Nitze-Stagen and Meriwether Partners LLC Purchase the Ainsworth & Dunn Warehouse Site
Preserving a City Landmark While Connecting to the Future of the Central Waterfront
Seattle WA., June 13, 2015 – Nitze-Stagen and Meriwether Partners announced today that they have purchased the historic Ainsworth & Dunn warehouse and the adjacent surface parking lot located at 2815 Elliott Avenue. The 28,730 sq. ft. site was purchased for $9 million from the Dussin family who also owns the Old Spaghetti Factory restaurant occupying the first floor of the building. The Old Spaghetti Factory will remain open while the partnership completes its planning for the site.
This is a joint venture between the two local real estate investment firms in what they describe as a gateway property for the north end of the waterfront.
“The Ainsworth & Dunn warehouse is located on a prominent corner that is now at the nexus of many urban planning initiatives,” said Joel Aslanian, principal at Meriwether Partners. “The site anchors the north end of the waterfront, sits across the street from the Olympic Sculpture Park, and is located at what may become a terminus for the Lake to Bay urban trail.”
“In addition to the site’s prominent location, it’s the landmark building that really caught our attention,” added Peter Nitze, vice president of Nitze-Stagen. “It’s an ideal project for our firm, whose expertise is steeped in enhancing the value of historic buildings while strengthening the surrounding neighborhoods. What others may see as a headache, we see as an opportunity to preserve the past while adding value for the future.”
Planning for future uses of the building and adjacent property are still under consideration. “The site has a lot of interesting potential between the surface lot and the Ainsworth & Dunn warehouse,” said Aslanian. “We are just at the beginning stages of exploring our design options but whatever we do, it will connect to the public spaces, honor the historic building, and be a high quality project.”
“Acquiring this site was a happy serendipity for Nitze-Stagen. With our successful adaptive reuse of the Sears Distribution Center as Starbuck’s corporate headquarters, and now the Ainsworth & Dunn warehouse, our properties will bookend the waterfront,” remarked Nitze.
About Ainsworth & Dunn Warehouse
The Ainsworth & Dunn warehouse was built in 1902 when the early commercial development of Seattle largely relied on ships for the receipt of important goods and for the distribution of lumber, coal, fish and other products for export. The building was originally constructed by the Seattle salmon-packing firm Ainsworth & Dunn to complement their newly built pier 14 (now Pier 70) directly across the street.
Nitze-Stagen invests in urban real estate projects to create the catalyst for future economic development in neighborhoods. The company’s projects have provided the foundation for strengthening neighborhoods by improving their physical conditions as well as delivering desired uses. Nitze-Stagen is responsible for the adaptive reuse and development of the Sears Distribution Center, Union Station, Merrill Place and the Frye Art Museum.
About Meriwether Partners LLC
Meriwether Partners is a real estate investment firm with offices in Seattle and Portland. Meriwether forms partnerships to acquire, develop and manage real estate investments on behalf of the Meriwether principals, high-net worth individuals, family offices, and institutions. The company has acquired more than 2 million square feet of commercial real estate at a cost of over $350 million. Recent Meriwether projects include: the development of 19th & Mercer on Capitol Hill, the renovation of the historic 215 Columbia Building in downtown Seattle, and the ongoing redevelopment of the Premier Press Building in Portland’s Pearl District.