Hines REIT acquires Fifth & Bell

Pacific Northwest asset includes retail, parking garage

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Hines Real Estate Investment Trust Inc. has acquired Fifth & Bell, a class A office building in downtown Seattle, for an undisclosed price. Touchstone Seattle Venture II sold the property, which is located on 5th Avenue between Bell and Battery streets. Completed in 2002, the six-story property consists of 197,140 rentable square feet of office space and street-level retail. The asset also has a fifth-floor deck with panoramic views of Lake Union, Elliot Bay and the downtown skyline. A three-level, subterranean parking garage within the building contains approximately 200 parking spaces. The property was 83 percent leased at the time of sale to tenants that included Philips Electronics N.A., Edelman Worldwide and West Travel Inc. (Cruise West). ...