Kendall Lake

An office building with trees in front of it.
An office building with trees and bushes.
A parking lot in front of a building with trees in the background.
Meriwether Partners
Kendall Lake

Snoqualmie, WA

56,000 square foot office building

Meriwether Partners

Meriwether acquired the Kendall Lake building in December of 2011. The two-story office building is located east of Seattle in Snoqualmie, WA. It was 68% leased at closing with the remaining vacant space in shell condition. During due diligence Meriwether began negotiating a lease for the remainder of the building with King County. After executing the King County lease, Meriwether backfilled several subsequent vacancies. Meriwether sold Kendall Lake in October 2017 to a private investor for $13.05 million, generating an IRR of 21% and a 2.63x equity multiple over the 71-month hold period. The building was 100% leased at the time of sale.