Meriwether Buys Pearl District Office and Guild’s Lake Industrial Buildings
PORTLAND, October 1, 2014 – Meriwether Partners announced the acquisition of two buildings in Portland, OR. The purchase price was $10.15 million and totaled 112,000 square feet. The buying entity is Meriwether Hoyt LLC, a private partnership that includes the principals of Meriwether along with high-net worth individuals and family offices. This is Meriwether’s sixth and seventh acquisitions in Portland over the past four years.
The Premier Office property is located at NW Hoyt Street and NW 15th Avenue and totals 40,000 square feet. Meriwether plans on significantly renovating the building, including adding floors, completing a comprehensive seismic upgrade, installing new building systems, window systems, and common areas. Upon completion, the Premier Office building will offer highly desirable office environment featuring open floor plans, high ceilings, exposed concrete columns, abundant natural light, and outdoor roof decks with views of the city and west hills.
The Premier Industrial building is located in the Guild’s Lake Industrial Sanctuary just 2.5 miles north of downtown Portland. The 72,000 square foot building includes 60,000 square feet of warehouse space and 12,000 square feet of office space. Meriwether plans to re-lease the building to one or more users following the expiration of a seller-leaseback.
“We’re excited to find additional opportunities to buy in Portland. These buildings have attractive upside potential through the re-leasing of the Industrial building and redeveloping the Office building. Both properties are located in strong submarkets with low vacancy rates, limited competition and high tenant demand,” said Robert Briscoe of Meriwether.