• Type

    Office

  • Fund

    Realized

  • Address

    9201 Corporate Boulevard
    Rockville, MD 20850

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Shady Grove Executive Center

Rockville, MD

Property Overview

In October 2001, Meridian 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 intense asset management and proactive leasing efforts, Meridian extended the largest tenant’s lease comprising 60% of the property and stabilized the project. After completing these re-leasing efforts, Meridian staggered the sale of the complex in two separate transactions to institutional buyers.  As part of one of the sales, Meridian was able to carve out the two development sites, totaling 6.9 acres, which had potential for added value by rezoning the sites from office to residential use.  This staggered sale approach allowed Meridian to pay down the project debt one year after the acquisition and maximized the value of the overall investment by capturing higher values from two different buyers.