Hines REIT has acquired the Seattle Design Center (SDC) located at 5701 Sixth Avenue South. The two-building complex is in the growing Georgetown neighborhood, just minutes from downtown Seattle. The complex was purchased from Bay West Seattle, LLC, on behalf of Hines Real Estate Investment Trust, Inc. (Hines REIT). Bay West was represented in the sale by Pacific Real Estate Partners, Inc. (PREP). Hines represented Hines REIT. Hines is the sponsor of Hines REIT, and is responsible for the management and leasing of its assets.
Designed by Kenneth D. Long & Associates, SDC is comprised of two distinctive buildings totaling 390,684 rentable ft², each featuring a light-enhancing atrium and connected by a glass-enclosed bridge. The two-story, 130,165-ft² Atrium Building was constructed in 1973, and the five-story, 260,519-ft² Plaza Building was built 10 years later. The Plaza Building's upper floors, primarily office space, offer views of the Seattle skyline and Mount Rainier. The complex contains 275 parking spaces in a two-level, underground garage within the Plaza Building. The Atrium Building offers 125 open parking spaces.
At 90% leased, SDC contains a mixture of 70 showrooms, 15 designer offices, and approximately 80,000 ft² of mainstream office tenants including the corporate headquarters of specialty retailer Sur La Table. The showrooms represent more than 1,500 manufacturers from around the world as well as local artisans from the Northwest.
"Hines has been active in the Seattle market for more than two decades, and we are pleased to add this successful project to our asset mix," said Hines Senior Vice President Colin Shepherd. "The Seattle Design Center is a unique acquisition for us as one of only 20 design centers in the U.S., and the only full-service design center in the Pacific Northwest serving professional interior designers, architects and their clients."
"We think that the acquisition of the Seattle Design Center will further enhance the Hines REIT portfolio in Seattle where we believe the long-term demographic trends to be very attractive," said Charles Hazen, president of Hines REIT.
Source: Hines
