SEATTLE-Houston-based Hines Global REIT has acquired Fisher Plaza, a two-building office complex here from Fisher Media Services Co., a wholly-owned subsidiary of Fisher Communications Inc. Hines will assume property management responsibilities on behalf of Hines Global REIT.
Hines tells GlobeSt.com that the purchase price was $160 million, exclusive of transaction costs and working capital reserves. “Over the past several years, we have strategically repositioned Fisher for the opportunities we see as a leading local media company,” says Colleen Brown, president and CEO of Fisher Communications in a prepared statement. “Fisher Plaza has been an asset that is not a central component of our business model and executing this transaction provides added flexibility in our effort to create additional value for our shareholders.”
Completed in 2003, Fisher Plaza contains a five-story building and a six-story building totaling 293,727 square feet of office, retail, broadcast, telecommunications and data center space. The complex is 96% leased to tenants including: Fisher Communications, the largest tenant, with a 12-year lease for its corporate headquarters and Seattle television, radio and internet operations; along with a number of regional, national and internationally known data center and collocation tenants.
“This is an extremely well-constructed and located asset with a unique mix of uses in Seattle. We are happy to have the opportunity to invest in one of the highest quality multi-tenanted data centers in the region, with outstanding access to telecommunication providers,” explains Hines VP Ty Bennion, in a prepared statement. “We are especially pleased to be starting a long-term relationship with Fisher Communications, one of the leading broadcast media companies in the Pacific Northwest.”
Hines has experience in managing high-quality data and telecommunications centers in multiple facilities across the US including the 661,553-square-foot One Wilshire Building in Los Angeles. “The acquisition of Fisher Plaza is consistent with the strategy of the Hines Global REIT to acquire well-located, market-leading assets in top performing cities,” says Charles Hazen, president and CEO of Hines Global REIT. “We look forward to continuing our growth in attractive Pacific Northwest markets like Seattle.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
