Fisher Communications has completed the sale of Fisher Plaza for $160 million. The Fisher corporate offices and its Seattle TV and radio stations are now tenants in the building owned by Hines Global REIT.
“We are pleased to have completed this transaction, which maximized the return of Fisher Plaza for our shareholders,” said Fisher CEO Colleen Brown.
Fisher had first begun looking at strategic alternatives for its major real estate asset in 2008, but suspended the process as market conditions deteriorated. The search for a buyer or real estate partner resumed in March 2011, leading to the deal with Hines.
As previously stated, Fisher will use a portion of the sale proceeds to redeem the remaining $61.8 million of its 8 5/8% Senior Notes.
The company also announced Friday (12/16) that its Board of Directors has approved a stock repurchase program of up to an aggregate of $25 million of its outstanding shares of common stock. The repurchases will be made from time-to-time, at Fisher management’s discretion, on the open market at prevailing market prices or in negotiated transactions off the market.
“The Board’s decision to initiate a share repurchase program reflects our commitment to return value to our shareholders,” said Brown. “As we look ahead, we will continue to evaluate other compelling opportunities that will deliver benefits to our investors,” she added.
Moelis & Company and CenturyPacific, LLLP served as Fisher’s real estate advisors on the Fisher Plaza transaction.