The Seattle office of Hines has announced that Hines-Sumisei U.S. Core Office Fund, L.P. (Core Fund) has acquired 720 Olive Way in Seattle from Archon Group, L.P. Hines will manage and lease the property.
The Core Fund is an investment vehicle organized by Hines and Sumitomo Life Realty (N.Y.), Inc., to acquire a geographically diverse portfolio of core office buildings in the U.S. The fund also has an interest in 101 Second Street and the KPMG Building in San Francisco; Golden Eagle Plaza in San Diego; 600 Lexington, 499 Park Avenue and 425 Lexington in New York; One and Two Shell Plazas in Houston; 1200 19th Street NW in Washington, D.C., and Three First National Plaza in Chicago.
720 Olive Way is a 20-story office building containing 287,000 ft located in Seattles central business district. The building is adjacent to quality retail assets and surrounded by amenities. Designed by Naramore, Bain, Brady and Johanson, the building was completed in 1981 and renovated in 1997. The property includes a four-level subterranean garage. The building is approximately 80 percent leased to tenants including: Community Health Plan of Washington; Northwestern Mutual Life; and Sparling, Inc.
This tower is exceptionally well located within the vibrant downtown Seattle market, said Project Manager Ty Bennion. We are looking forward to applying our long-time expertise in tenant services and quality management to enhance the buildings stature. Seattle continues to be strategic market for our firm.
This represents a unique opportunity for the Core Fund to acquire a quality asset in Seattle. We believe the Seattle office market is poised for significant long-term growth, and this property is ideally positioned in the market to benefit from that growth, said Charles Hazen, president of the Core Fund.