The brick and glass building has four tenants and is 83% leased.Koninklijke Philips Electronics NV, a global electronics company,leases 119,999 sf or approximately 61% of the building. Thecompany's lease, which expires in June 2012, includes onethree-year extension option.

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Edelman, a public relations firm, leases 20,822 sf orapproximately 11% of the building. Its lease, which expires inAugust 2014, includes an option to negotiate a renewal during thesecond to last year of the lease term based on then-current marketrates. The remaining lease space is leased to two retail tenants,one of which is West Travel Inc., also known as Cruise West.

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"The property's immediate neighborhood is experiencing dynamicgrowth that includes high-end residential and mixed-use projectsthat will further enhance the area's progression into a live-worklocation," says Hines REIT president Charles Hazen.

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Touchstone Seattle Venture II was represented by Pacific RealEstate Partners Inc. Hines REIT was represented by Houston-basedHines, the sponsor of the REIT and the manager of its assets.

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Lastweek, Hines REIT paid $57 million for Seattle DesignCenter, a 390,684-sf office and retail complex at 5701 Sixth Ave.South in the Georgetown neighborhood. The Seattle Design Centerincludes a two-story, 130,165-sf building constructed in 1973 with125 surface parking spots and a five-story, 260,519-sf buildingconstructed in 1983 that includes underground parking for 276vehicles. The buildings are connected by a glass atrium. Thecomplex is 90% leased.

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Hines REIT commenced operations in November 2004 and primarilyinvests in institutional-quality office properties located in theUS. Including this acquisition, Hines REIT currently owns interestsin 32 office properties located in 20 cities throughout the US andone mixed-use office and retail complex in Toronto.

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