SEATTLE, March 29, 2006 – Meriwether Partners announced the $61 million sale of Blanchard Plaza to Shorenstein Properties.
Meriwether acquired the property in May 2004 for $33 million. Blanchard Plaza is a 241,000 square foot Class A office tower located in downtown Seattle. At the time of sale, the property was 90 percent occupied, with approximately 60 percent leased to the GSA.
“Blanchard Plaza was one of the first buildings we acquired as Meriwether Partners,” said Robert Briscoe, principal at Meriwether Partners. “We effectuated over $6 million of tenant improvements and capital upgrades during our ownership. Additionally, we solidified the tenancy at the building by implementing a comprehensive tenant relations program and improving vendor relationships. These efforts, plus a compression in cap rates nationwide, allowed us to sell the asset and provide excellent returns back to our investors,” Briscoe added.