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12/29/16
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KOMO Plaza, a two-building, 293.7k sf office complex in Seattle, traded hands for a price of $276 mil ($940/sf). The property was purchased by GI TC Seattle LLC and sold by Hines, who acquired the asset in 2011.
Completed in 2003 and formerly known as Fisher Plaza, KOMO Plaza is a state-of-the-art, multi-tenant data center facility. The property is located at 140 Fourth Avenue North, in an emerging office submarket in downtown Seattle, a prime location for its data center and broadcast tenants.
KOMO Plaza, consisting of five-story and six-story buildings, is situated in a campus setting and features dramatic glass architecture. It was designed with a highly flexible and adaptable infrastructure, which allows tenants to easily facilitate office layout changes and system upgrades.
All office space is efficiently designed with greater column-free bay depth, so there is more usable space per square foot. The floors are raised 18", and house an environmentally progressive cooling system and communications wiring. The ample space under foot also eases remodeling, electrical distribution and efficient upgrading of working environments.
KOMO Plaza borders South Lake Union and the Queen Anne Submarket, an area that has seen significant growth from Amazon, University of Washington, Biotech and other technology users in recent years. The property's convenient access and technological advantages makes it a premier data center asset in the Pacific Northwest.
Sherri Schugart, president and CEO of Hines Global REIT, said, "There were many factors that made KOMO Plaza an attractive asset for Hines Global REIT, among them its central location, high-quality infrastructure, excellent connectivity, best-in-class construction, strong tenant roster and substantial tenant infrastructure investment. The property has performed extremely well for shareholders, producing solid income and appreciating substantially since its acquisition. Accordingly, management and the board determined this to be an opportune time to lock in gains and maximize the return on our investment."
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