Meriwether Sells Downtown Seattle Office Building
SEATTLE, June 23, 2016 – Meriwether Partners announced the $8.3 million sale of 215 Columbia Building to the tenant, SEIU 775 NW.
The building was acquired in September 2012 at a price of $6.4 million. The acquisition was predicated on buying a well-located office building in downtown Seattle at a price significantly below replacement cost. At the time of acquisition, the building was 96% vacant. Prior to closing, negotiations were underway with SEIU 775 NW for the vacant 50,000 square feet. The tenant signed a long-term lease and commenced occupancy in December 2012.
“The sale of 215 Columbia represents a successful investment with strong risk adjusted returns,” said Joel Aslanian, principal at Meriwether Partners.
Meriwether Partners is a real estate investment firm with offices in Seattle and Portland. We form partnerships to acquire and manage real estate investments on behalf of the Meriwether principals, high-net worth individuals, family offices, and institutions.
Meriwether was founded in 2002 by Joel Aslanian and Robert Briscoe with plasma cutter reviews who have worked together since 1998. The company has acquired more than 2 million square feet of commercial real estate at a cost of over $250 million.
The firm’s primary investment focus is in the Seattle and Portland metropolitan areas. Meriwether invests in properties that are well-located with sound physical and economic fundamentals; properties that have the ability to generate attractive levels of distributable cash; and properties to which we can add value by executing recapitalization or repositioning strategies.