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Hines REIT Closes on Fifth & Bell

SEATTLE-The Houston-based trust pays $72.2 million for the six-story, 197,000-sf property, which has four tenants and is 83% leased.

By Brian K. Miller | Updated on July 05, 2007

SEATTLE-Following up a $57-million transaction here last week, Hines REIT has paid $72.2 million for Fifth & Bell, a six-story, 197,140-sf office building on the north side of the Downtown core. Completed in 2002, the building has a fifth-floor deck and underground parking for 200. It was purchased from Touchstone Seattle Venture II.

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.

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