Hines Global REIT purchased Fisher Plaza, a two-building, 293,727-sq.-ft. office complex in Seattle, from Fisher Media Services Co., a subsidiary of Fisher Communications Inc., for $160 million, excluding transaction costs and working capital reserves.
The complex, completed in 2003, includes a five-story building and a six-story building containing office, retail, broadcast, telecommunications and data center space. It is 96 percent leased. The corporate headquarters division of Fisher Communications is the largest tenant at the property. The company holds a 12-year lease. The complex also serves as home to data center and collocation tenants.
“This is an extremely well-constructed and located asset with a unique mix of uses in Seattle,” said Hines Vice President Ty Bennion in a statement. “We are happy to have the opportunity to invest in one of the highest quality multi-tenanted data centers in the region, with outstanding access to telecommunications providers. We are especially pleased to be starting a long-term relationship with Fisher Communications, one of the leading broadcast media companies in the Pacific Northwest.”
Hines will serve as property manager for the complex on behalf of Hines Global REIT.