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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.
BXP was represented in the transaction by Eastdil Secured and DLA Piper LLP (US).
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.
- ◦Sale/Acquisition
