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.
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