241,000 square foot office building
Meriwether acquired Blanchard Plaza in April 2004. Blanchard Plaza is a 15-story office building located in downtown Seattle. At the time of acquisition, the property was 86% occupied, with over 139,000 square feet leased to the GSA on a long-term basis. Over the first 18 months of ownership Meriwther completed a $5+ million tenant improvement project for the GSA and significantly upgraded the building’s image with a renovation of the lobby, elevator cabs, and common area hallways. Meriwether executed over 64,000 square feet of leases at rates above proforma to significantly reduce the rollover risk. Meriwether sold Blanchard Plaza in March 2006 to an institutional investor generating an IRR of 61.4% and a 2.45x equity multiple.