SEATTLE, August 29, 2007 – Meriwether Partners has sold the Central Building located in downtown Seattle to an investment fund managed by LaSalle Investment Management for $43,154,000. Meriwether Partners acquired the property in October 2005 for $17,500,000.
The Central Building consists of an eight-story, 192,000 rentable square foot historic office building located in the heart of Seattle’s central business district. Built in 1907, the architecturally distinct Central Building occupies a half-block site on Third Avenue between Columbia and Marion streets. At the time of sale, the property was approximately 95% leased.
“We acquired the Central Building anticipating that we’d hold it for the long-term. However, with the occupancy stabilized and the current capital markets environment, it felt like the right time to sell for our investors,” 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 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.