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REIT Closes $99M Daytona Buildings Acquisition

REDMOND, WA-The three fully leased office buildings are occupied largely by Microsoft Corp. The buyer, Hines REIT, also has a six-building property here under contract for $118 million.

By Brian K. Miller | Updated on December 27, 2006

REDMOND, WA-Hines REIT in an SEC filing this week said it has completed its previously announced $99-million acquisition of three office properties here known as the Daytona Buildings. The buildings were acquired from Hart Properties Northwest LLC.

The package totals 251,000 sf and is 100% leased. The major tenant is Microsoft Corp., which leases 84% (211,731 sf) of the building on a lease that expires in 2012 and provides options to renew for two additional five-year terms. The balance of the buildings’ rentable area is leased to 16 office tenants and one retail tenant.

Located at 148th Avenue and NE 31st Way, the buildings are near Microsoft’s world headquarters. Microsoft held a right of first refusal to acquire the property instead of Hines but let the option expire, according to the SEC filing.

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