Hines Picks Up Fisher Plaza for $160M

Fisher Communications announced this month that it had completed the sale of Fisher Plaza to Hines Global REIT, Inc. for $160 million in cash. Fisher disclosed that the company began marketing the property in early 2008 but, due to the then rapidly deteriorating financial market conditions, suspended the effort to unload the property until March 2011. Fisher has said that it will use a portion of the sale proceeds to redeem the remaining $61.8 million of its 8 5/8% Senior Notes. Moelis & Company and CenturyPacific, LLLP served as Fisher's real estate advisors on the transaction.

Built in 2001, Fisher Plaza is a 300,000-square-foot office and data center complex that includes two six-story buildings in downtown Seattle across from the Space Needle. The buildings and land at 100 and 140 4th Avenue North carried a value of $106 million as of Dec. 31, 2010, according to the company's annual report last year reported Bloomberg. The Seattle building serves as Fisher's headquarters and houses ABC-affiliate KOMO. Fisher will remain the 300,000-square-foot facility's largest tenant, with a 12-year lease for its corporate headquarters according to a Puget Sound Business Journal article.

For more news and information visit Blumberg Capital Partners.

Boston Office Building Sold for $57M

Hines Global REIT agreed to purchase an office building in Canton, MA just outside of Boston for $57 million, or $308 per square foot, according to a CoStar report. Inland American Real Estate Trust sold the property at 250 Royall Street after it originally traded hands in 2009 when Inland Western sold it to Inland Communications Inc. for $62.63 million. Hines Global expects to fund the acquisition using proceeds from its current public offering.

250 Royall Street covers 185,171 square feet of rentable space that is currently 100% leased to Computershare Limited, a lease that expires in May 2019. Hines Global expects the closing of this acquisition to occur in the third quarter of 2011, subject to completing a number of closing conditions.

For more news and information visit Blumberg Capital Partners.