Meriwether Buys Full City Block in the Pearl
PORTLAND, August 4, 2014 – Meriwether Partners announced the acquisition of the Overton Building in the Pearl District of Portland, OR. The purchase price was $14.1 million. The buying entity is Meriwether Overton LLC, a private partnership that includes the principals of Meriwether along with high-net worth individuals and family offices. This is Meriwether’s fifth acquisition in Portland over the past four years.
The property encompasses a full city block (40,000 square feet) located on the north side of Portland’s Pearl District. The property is bounded to the south by NW Overton Street and to the north by NW Pettygrove Street. The cross-streets are NW 14th and NW 13th.
The improvements include three single-story structures containing 44,000 square feet. The prior owner substantially improved the buildings and converted the use from industrial to creative office and event space. Upgrades include seismic to code, new building systems, roofing, floor slabs, window systems, and entries. The buildings feature high ceilings with exposed trusses, open floor plans, and abundant natural light creating a highly desirable modern environment for creative office tenants.
At acquisition, the property was 95% leased. The property’s two major tenants are Icebreaker and West Event Productions. Icebreaker, a privately held global clothing manufacturer and retailer based in New Zealand, has its U.S. headquarters at the building and has been a tenant since 2008. West Coast Event Productions, based in Portland, is an event consulting, design, rental and venue management company operating throughout the west coast. West Coast operates “Pure Space” at the property.
“We’re excited to find an additional opportunity to buy in The Pearl. It’s emerged to become the most active, desirable mixed-use neighborhood in Portland,” said Robert Briscoe of Meriwether. “The buildings are in excellent condition and the existing tenant base provides a solid in-place income stream.”