Fisher Communications Finds Buyer For Seattle HQ Building
November 17, 2011 at 3:38 PM (PT)
FISHER COMMUNICATIONS has finally found a buyer for its FISHER PLAZA headquarters building, selling the SEATTLE property to HINES GLOBAL REIT, INC. for $160 million in cash. FISHER will continue to be located at the building under a 12-year lease.
"Over the past several years, we have strategically repositioned FISHER for the opportunities we see as a leading local media company. FISHER PLAZA has been an asset that is not a central component of our business model and executing this transaction provides added flexibility in our effort to create additional value for our shareholders," said FISHER President and CEO COLLEEN B. BROWN.
"This is an extremely well-constructed and located asset with a unique mix of uses in downtown SEATTLE. We are happy to have the opportunity to invest in the highest quality multi-tenanted data center in the region, with outstanding access to telecommunication providers," said HINES Vice President TY BENNION. "We are especially pleased to be starting a long-term relationship with the leading broadcast media company in the PACIFIC NORTHWEST."
"The acquisition of FISHER PLAZA is consistent with the strategy of the HINES GLOBAL REIT to acquire well located, market leading assets in top performing cities," said CHARLES HAZEN, President and CEO of HINES GLOBAL REIT. "We look forward to continuing our growth in attractive PACIFIC NORTHWEST markets like SEATTLE."