Fisher Communications has agreed to sell Fisher Plaza, its
300,000 square-foot mixed-use facility in downtown Seattle, to Hines Global
REIT, Inc. for $160 million in cash.
In the agreement, Fisher will remain the Plaza's largest
tenant with a 12-year lease for its corporate headquarters and Seattle
television, radio and Internet operations.
"Over the past several years, we have strategically
repositioned Fisher for the opportunities we see as a leading local media
company. Fisher Plaza has been an asset that is not a central component of our
business model and executing this transaction provides added flexibility in our
effort to create additional value for our shareholders," said Colleen B.
Brown, president and CEO of Fisher Communications.
The transaction, which was unanimously approved by Fisher's Board of Directors, is expected to be completed by the end of
2011.
