Meridian Completes $4 Million Repositioning of 12,500 SF General Office Building in Palo Alto, Calif.
RealEstateRama   -   Real Estate   -   Government   -   Nonprofit   -   Web

Meridian Completes $4 Million Repositioning of 12,500 SF General Office Building in Palo Alto, Calif.

-

With more than 300,000 SF currently in development/redevelopment and another 200,000 SF in the pipeline, Meridian is still aggressively pursuing more value-add general office and medical office building opportunities throughout California

SAN RAMON, CALIF. – (RealEstateRama) — Meridian, a full-service real estate developer and owner of general and medical office real estate, is pleased to announce that it has completed the repositioning of a 12,500-square-foot single-tenant office building located in Santa Clara County at 2626 Hanover Street in Palo Alto, Calif. The building is located in the Stanford Research Park.

With a renovation cost of $4 million, Meridian assisted its client in carrying out a complete renovation in six months, both interior and exterior, while the tenant temporarily relocated its staff. The project had many challenges: multiple stakeholders (landlord, tenant, City of Palo Alto and Stanford University); working with a compressed schedule since there was a hard deadline with the temporary space and a reduced work schedule imposed by the City; obtaining entitlements from the City of Palo Alto and Stanford; and a logistically-challenging site with both exterior and interior improvements having to be addressed  simultaneously.

In the final week of December 2016, Meridian completed the purchase of a six-story 105,000-square-foot office building at 1000 Marina Blvd. in San Mateo County, Calif. The seller was TA Associates, a private equity firm based in Boston, Massachusetts. Meridian paid just under $29 million for the 90%-leased building located in the Sierra Point submarket in the city of Brisbane. This purchase represented Meridian’s second major office transaction in northern California since September 2016, when the firm sold The Atrium, a 77,000-square-foot office building in Pleasanton.

More

Previous articleHanley Investment Group Concludes 2016 with Sale of 82 Deals, $540 Million for the Year
Next article55+ Housing Market Shows Continued Growth