In 2001, TMG acquired the five-building, 570,383-square-foot Shady Grove office complex, which also included a completed office garage and two adjacent office development sites with 210,000 square feet of FAR. Through hands-on asset management and proactive leasing efforts, Meridian extended the largest tenant’s lease—comprising 60% of the property—and stabilized the project. After re-leasing, Meridian staggered the sale of the complex in two separate transactions to institutional buyers. As part of one of the sales, Meridian carved out the two development sites, rezoning those 6.9 acres from office to residential use. This staggered sale approach allowed Meridian to pay down the project debt one year after the acquisition.
9201 Corporate Boulevard
Rockville, MD 20850