SEATTLE, June 23, 2016 – Meriwether Partners announced the $8.3 million sale of 215 Columbia Building to the tenant, SEIU 775 NW.
Meriwether acquired the building in September 2012 at a price of $6.4 million. The acquisition was predicated on buying a well-located office building in downtown Seattle at a price significantly below replacement cost. At the time of acquisition, the building was 96% vacant. Prior to closing, negotiations were underway with SEIU 775 NW for the vacant 50,000 square feet. The tenant signed a long-term lease and commenced occupancy in December 2012.
“The sale of 215 Columbia represents a successful investment with strong risk adjusted returns,” said Joel Aslanian, principal at Meriwether Partners.