In 2005, National Office Partners Limited Partnership (NOP), an investment partnership between Hines and the California Public Employees' Retirement System (CalPERS), acquired Safeco Plaza.  The 50-story, 717,130-square-foot Class A office building is located in Seattle's Central Business District on a full-city block at the corner of Fourth Avenue and Madison Street.

Safeco Plaza was developed in 1969 by the Howard S. Wright Construction Company. Designed by Naramore, Bain, Bray, and Johanson, the building is clad in bronze-colored aluminum and glass.  Distinctive building features include:  a two-story lobby; a Henry Moore sculpture titled Three Piece Sculpture:  Vertebrae 1968 located on the plaza and owned by the Seattle Art Museum; and a five-level, 576-car subterranean garage.  Amenities include 15,000 square feet of ground-floor retail comprised of a fitness center, a full-service bank, restaurants, a medical/dental center, a U.S. Post Office and a florist.

Hines sold the property in 2010. In July 2016, Hines was hired to property manage the asset.