An affiliate of Houston real-estate company Hines purchased the complex. Fisher, which operates KOMO-TV and 20 other television and radio stations, will remain the largest tenant.
Fisher Communications has found a buyer for its Fisher Plaza headquarters complex near the Space Needle, the company announced Thursday.
Fisher said an affiliate of Hines, a global real-estate company based in Houston, will pay $160 million for the two-building, 300,000-square-foot Plaza, which contains office space and a large data center as well as ground-floor retail.
The sale is expected to close by the end of the year. Fisher, which operates KOMO-TV and 20 other television and radio stations, said it will remain the largest tenant.
The announced sale price is higher than the appraised value of $142 million Fisher’s broker reported when the complex was listed for sale earlier this year.
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Fisher said it plans to use some of the proceeds to pay down debt.
“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,” CEO Colleen Brown said in a statement.
Fisher first put Fisher Plaza on the market in 2008, and was close to a sale when the economy tanked.
The plaza — whose exterior is the fictional hospital in the TV series “Grey’s Anatomy” — houses retail on the ground floor and office and data-center space on the upper five floors. About 18,000 square feet are vacant, according to OfficeSpace.com.
It also has underground parking for 504 cars and satellite dishes and a heliport on the roof.
The buyer, Hines, is no stranger to the Seattle market. Its properties here include the Bank of America Fifth Avenue Plaza and Fourth & Madison office towers in downtown Seattle, and the Expedia Building in downtown Bellevue.
Eric Pryne: 206-464-2231 or firstname.lastname@example.org