SEATTLE, August 29, 2007 – Meriwether Partners sold the Central Building located in downtown Seattle to an investment fund managed by LaSalle Investment Management for $43 million. Meriwether acquired the property in October 2005 for $17,500,000.
The Central Building consists of an eight-story, 192,000 rentable square foot historic office building located in the heart of Seattle’s central business district. Built in 1907, the architecturally distinct Central Building occupies a half-block site on Third Avenue between Columbia and Marion streets. At the time of sale, the property was approximately 95% leased.
“We acquired the Central Building anticipating that we’d hold it for the long-term. However, with the occupancy stabilized and the current capital markets environment, it felt like the right time to sell for our investors,” said Joel Aslanian, principal at Meriwether Partners.