Seattle, December 19, 2011 – Meriwether Partners announced the $33 million sale of the Capitol City Business Center in Salem, Oregon to an institutional investor.
Meriwether acquired Capital City Business Center in June 2005 for $11.5 million from State Farm Insurance. Capitol City Business Center is a 233,000 square foot, single-story office building. Except for a short-term lease-back of 130,000 square feet, the building was vacant. Following a significant common area improvement project, Meriwether re-leased the building to mainly government tenants. Occupancy at the time of sale was 85%.
“The sale of the Capitol City Business Center represents a significant achievement,” said Robert Briscoe, principal at Meriwether Partners. “We managed to redevelop, reposition, and re-lease the asset in a very difficult economic environment and ultimately exit at a price that provided meaningful profits to our investment partners.”