SHADY GROVE EXECUTIVE CENTER, a first-class five-building, 570,000 square foot office portfolio, along with two office development sites for 210,000 square feet, located at the intersection of I-270 and Shady Grove Road in Rockville, Maryland was acquired from a partnership of IBM and Spaulding & Slye in October 2001 for $90 million.

The buildings were 99% leased, at rents below market, and 90% occupied by credit tenants, Lockheed Martin, the Federal Food and Drug Administration and PNC Financial. Lockheed Martin occupies three buildings in the park which contain the headquarters for its international air traffic control systems contracting business, the largest in the world.

Meridian sold the building portfolio to institutional buyers in two separate transactions with the final sale coming in August, 2003. Meridian still owns the remaining building sites, which it plans to develop.