Fisher Communications May Sell Fisher Plaza
May 30, 2008
Seattle-based Fisher Communications Inc. said this week that it is looking at alternatives for its real estate holdings, which includes Fisher Plaza.
Fisher Plaza is a media, telecommunications and data center facility located near downtown Seattle, with about 294,000 rentable square feet. According to The Seattle Times, the property, which houses Fisher Communications headquarters and its local radio and TV stations, was 98 percent occupied as of March 31, with 43 percent used by Fisher.
The company said in a release it anticipates Fisher Plaza will generate about $7.5 million in earnings this year before taxes on the percentage of the property not used by Fisher.
“While Fisher Plaza has been a desirable facility to develop and own, it represents a very valuable noncore asset that we do not believe is fully reflected in the value of the company,” said Colleen B. Brown, Fisher’s president and CEO.
The company also said they haven’t made a final decision on selling the property or any of the company’s other real estate holdings.
The communications company also owns and operates Fisher Pathways, a satellite and fiber transmission provider; and Pegasus News, an online startup and hyperlocal media pioneer based in Dallas.