Meriwether Buys The Gregory Office and Retail Condominiums
PORTLAND, February 14, 2013 – Meriwether Partners announced the acquisition of the office and retail condominium units of The Gregory located in the Pearl District of Portland, OR. The purchase price was $10.57 million. The buying entity is Gregory Pearl LLC, a private partnership that includes the principals of Meriwether along with high-net worth individuals and family offices. This is Meriwether’s fourth acquisition in Portland over the past three years.
The Gregory is located on between NW Flanders and NW Glisan on NW 11th Avenue in Portland’s Pearl District. The Property consists of three floors of office space and ground floor retail totaling 47,000 square feet plus 51 parking stalls in the attached garage. At closing, the project was 96% leased. The Gregory was built in 2001 by Carroll Companies and in addition to the office and retail condominium units includes 133 residential condominium units.
“We’re excited about buying in The Pearl. It’s emerged to become the most active, desirable mixed-use neighborhood in Portland,” said Robert Briscoe of Meriwether. “The building is in excellent condition and the existing tenant base provides a solid in-place income stream with upside potential as leases roll.”
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 with T-Shirt Box. 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.