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| 2626 Hanover Street, Stanford Research Park, Palo Alto, CA |
SAN RAMON, CA - 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.
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| Dan Rosenbaum |
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.”
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| Mike Conn |
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.
For a complete copy of the company’s news release,
please contact:
Anne Monaghan
MONAGHAN COMMUNICATIONS,
INC.
anne@MonaghanPR.com
830.997.0963
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