Meriwether Buys the 215 Columbia Building in Downtown Seattle
SEATTLE, September 28, 2012 – Meriwether Partners announced the acquisition of the 215 Columbia building in downtown Seattle, WA for $4.65 million. The buying entity is 215C Partners LLC, a private partnership that includes the principals of Meriwether along with high-net worth individuals and family offices.
The 215 Columbia Building is located in downtown Seattle on the corner of 3rd Avenue and Columbia Street. The 52,000 square foot historic property was originally constructed in 1929 for the Chamber of Commerce. Most recently the building was occupied by Pacific Northwest Title Company and was left mostly vacant after Pacific Northwest Title was purchased by First American Title. At the time of the Acquisition 50,000 square feet of the building was vacant.
“We are pleased with this acquisition and we are excited about the long term potential of this historic building,” said Joel Aslanian of Meriwether. “This is a unique building with great possibilities for a single user to create a corporate headquarters in downtown Seattle.” Aslanian added, “We are already in negotiations with a tenant for the remaining space and we expect to begin their tenant improvements prior to the end of the year.”
Meriwether Partners LLC is a Seattle-based commercial real estate firm established in 2002. As Investment Managers, Meriwether forms partnerships to acquire and manage real estate investments on behalf of its principals, institutions and high-net worth individuals and family offices. The firm’s investment focus is value-added commercial real estate within the Pacific Northwest, with a primary focus on 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 value can be added by executing recapitalization or repositioning strategies. Meriwether provides hands-on asset management and monitors each investment throughout the entire investment cycle. Since 2002, Meriwether has acquired 19 properties at a cost of over $250 million.