Meriwether Partners Sells Blanchard Plaza Office Tower
SEATTLE, March 29, 2006 – Meriwether Partners LLC, a Seattle-based real estate investment company, announced the sale of Blanchard Plaza, a 241,000 square foot Class A office tower located in downtown Seattle. A Meriwether-led private partnership acquired the property in May 2004 for $33 million. The sales price was $61,325,000.
Meriwether sold Blanchard Plaza to Shorenstein Properties LLC, a San Francisco-based sponsor of real estate investment funds. The property is currently 90 percent occupied. Approximately 60 percent of the building is leased long-term through the Government Services Agency. Other major tenants include Northwest Architectural Company, one of the largest architectural firms in Washington State, Inspiration Media, an operator of five regional radio stations and wireless phone service provider MCI.
Blanchard Plaza was built in 1982 by Canada’s renowned development firm, Olympia & York – developer of many institutional quality office properties including New York ‘s World Financial Center and Canary Wharf in London. The 15-story Seattle building’s unique two-wing design offers sweeping 300-degree views of Puget Sound, the Olympic Mountains and downtown Seattle’s skyline and the building’s location within the Denny Triangle/Belltown submarket, just north of the central business district, successfully attracts tenants looking for adjacent amenities – particularly shopping and entertainment — less traffic congestion than downtown locations and unobstructed views.
During 2005, Meriwether Partners acquired five properties including major purchases in Boise (the 235-room SpringHill Suites by Marriott and the 250,000 square foot Market Street Warehouse), Salem (the 231,000 square foot Capitol City Business Center), Milipitas (the 35,000 square foot SMI Building), and Seattle (the 170,000 square foot Central Building)
Since 1999, Meriwether has sponsored eight private equity real estate investment partnerships. The company has acquired through these partnerships over 1.3 million square feet at a gross acquisition/ redevelopment cost in excess of $150 million. In investing these funds, Meriwether applies its investment and operating capabilities to capitalize on opportunities offering the most attractive risk-adjusted returns. As a result, investments have included everything from major redevelopment to asset repositioning to stabilize assets. Investment structures have included 100% acquisitions and structured joint ventures.
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.