Fisher Communications previously sold most of its real estate holdings (not to mention its flour mills) as it sought to focus on its radio, TV and other communications businesses. Now the company says it is even exploring alternatives for its remaining real estate holdings, including Fisher Plaza, home to its corporate HQ and flagship Seattle stations.
"While Fisher Plaza has been a desirable facility to develop and own, it represents a very valuable non-core asset that we do not believe is fully reflected in the value of the Company," said Fisher CEO Colleen Brown.
Fisher Plaza is a “Class A office, data center, and retail campus located near Downtown Seattle,” with approximately 294,000 rentable square feet. In 2008, Fisher says it expects the property to generate approximately $7.5 million in earnings before interest, taxes, depreciation and amortization attributable to the approximately 60% of the property not occupied by Fisher-owned entities.