Hines Takes Fisher Plaza for $160M; Is Interbay the Next Big Thing?
- Dec 15, 2011
Hines is in line to acquire Fisher Plaza complex from owner Fisher Communications in a $160 million deal, the Seattle Times disclosed. The seller will stay on as the largest tenant at the 300,000-square-foot property. Located near the Space Needle, Fisher Plaza encompasses office space, a data center and ground-floor retail. The price tag exceeds the property’s appraised value by $18 million. property’s largest tenant, the newspaper reported.
In other news, the revival of the South Lake Union district is spurring developers to discover Seattle’s next big thing. One prominent candidate for that title is the Interbay area, which has been somewhat overlooked in the midst of the South Lake Union boom. The submarket’s revival has probably been somewhat hampered by its history as the location of a municipal garbarge dump and of a Great Depression-era shantytown.
However, the neglected neighborhood has some positives going for it, particularly its location between the popular Queen Anne and Magnolia neighborhoods. Unico Properties, to name one developer, intends to capitalize on the upside by building Slate Apartments + Lofts, a 236-unit project