SEATTLE, September 27, 2016 - Meriwether announced the $30.7 million acquisition of the George F. Russell Jr. Hall, a mixed-use commercial and residential building located in the University District neighborhood of Seattle, Washington. The buying entity is Russell Partners LLC, a private partnership that includes the principals of Meriwether along with high-net worth individuals. The seller was Unico Properties.
Developed in 2009, the LEED Gold building consists of 44,000 square feet of class A office and retail space on floors one through four, 30 residential apartments on floors five and six, and 120 parking stalls on three subterranean levels.
Major tenants include The University of Washington, the National Bureau of Asian Research, and Oculus (Facebook). The commercial portions of the property were 100% leased at acquisition. The residential portion was 93% leased at acquisition.
“We believe the University of Washington will continue to be a stable, long-term demand generator, which will benefit Russell Hall,” said Joel Aslanian, a principal at Meriwether. “We were attracted to the U-District neighborhood. Increased density and future light rail access will broaden the appeal of the U-District to a greater range of residents and businesses.”