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Boston REIT buys Holder’s Meridian Building on Main St.


Staff Report
Published Sept. 27, 2012

A Massachusetts real estate investment trust has bought the Meridian Building, a 17-story office tower in downtown Columbia.

CommonWealth REIT paid $60 million for the class A office building at 1320 Main St., according to a deed transfer filed Sept. 18 in Fulton County, Ga. The building’s developer, Holder Properties, is based in Atlanta.

Meridian3 The 333,000-square-foot Meridian Building is the second major real estate deal in the Central Business District in the past week.

Last Thursday, Sept. 20, locally based AgFirst Farm Credit Bank said it intended to buy the 17-story, 300,000-square-foot Bank of America Plaza at 1901 Main St. No purchase price has been announced.

AgFirst said it will move its operations and about 380 workers into 100,000 square feet of office space at the BOA Plaza.

In its quarterly report issued Aug. 8, CommonWealth announced that in May it had entered in an agreement to buy the Meridian Building, adding that it expected to close during the third quarter.

The property, CommonWealth noted in the report, is 92% leased to 17 tenants. The average lease term is 8.8 years, the report added.

Completed in 2004, the Meridian Building was the first high-rise at that time to be developed downtown in 15 years. The office building is Energy Star certified and features a rooftop garden, two pocket parks, a restaurant, banking facilities and a fitness center.

CommonWealth owns a number of properties in the Columbia area, including four buildings at the Synergy Business Park at Interstate 20 and Bush River Road.

CommonWealth is an office and industrial real estate investment trust. As of June 30, it owned $7.2 billion of office and industrial properties in 31 states, Washington, D.C., and Australia.

Besides the Meridian Building, Holder has developed three other properties in downtown Columbia. These properties are Adesso, a 110-unit condominium building at the corner of Main and Blossom streets, Aspyre at Assembly Station Apartments, a 400-unit student apartment complex at the corner of Assembly and Whaley streets, and Main & Gervais, a 205,000-square-foot, class A office building located across from the Statehouse.