Harrison Street, Meridian Buy 431K SF NoVA Office Portfolio

Meridian Group and Harrison Street Asset Management have acquired a five-building office portfolio in Chantilly, Va., as part of a broader push to attract national security, defense and intelligence firms as tenants.

The joint venture, which also includes HLM Associates, acquired the Stoneleigh and Newbrook campuses totaling 431,000 square feet in the Westfields submarket of Fairfax County. The buyers said they plan additional capital investments to expand secure-facility capabilities and to modernize infrastructure across the portfolio.

The companies did not disclose pricing. Bisnow reported the sale price at approximately $67 million, citing a source familiar with the deal. The five properties are at 4800 and 4840 Westfields Boulevard and 14150, 14151 and 14155 Newbrook Drive. An affiliate of the RMR Group sold the properties, records show. 

The acquisition is the first for Meridian’s platform around secure, mission-critical facilities, according to Gary Block, the Bethesda-based firm’s chief investment officer.

“Our goal is to become a landlord of choice for both traditional government contractors and the growing universe of nontraditional defense and technology companies in the markets we serve,” Block said in a statement.

Harrison Street, which has approximately $109 billion in assets under management, said the strategy targets specialized properties benefiting from government-related demand and high barriers to entry. HLM also has expertise in the development and operation of facilities supporting classified government operations.

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.