Hines, Sumitomo acquire office tower

Hines, an international real estate firm, announced that Hines-Sumisei U.S. Core Office Fund L.P. (Core Fund) has acquired 287,000 square feet of office space in downtown Seattle, Wash.

The value of the transaction was not disclosed.

Archon Group L.P. sold the property, located at 720 Olive Way. The 20-story building was constructed in 1981 and renovated in 1997, and includes a four-level subterranean garage.

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 United States. Sumitomo is a wholly owned subsidiary of one of Japan's largest life insurance companies.

The building was approximately 80 percent leased to tenants including: Community Health Plan of Washington; Northwestern Mutual Life; and Sparling Inc.

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