, Rob Carey and Drake Greer.

Spellman said in prepared remarks that JLL is still seeing capital come in for well-leased office assets like Eastboro V.

Meridian’s mixed-use plans

Eastboro V is also part of Meridian’s four-building portfolio in Tysons that includes 8251, 8255, 8281 Greensboro Drive. The portfolio totals 986,954 square feet and is collectively 91 percent leased with anchor tenants Booz Allen Hamilton and Alarm.com.

Meridian’s Eastboro office portfolio is part of The Boro development, the company’s mixed-use project that totals nearly 4.3 million square feet of retail, restaurant, entertainment and commercial space. The development encompasses the Eastboro office properties, the nearby train station and is already home to a 70,000-square-foot Whole Foods.

Outside of Tysons, Meridian has made several investments in the Washington, D.C., area. In January 2019, the company acquired a 104,347-square-foot office building in Arlington, Va., for $39 million. Directly within the capital, Meridian partnered with WeWork for its acquisition of a 350,000-square-foot office property in December 2018.