IN-DEPTH: Meridian pays $315m for two D.C. buildings

The Meridian Group has bought Techworld Plaza at 801 Eye St. in Washington, D.C. Here’s an in-depth look at the deal.

THE DEAL

The Bethesda, Md.–based firm paid $315 million, or $416 per square foot, for two neighboring 12-story office buildings with a total of 760,000 square feet in Washington, D.C. The purchased was made on behalf of its Meridian Realty Partners I.

Sage Capital Advisors represented the seller, JBG Cos., which acquired the property in 2009 for $275 million.

A $189 million loan was lined up, representing 60 percent of the purchase price, from Helaba Bank. Previously, All State Life Insurance provided a $145 million loan in 2005 and was assumed in 2009.

Meridian plans for a series of upgrades to the property, including