Property developer Meridian Group LLC bought a prime office building at 2500 Wilson Blvd. in Arlington, Va., for almost $32 million from TH Real Estate, the Commercial Observer reported, citing a source familiar with the transaction.
According to a Meridian spokesman, the deal for the five-story, 104,347-square-foot building closed Dec. 24, 2018, the Jan. 2 report added.
Occupancy at the property is set to drop to 39% from 85% when one of the tenants vacates the premises in 2019. The low occupancy could result in selective refurbishment of the building, the publication reported, citing Gary Block, the chief investment officer at Meridian.