Hines REIT Adding Pair of Seattle CBD Assets

SEATTLE-Hines REIT is in the process of adding two Seattle CBD properties to its portfolio for a combined price of approximately $130 million. The Houston-based trust on Friday paid $57 million for Seattle Design Center, a 390,684-sf office and retail complex at 5701 Sixth Ave. South in the Georgetown neighborhood. Later this week, it is scheduled to pay $72.2 million for 5th and Bell, a six-story, 197,135-sf office building.

The Seattle Design Center includes a two-story, 130,165-sf building constructed in 1973 with 125 surface parking spots and a five-story, 260,519-sf building constructed in 1983 that includes underground parking for 276 vehicles. The buildings are connected by a glass atrium.

SDC contains a mixture of 70 showrooms, 15 designer offices, and approximately 80,000 sf of mainstream office tenants including the corporate headquarters of specialty retailer Sur La Table. The showrooms represent more than 1,500 manufacturers from around the world as well as local artisans from the Northwest. The complex is 90% leased.