Joint venture lands Maryland office complex

A joint venture of New York-based Meritage Properties and Maryland-based Buchanan Partners acquired ownership of Metro-Plex I and II, two class A office buildings totaling 293,000 square feet in Landover, Md.

The total value of the transaction was not disclosed.

Metro-Plex I, built in 1980 and partially renovated in 2002-2003, has six floors with approximately 106,000 square feet and is located at 8401 Corporate Drive. Metro-Plex II at 8201 Corporate Drive was built in 1982 and towers above the Washington Beltway with 13 floors totaling 187,000 square feet. The property also includes a building site approved for up to 200,000 square feet of development.

Metro-Plex I and II currently house nearly 70 tenants, including Mitre Corp., the Department of Labor, Heery International, O'Brien & Gere Engineers, and the National Association of Minority Automotive Dealers.

Nathan added that the Metro-Plex complex also offers extensive amenities including a full-service deli, health club, abundant free parking, and a nearby Courtyard by Marriott hotel.

William Collins and Paul Collins of Cassidy & Pinkard represented the seller, MGP Real Estate LLC, and Bill Morris of Advantis represented the joint venture in the transaction.

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