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Boston Properties Makes Second Seattle Acquisition with $730M Madison Centre Deal
Barings and Schnitzer West have sold Madison Centre in downtown Seattle to Boston Properties (BXP). The REIT paid approximately $730 million for the 37-story office tower, its second acquisition in Seattle.
Calling Madison Centre, completed in 2017, “one of the highest quality properties in downtown Seattle,” BXP VP Kelly Lovshin said, “Madison Centre is desirable to a wide range of clients and is an excellent addition to BXP’s portfolio.” The 760,971-square-foot property is 93% leased.
“Barings was proud to partner with Schnitzer West to develop Madison Centre,” said Ben Green, managing director, Barings. “The property is positioned to compete post-COVID with exactly what tenants are looking for and has performed extremely well throughout our hold period.”
Kevin Shannon led a Newmark team in brokering the sale. “This is the largest multi-tenant office sale in the nation year to date, and the asset garnered significant investor interest globally,” said Shannon.
- ◦Sale/Acquisition
