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March 6, 2015

Hines pays $320M for The Summit

By JOURNAL STAFF

BELLEVUE — Property records show the international real estate firm Hines paid $319.8 million for The Summit, an office complex in downtown Bellevue that has two buildings, and a permitted site for a third building.

Hines paid Ivanhoe Cambridge about $566 per square foot for the existing buildings, which are 11 and 13 stories with a total of 524,130 square feet. Hines paid about $530 per square foot for the permitted site. The third tower could be 15 stories and 330,400 square feet.

The Summit is on Northeast Fourth Street between 108th and 110th, and is the headquarters for Puget Sound Energy. The buildings are nearly 95 percent leased, according to a Hines press release.

Last month Hines made another big purchase in downtown Bellevue, paying $205.1 million — or about $634 per square foot — for Civica Office Commons, a two-building complex at 205 108th Ave. N.E.

Last September Hines paid $276 million for the former Bank of America building at 800 Fifth Ave. in downtown Seattle.


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