SEATTLE, August 3, 2005 – Meriwether Partners sold the 117,000-square-foot GSA Building located in Salt Lake City to a New York-based investment group for $21.8 million. Meriwether acquired the property in February 2003 for $18.6 million.
At the time of sale, the GSA Building was 100% leased to the United States Federal Government. 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.