Meriwether Buys 129,000 Square Foot Office Building in Downtown Seattle
SEATTLE, December 5, 2007 – Meriwether Partners has acquired the PacificBuilding from LHT Corporation for $34 million or $264 per rentable square foot (“RSF”). The buying entity is Pacific Building Partners LLC, a private partnership that includes the principals of Meriwether along with high-net worth individuals.
The PacificBuilding is a 23-story office building located at the corner of Third Avenue and Columbia Street in downtown Seattle (720 Third Avenue). Containing 129,000 RSF of office and ground floor retail space, the building also offers 219 parking stalls located on floors two through seven. The building is currently 86% leased by 33 tenants. Located in the heart of Seattle’s Central Business District, the PacificBuilding is at the confluence of the government and financial districts and offers close proximity to the retail core and waterfront districts. Third Avenue is the main bus arterial through downtown, and the occupants of the PacificBuilding also have easy access to the bus and light rail tunnel underneath Third Avenue.
To improve the competitive position of the building, Meriwether will implement a multi-million dollar renovation plan for the interior and exterior of the building. Interior renovation projects will include remodeling the main floor lobby and elevator cabs, upgrading multi-tenant lobbies and corridors, improving the parking garage controls, and installing a new fire sprinkler system. Exterior improvements will include cleaning the travertine marble façade, installing a new canopy system along Third Avenue, as well as new lighting, signage, and landscaping. Meriwether has hired Foushée and Weaver Architects to facilitate the renovation.
“We’re very excited about this acquisition,” said Rob MacAulay of Meriwether. “We look forward to converting the PacificBuilding from a good building to a great one.”
Financing was arranged by Mike Taylor of Newmark Realty Capital and Mike Wood of Norris Beggs and Simpson. Property Management will be handled by Pinnacle with the parking garage managed by United Parking Services. The seller was represented by Jason Flynn and Stephen VanDusen of EastdilSecured.
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.