GSA Building
News
Salt Lake City, UT
118,000 square foot office building
Meriwether acquired the GSA Building in February 2003 from a bankrupt owner. The single-story office buiding was 100% leased on a long-term basis to the GSA. At the time of acquisition, the building suffered from virtually non-existent property management which resulted in deferred maintenance and poor tenant relations. After improving tenant relations by hiring an on-site property management staff, making cosmetic improvements to the building, and lowering operating costs, Meriwether sold the building in August 2005 to a private investors generating an IRR of 23.8% and an equity multiple of 1.64x.
Salt Lake City, UT
118,000 square foot office building
Meriwether acquired the GSA Building in February 2003 from a bankrupt owner. The single-story office buiding was 100% leased on a long-term basis to the GSA. At the time of acquisition, the building suffered from virtually non-existent property management which resulted in deferred maintenance and poor tenant relations. After improving tenant relations by hiring an on-site property management staff, making cosmetic improvements to the building, and lowering operating costs, Meriwether sold the building in August 2005 to a private investors generating an IRR of 23.8% and an equity multiple of 1.64x.