Meridian Completes $4 Million Repositioning of 12,500 SF General Office Building in Palo Alto, Calif.
January 11, 2017
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.
According to Dan Rosenbaum, Meridian’s Senior Vice President of Acquisitions in northern California, “This presented an opportunity for Meridian to partner with a landlord to demonstrate its construction and development capacities to meet the challenges of a project requiring extensive renovation, in a tough municipality, a tight labor and subcontractor market, and with extraordinary schedule pressures. The execution capabilities are evident in the on-time/on budget delivery.”
Mike Conn, Meridian’s Senior Vice President of Development stated, “Creating a culture of open book collaboration and constant communication with all stakeholders is key to achieving success on these challenging projects.” Conn continued, “Working in concert with the City of Palo Alto and Stanford Research Park was critical to obtaining quick approvals for redeveloping this tight general office site. Having strong relationships with our vendors and contractors is critical to a successful project delivery. We could not have done it without the unwavering support and ‘can do’ attitude of our partners KTGY Architecture + Planning and Stevens Hemingway Stevens General Contractors.”
Rosenbaum added, “With more than 300,000 square feet currently in development and redevelopment and another 200,000 square feet in the pipeline, Meridian is still aggressively pursuing more value-add general and medical office opportunities throughout California.”
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.
A division of Marcus & Millichap Company, with offices in San Ramon and Irvine, Calif., Meridian Property Company is a full-service real estate developer having completed over one million square feet of innovative and integrated commercial office, primarily medical, since its inception in 2000. Meridian’s services are broad in scope, but meticulous in detail — from site evaluation and land acquisition to entitlement and planning to construction and management. For more information, see mpcca.com.