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117,000-SF GSA Building Retrades After 30 Months

SALT LAKE CITY-A building leased to the the US government through the first quarter of 2012 fetches $3 million more than it did in 2003.

By Brian K. Miller | Updated on September 11, 2005

SALT LAKE CITY- Meriwether Partners has sold the 117,000-sf GSA Building here for $21.86 million, taking advantage of cap rate compression over the past two years to turn a tidy profit on its first investment. The three-year old Seattle-based real estate brokerage and investment house acquired the building in February 2003 for $18.6 million.

The GSA Building is a two-story, 117,553-sf office building on 4.41 acres that includes a 237-space surface parking lot. The property is 100% leased to the United States Federal Government on a non-cancelable lease through April 30, 2012. The property houses, among other government agencies, the US Department of Agriculture’s national archive of aerial photography.

“We acquired the asset using creative financing and then spent the next 30 months solidifying the tenancy improving tenant and vendor relationships and also upgrading the interior and exterior of the building,” says Meriwether principal Robert Briscoe. “These efforts, plus a compression in cap rates nationwide, allowed us to sell the asset and provide excellent returns back to our investors.”

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