PORTLAND, December 10, 2010 – Meriwether Partners has acquired a 51,000-square-foot office building located at 4550 SW Macadam Avenue in Portland, Oregon. The purchase price was $6.4 million.
The two story building is situated on 2.87 acres and includes 155 surface parking stalls. Located in the South Waterfront area of downtown Portland, the building is commonly known as the Fiserv Building. Fiserv EFT occupies the entire building and has been a tenant since 1995.
“This is our first acquisition in Portland and we’re excited to be entering the market,” said Robert Briscoe, principal at Meriwether Partners. “This acquisition provides for strong cash returns with a long-term, credit tenant in a solid submarket of Portland. We’re optimistic about the long-term prospects for the South Waterfront, and we believe that the Fiserv Building is well-positioned to benefit from the future development in the area.”