Hines Global REIT Sells KOMO Plaza for $276M

Hines Global REIT ended its five-year hold on KOMO Plaza, in downtown Seattle, selling it to GI TC Seattle LLC. The sales price was $276 million. Hines will continue to be property manager.

Formerly known as Fisher Plaza, the 293,727-SF KOMO Plaza at 140 4th Ave. N. is a state-of-the-art, multi-tenant center facility near Seattle’s Queen Anne Submarket. KOMO Plaza consists of office, retail, broadcast, telecommunications and data center space. Hines acquired the center, which consists of a five-story building and six-story building, in December 2011 for $160 million.

Sherri Schugart, president and CEO of Hines Global REIT, indicated that the asset performed well, exhibiting high-quality infrastructure, a strong tenant roster and best-in-class construction. “Management and the board determined this to be an opportune time to lock in gains and maximize the return on our investment,” she said.

For comments, questions or concerns, please contact Amy Sorter