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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).