129,000 square foot office building
Meriwether acquired the Pacific Building in December 2007. The 23-story office building is located in downtown Seattle and includes 219 parking stalls on floors two through seven. The building suffered from an image problem as the prior owner was not inclined to upgrade the common areas or offer competitive TI packages. Immediately after closing, a new third-party property management team was hired, all vendor contracts were re-bid, operating costs were significantly reduced, the parking contract was re-bid (increasing parking revenue by 50%), and a significant renovation of the interior common areas and exterior was implemented.