Meriwether Buys 51,000-square-foot Office Building in Portland
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.”
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.