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Hart Completes $217M Sale to Hines REIT

REDMOND, WA-The sale of six office buildings on NE 31st Way for $118 million late last week completes a nine-building, 715,000-sf deal.

By Brian K. Miller | Updated on January 08, 2007

REDMOND, WA-With the sale of six office buildings here for $118 million, Hart Properties Northwest LLC late last week completed a $217-million portfolio sale to Hines REIT that totaled 715,000 sf (net rentable) in nine office buildings. The portfolio, comprised of the Daytona and Laguna office complexes, is well leased, mostly to Honeywell International Inc. and Microsoft Corp.

Late last week, Hines closed on the Laguna buildings, six office buildings on NE 31st Way totaling 465,000 sf. Two of the buildings have three stories and were built in the late 1980s while the remainders are single story buildings built in the 1960s. The $118-million purchase price is exclusive of $590,000 in acquisition fees, according to an SEC filing.

Honeywell, an industrial products company, leases 360,300 sf, or approximately 78% of the Laguna buildings’ rentable area under leases expiring in various years through 2013. Microsoft leases another 22% (104,353 sf) under a lease that expires in 2011. One of Honeywell’s leases, for 104,443 sf, expires in July 2009 but provides an option to renew for two additional five-year terms.

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