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Boston Properties (NYSE: BXP) has completed the acquisition of Madison Centre, a 37-story, approximately 760,000 square foot, LEED-Platinum certified Class A office property in Seattle, for about $730 million. This strategic acquisition enhances BXP's portfolio in the Seattle market, which they entered in 2021 with Safeco Plaza. Currently, Madison Centre is 93% leased and features top-notch amenities, including a fitness facility and rooftop deck, appealing to various office clients.
Positive
Acquisition of Madison Centre strengthens BXP's presence in Seattle.
Property is 93% leased, indicating strong demand.
Features high-quality amenities, enhancing attractiveness to tenants.
Negative
None.
BOSTON--(BUSINESS WIRE)--
Boston Properties, Inc. (NYSE: BXP), the largest publicly traded developer, owner, and manager of Class A office properties in the United States, announced today that it completed the acquisition of Madison Centre, a 37-story, approximately 760,000 square foot, LEED-Platinum certified, Class A office property in Seattle, Washington.
“We are thrilled to acquire Madison Centre, one of the highest quality properties in downtown Seattle, as we continue our growth in the region,” said Kelley Lovshin, Vice President, Seattle Region, BXP. “With unmatched amenities, dynamic workspaces, and excellent accessibility to public and private transit options, Madison Centre is desirable to a wide range of clients and is an excellent addition to BXP’s portfolio.”
This acquisition follows BXP’s entry into the Seattle market in 2021 with the acquisition of Safeco Plaza and serves as a showpiece and foundational asset for BXP’s expansion in the market. The gross purchase price for the property was approximately $730 million.
Madison Centre is 93% leased and offers an efficient floor plate design with a center-loaded core and minimal columns allowing for a variety of layouts for clients of all sizes. It currently services 20 diverse office clients.
Standing tall on the skyline of Seattle’s Downtown area, Madison Centre is one of the newest commercial high rises in the City and has a dynamic and wide-ranging selection of client-focused amenities. The property features a 30-foot-high curved rotunda that includes a three-story fireplace, conference and training center, boardroom and private terrace, 5,200 square-foot fitness facility, fast casual dining options, and private rooftop deck.
About BXP
Boston Properties (NYSE: BXP) is the largest publicly traded developer, owner, and manager of Class A office properties in the United States, concentrated in six markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT), that develops, manages, operates, acquires, and owns a diverse portfolio of primarily Class A office space. Including properties owned by unconsolidated joint ventures, as of March 31, 2022, BXP’s portfolio totaled 53.1 million square feet and 201 properties, including eleven properties under construction/redevelopment. For more information about BXP, please visit our website at www.bxp.com or follow us on LinkedIn or Instagram.
