Boston Properties Completes Acquisition of Madison Center for $730 Million | News
The American office property manager Boston Properties (BXP) has invested 730 million dollars (693.6 million euros) to buy the Madison Center in Seattle, Washington, from Barings and Schnitzer West.
NYSE-listed BXP said it has completed the acquisition of the 37-story office tower in downtown Seattle, containing 760,971 square feet of rental space. Madison Center is 93% leased and currently serves 20 diverse office customers.
Kelley Lovshin, Vice President of Seattle Region for Boston Properties, said, “We are thrilled to acquire Madison Center, one of the highest quality properties in downtown Seattle, as we continue our growth in the region.
“With unparalleled amenities, dynamic workspaces, and excellent accessibility to public and private transportation options, Madison Center is desirable for a wide range of customers and is a great addition to BXP’s portfolio.”
Ben Green, Managing Director of Barings, said: “The Barings Real Estate team continues to identify the best investment opportunities and deliver attractive returns to our clients.
“The property is positioned to compete post-COVID with exactly what tenants are looking for and has performed extremely well throughout our holding period.”
Pam Hirsch, President and COO of Schnitzer West, said, “Madison Center exemplifies the quality and performance that Schnitzer West is known for.
“Our strategic investment in the development of Class A office space continues to generate significant value and deliver highly desirable work environments that have seamlessly adapted to changing employer needs. BXP has acquired an asset that will stand the test of time.
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