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News release

TYSONS, VA

Jones Lang LaSalle to Manage Solutions Plaza in Tysons Corner

Meridian Group to Develop and Reposition Property


TYSONS, Va., Aug. 15, 2013 — The Meridian Group has hired Jones Lang LaSalle (NYSE:JLL) to manage three buildings totaling 640,000 square feet at Solutions Plaza, an 18-acre corporate headquarters campus in Tysons, Va.
With this assignment, the Washington, DC office of Jones Lang LaSalle has added more than five million square feet to its property management portfolio in the last 60 days.

“Meridian’s buildings offer a great opportunity to showcase the market changes expected in Tysons with the new Silver Line Metro,” said Meredith Roark, Regional Director, Mid-Atlantic Property Management, Jones Lang LaSalle. “Jones Lang LaSalle is honored to manage these assets for The Meridian Group and looks forward to being part of the transformation.” 

The Solutions Plaza assignment includes the three buildings located at 1707, 1709 and 1710 SAIC Dr. Located on Route 7, the buildings are at Westpark Dr. and Greensboro Dr. in the Tysons submarket known as "The Hill" near Tysons Galleria Mall.

In addition to its adjacent retail amenities, the property will soon be directly serviced by the new Tysons Central 7/Greensboro Metro station, which is scheduled to open in early 2014. On-site amenities at Solutions Plaza include a cafeteria and conference center.

The Meridian Group, a real estate investment and development firm based in Bethesda, Md. recently acquired the property. The firm plans a $20 million renovation of two of the buildings, which will be vacated within a year. The upgrades call for new lobbies and common areas, elevator cabs, HVAC systems, and pedestrian walkways and plazas near the Metro station.  The third building is fully occupied.

A fourth Solutions Plaza building, with a surface parking lot on Greensboro Drive, is currently vacant and will be demolished for redevelopment. The Meridian Group also has assumed the processing of previously filed plans to redevelop this property with an additional 3 million square feet of mixed-use space, including new office, residential, retail and hotel uses.

The Meridian Group acquired Solutions Plaza through its $160-million discretionary real estate fund, Meridian Realty Partners I, one of the largest equity funds focused on real estate in the Washington, DC metropolitan area.
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About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.3 billion of real estate assets under management. For further information, visit www.jll.com.