KKR Acquired Summit Towers in Bellevue from Hines Global REIT

Posted on 01/18/2020

On December 9, 2019, in the midst of liquidation, Hines Global REIT Inc., through its operating partnership, inked a deal to sell its The Summit portfolio in Bellevue, Washington for a contract sales price of US$ 756 million to private equity firm KKR. The Summit is a portfolio of two Class A office towers, known as Summit I and Summit II, and a development site which has a Class A office tower currently under construction.

In October 2019, Amazon.com Inc. disclosed it leased more than 300,000 square feet for the Summit III 17-storey office development. Amazon comprises roughly 17% of the central business district of Bellevue’s office space.

WeWork has a 13-year lease with Summit II. Puget Sound Energy (PSE) has an 8-year lease with Summit I.

In 2015, Hines acquired the Summit buildings from Ivanhoe Cambridge, the real estate unit of CDPQ.

Keywords: Caisse de depot et placement du Quebec.

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