December 23, 2016

Fisher Plaza sells for almost $276M

Photo by Hines [enlarge]

Fisher Plaza gained 72 percent in value in just five years.

Five years after buying Fisher Plaza, home to KOMO-TV, for $160 million, Houston-based Hines Global REIT has sold the property for $275.8 million.

That's a roughly 72 percent increase in value for the property, which was completed in 2003 by Fisher Properties.

Fisher sold it to Hines in 2011. Two years later, parent company Fisher Communications sold itself to Sinclair Broadcast Group.

King County records show the buyer of Fisher Plaza is an LLC associated with GI Partners of San Francisco, a large, privately held private equity firm. A Hines LLC is listed as the seller.

The pending deal was reported last month by Commercial Real Estate Direct.

The two-building, six-story complex is at 100 and 140 Fourth Ave. N., on 1.9 acres of land, with a pedestrian plaza between the buildings.

They total about 293,727 square feet, and there are 833 parking spaces below grade.

Commercial Real Estate Direct said the space is 88 percent leased, with 121,000 square feet occupied by Sinclair. King County documents show that lease running through December of 2023.

Retail tenants include Subway, Sport Restaurant & Bar and First Citizens Bank.

The east building has a helipad on the roof, off of which a malfunctioning KOMO helicopter suffered a fatal crash in 2014.

Hines was represented by Jones Lang LaSalle, with Conan Lee and Lori Hill in Seattle and Michael Hochanadel in San Francisco. Hines will continue to act as property manager.