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Hines Global REIT to sell Bellevue, Wash., office portfolio for $756M

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Capital Markets View – January 2021


Hines Global REIT to sell Bellevue, Wash., office portfolio for $756M

Hines Global REIT Inc., through its operating partnership, signed a deal to sell The Summit portfolio in Bellevue, Wash., for roughly $756.0 million, excluding transaction costs and closing prorations.

The portfolio comprises two office towers, called Summit I and Summit II, and a development site where a third office building, to be known as Summit III, is being constructed.

Hines Global REIT Properties LP is required under a tenant lease to continue the construction of Summit III after the deal closes, expected later in December.

The diversified real estate investment trust, through its Hines Global REIT Riverside Center LLC unit, separately agreed to sell the three-building Riverside Center office complex in Newton, Mass., for about $235.0 million, excluding transaction costs and closing prorations. That deal is likely to close in the first quarter of 2020.

The buyers of the The Summit and Riverside Center are KRE Summit Owner LLC and ARE-MA Region No. 76 LLC, respectively.