601 Massachusetts Avenue Office Building in DC Sells for $531M
Boston, MA-based Boston Properties, Inc., has completed the disposition of 601 Massachusetts Avenue in Washington, DC, for a gross sales price of $531 million and net proceeds of approximately $512 million. The gross sales price equates to approximately $1,100 per rentable square foot.
601 Massachusetts Avenue is an 11-story, 480,000-square-foot office property originally developed by BXP in 2015 and currently 98% leased. BXP will continue to provide property management services to the new owner.
BXP structured the disposition as part of a reverse like-kind exchange under Section 1031 with its recent acquisition of Madison Centre in Seattle, WA. As a result, BXP expects to defer the recognition of taxable gains from the sale for federal income tax purposes.
BXP acquired Madison Centre, an approximately 755,000 square foot, 37-story, LEED-Platinum certified, Class A office property in May of 2022 for $730 million.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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