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Meriwether Partners Sells the Central Building

Meriwether Partners Sells the Central Building for $43,154,000

SEATTLE, August 29, 2007 – Meriwether Partners has sold the Central Building located in downtown Seattle to an investment fund managed by LaSalle Investment Management for $43,154,000. Meriwether Partners acquired the property in October 2005 for $17,500,000.

The Central Building consists of an eight-story, 192,000 rentable square foot historic office building located in the heart of Seattle’s central business district. Built in 1907, the architecturally distinct Central Building occupies a half-block site on Third Avenue between Columbia and Marion streets. At the time of sale, the property was approximately 95% leased.

“We acquired the Central Building anticipating that we’d hold it for the long-term. However, with the occupancy stabilized and the current capital markets environment, it felt like the right time to sell for our investors,” said Joel Aslanian, principal at Meriwether Partners.

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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.

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