Boston Properties Enters Seattle in a Big Way
Boston Properties’ (BXP) recent acquisition will mark its initial entry into the Seattle market. The company entered into a binding agreement to acquire Safeco Plaza, a 50-story 800,000-square-foot LEED Platinum-certified class-A office property. The gross purchase price for the property is approximately $465 million.
“With its locational prominence, high-quality tenant base and strong track record of tenant retention, Safeco Plaza will provide significant future growth opportunities for BXP,” Kelley Lovshin, BXP director, business development – Seattle.
The company plans to complete the acquisition through a joint venture with one of the participants in its recently announced co-investment program. BXP expects to own up to a 51 percent interest in the joint venture.
Safeco Plaza occupies a full city block in the central business district. The building is 90 percent leased with 17-year average tenure among the property’s largest tenants.
“Safeco Plaza is an important initial foray into the Seattle market, reinforcing our rich history of owning, managing and improving premier class-A properties in each of our chosen markets,” said Owen Thomas, CEO of BXP. “This acquisition provides an excellent platform for BXP to expand and grow in one of the strongest office markets in the United States.”
- ◦Sale/Acquisition