Hines REIT has grown its portfolio with the purchase of the Seattle Design Center in Seattle, Wash., which caters to interior designers, architects and office tenants.
The property, located at 5701 Sixth Ave. South, was purchased for an undisclosed price.
Bay West Seattle LLC sold the two-building asset, which is comprised of 390,684 square feet. The two-story, 130,165-square-foot Atrium Building was constructed in 1973, and the five-story, 260,519-square-foot Plaza Building was built 10 years later. 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 percent leased, SDC contains a mixture of 70 showrooms, 15 designer offices, and approximately 80,000 square feet of mainstream office tenants, including the corporate headquarters of specialty retailer Sur La Table.