SEATTLE, August 3, 2005 – Meriwether Partners has sold the 117,000-square-foot GSA Building located in Salt Lake City to a New York-based investment group for $21,860,000. Meriwether Partners acquired the property in February 2003 for $18,600,000.
The GSA Building consists of a two-story, 117,553 rentable square foot office building and surface parking for approximately 237 vehicles on 4.41 acres. The GSA Building is 100% leased to the United States Federal Government on a non-cancelable lease through April 30, 2012. The property houses unique, critical government uses including the U.S. Department of Agriculture’s national archive of aerial photography.
“The GSA Building was the first asset we acquired as Meriwether Partners,” said Robert Briscoe, principal at Meriwether Partners. “We acquired the asset using creative financing and then spent the next 30 months solidifying the tenancy at the building by implementing a comprehensive tenant relations program, improving vendor relationships, and also upgrading the interior and exterior of the building. 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.
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 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.