Call it the “investment manager shot heard around the world.”
The corporate relocation of a global investment and asset management firm from New York City to Washington, DC, is the type of financial services sector move that grabs the attention of everyone from Wall Street to Pennsylvania Avenue.
In the case of global asset manager Meridiam, the vibes also extend from the Eiffel Tower to the White House. Headquartered in Paris, Meridiam specializes in developing, financing and managing long-term public infrastructure projects. Founded in 2005, this multinational company with more than $20 billion in assets under management has forged a two-decade track record of investing in sustainable development in Europe, North America and Africa.
Now, they get to work from a District of Columbia office with a direct view of the Oval Office. Leaving behind the confines of Manhattan, Meridiam elected last November 7 to set up shop for its North American headquarters at 1700 Pennsylvania Avenue in downtown Washington. You may have heard of its neighbor across the street: the White House.
“We made the decision to move our North American headquarters to DC because it’s a natural home for our business,” says Omri Gainsburg, chief operating officer of Meridiam Americas. “Our whole mission is really about delivering sustainable infrastructure and improving people’s lives. Many of the decision-makers involved in that process — the public sector at all levels, international financing agencies, the associations of officials seeking to form partnerships with private sector investors and infrastructure experts — are here in DC.”
Meridiam: ‘DC is the Perfect Home for Us’
The DC Vitality Fund played a key role in securing the move. “We were thrilled to have the mayor’s support and delighted to have been awarded the Office of the Deputy Mayor for Planning and Economic Development’s (DMPED’s) Vitality Fund grant,” Gainsburg says.
Meridiam is the third recipient of the District’s Vitality Fund, which was created last year through a $10 million investment by DC Mayor Muriel Bowser. The fund is a multi-year, performance-based incentive program designed to support companies in target industries that are actively planning to relocate, expand or retain space and create jobs in DC.
“Washington, DC continues to attract national and global companies that want to be in the nation’s capital and have access to world-class talent,” said DC Mayor Muriel Bowser. “There are many reasons top employers want to be in DC — our workforce and proximity to changemakers, our arts and culture scene, our beautiful parks and world-class transit system – and tools like the Vitality Fund help make the decision even easier for businesses.”
Meridiam occupies over 20,000 sq. ft. at 1700 Pennsylvania Avenue, N.W., and brings 60 new jobs to DC as part of the deal. “Washington, DC, is the perfect home for Meridiam in the Americas,” said Nicolas Rubio, Americas CEO for Meridiam. “As a global hub for global decision-makers, engineering services, development banks and sustainability leaders, DC is the natural place for Meridiam to put down roots and continue to grow.”
Creating a Soft Landing for FDI
DMPED partners with the Washington DC Economic Partnership (WDCEP) on this and other programs to attract business in high-growth sectors. The Washington, DC Global Soft Landing Program is another initiative designed to assist this effort. The program offers two tracks: The Penn West Global Soft Landing program and the GW x Penn West Build Fellowship. Both are designed to help investors with securing discounted real estate, tailoring immigration solutions, conducting site selection, doing custom research and market intelligence, and offering customized community tours.
The Penn West Global Soft Landing Program provides eligible applicants with workspace at Studio by Tishman Speyer, a premium coworking space at 900 19th Street, N.W. The program is part of a partnership among WDCEP, DMPED and key local stakeholders including chamber, neighborhood, and university organizations.
Audrey Polk, vice president of corporate attraction for WDCEP, says the Global Soft Landing program is unique because it offers through the GW x Penn West Global Build Fellowship access to cap-exempt H-1B visas for qualifying workers, thereby granting work visa status to foreign nationals wanting to do business in the U.S.
Meridiam Americas COO Omri Gainsburg calls DC a “natural home” for the company’s North American HQ.
Photo by Prakash Patel courtesy of Studio Alliance
“It removes the numerical limitation of H-1B visas that can be allocated to a foreign national.” says Polk. “And it significantly reduces the typical waiting period for visa approval. The Build Fellowship can offer a complete immigration solution to foreign nationals within 10-12 weeks from the first conversation with a company. Each awardee must donate five hours per week to George Washington University, but they are flexible on how the work can be done. In turn, you receive the proper visa to work in the U.S. We have had a lot of excitement since launching this program.”
Polk notes that with offers like the Vitality Fund and Global Soft Landing, “DC is removing barriers to entry for both startups and established businesses.”
The best example of this, she adds, came when DC moved quickly to pass a long-term incentives package that successfully retained Monumental Sports & Entertainment, the Washington Wizards of the NBA, and the Washington Capitals of the NHL while providing $515 million in city funding to modernize the complex that serves as the home arena for the two professional sports franchises.
Sara Adams, director of business attraction and expansion for DMPED, says that since the inception of the Vitality Fund, nine projects have taken advantage of the program.
“The city partners with WDCEP to recruit businesses and we also engage brokerage firms such as Jones Lang LaSalle,” notes Adams. “We presented to JLL about four months prior to the launch of the program to promote our new business attraction incentive”, she says. “Then a broker reached out to us about Meridiam. The decision driver for them centered around access. It was a natural transition for them to relocate here, given that DC is an international city home to global firms, institutions, and industry leaders along with a highly skilled workforce.”
This Investment Profile was prepared under the auspices of the Washington DC Economic Partnership. For more information, contact Audrey Polk at apolk@wdcep.com. On the web, go to www.wdcep.com.
