Meriwether Sells Capitol City Business Center
Seattle, December 19, 2011 – Meriwether Partners announced the $33 million sale of the Capitol City Business Center in Salem, Oregon to an institutional investor.
Capitol City Business Center is a 233,000 square foot, single-story office building. Meriwether acquired the asset with an institutional partner in 2005 for $11.55 million. Except for a short-term lease-back of 130,000 square feet, the building was vacant. Following a significant common area improvement project, the building was re-leased to mainly government tenants. Occupancy at the time of sale was 85%.
“The sale of the Capitol City Business Center represents a significant achievement,” said Robert Briscoe, principal at Meriwether Partners. “We managed to redevelop, reposition, and re-lease the asset in a very difficult economic environment and ultimately exit at a price that provided meaningful profits to our investment partners.”
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.