Washington, DC – Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that it has arranged financing totaling $100 million for National Gateway I and II, 3500 & 3550 South Clark Street, in Arlington, VA. National Gateway I & II is a two-building office complex with a retail component, including a 45,000 square foot LA Fitness health club, totaling 437,379 square feet.
Executive Managing Director John Campanella and Vice President Paul Spellman of Cassidy Turley arranged the financing on behalf of The Meridian Group.
As part of the 4.5 million-square-foot Potomac Yard mixed-use development in Arlington, National Gateway I and II are situated in the Crystal City submarket, within minutes of Ronald Reagan National Airport, two Metrorail lines, the Pentagon and downtown Washington, DC. Both buildings achieved LEED-EB Gold Certification in 2012.
About The Meridian Group
Founded in 1993 by David Cheek and Bruce Lane, the Meridian Group is a real estate investment and development firm focused on the metropolitan Washington, D.C. market. Meridian has acquired more than 8 million square feet of office, industrial, retail, and hotel properties, as well as over 400 acres of land – all totaling more than $2.7 billion in value. Prior to the formation of Meridian Realty Partners I, Meridian’s transactions were capitalized through joint ventures. Meridian’s partners have included The Blackstone Group, Goldman Sachs, The Carlyle Group, and Northwestern Mutual Life Insurance Company.
A direct real estate operator, Meridian, has a successful 20-year track record on value-add transactions with opportunistic returns. Meridian’s investment strategy is oriented to value-add opportunities across all asset types and capital structures, including acquisitions of underperforming properties and distressed debt as well as providing equity, preferred equity and mezzanine debt for recapitalizations. Meridian took its successful track record of investing as a fiduciary for institutional capital partners and formed Meridian Realty Partners I, a fully discretionary investment fund focused on value-add and opportunistic investments across all asset types and capital structures. Gary Block, Managing Director, is the third principal in Meridian Realty Partners I. The three principals combined have been responsible for over $15 billion of real estate investments over their careers.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,800 professionals in more than 60 offices nationwide. With headquarters in Washington, DC, the company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2012, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 23,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.