The brick and glass building has four tenants and is 83% leased. Koninklijke Philips Electronics NV, a global electronics company, leases 119,999 sf or approximately 61% of the building. The company's lease, which expires in June 2012, includes one three-year extension option.
Edelman, a public relations firm, leases 20,822 sf or approximately 11% of the building. Its lease, which expires in August 2014, includes an option to negotiate a renewal during the second to last year of the lease term based on then-current market rates. The remaining lease space is leased to two retail tenants, one of which is West Travel Inc., also known as Cruise West.
"The property's immediate neighborhood is experiencing dynamic growth that includes high-end residential and mixed-use projects that will further enhance the area's progression into a live-work location," says Hines REIT president Charles Hazen.
Touchstone Seattle Venture II was represented by Pacific Real Estate Partners Inc. Hines REIT was represented by Houston-based Hines, the sponsor of the REIT and the manager of its assets.
Last week, Hines REIT paid $57 million for Seattle Design Center, a 390,684-sf office and retail complex at 5701 Sixth Ave. South in the Georgetown neighborhood. 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. The complex is 90% leased.
Hines REIT commenced operations in November 2004 and primarily invests in institutional-quality office properties located in the US. Including this acquisition, Hines REIT currently owns interests in 32 office properties located in 20 cities throughout the US and one mixed-use office and retail complex in Toronto.
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