Fisher Plaza, a major data center and communications hub in Seattle, is for sale. Fisher Communications, Inc. (FSCI) said today that it is "exploring alternatives for its real estate holdings," including Fisher Plaza.
Fisher Plaza is a Class A office, data center and retail campus near the Space Needle with approximately 294,000 rentable square feet. In 2008, Fisher expects the property to generate approximately $7.5 million in EBITDA (earnings before interest, taxes, depreciation and amortization).
Internap (INAP) has a significant data center presence at Fisher Plaza, while other industry tenants include Adhost, Cogent Communications (CCOI), Electric Lightwave, AboveNet, Global Crossing, Time Warner Telecom and Qwest. Fisher Plaza also operates its own colocation space in the building
"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 Colleen B. Brown, Fisher's president and CEO.
Fisher Communications owns 20 television stations and eight radio stations, including Seattle's KOMO TV and KOMO radio stations, which are housed in Fisher Plaza. The two buildings at Fisher Plaza were completed in 2000 and 2003, replacing an earlier building that housed the KOMO operations.