US office real estate manager Boston Properties (BXP) has invested $730m (€693.6m) to buy Madison Centre in Seattle, Washington from Barings and Schnitzer West.
NYSE-listed BXP said it has completed the acquisition of the 37-storey office tower in downtown Seattle containing 760,971sqft of rentable space. Madison Centre is 93% leased and currently services 20 diverse office clients.
Kelley Lovshin, VP in the Seattle region for Boston Properties, said: “We are thrilled to acquire Madison Centre, one of the highest quality properties in downtown Seattle, as we continue our growth in the region.
“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.”
Ben Green, managing director at Barings, said: “The Barings Real Estate team continues to identify best-in-class investment opportunities and deliver attractive returns for our clients.
“The property is positioned to compete post-COVID with exactly what tenants are looking for and has performed extremely well throughout our hold period.”
Pam Hirsch, the president and COO of Schnitzer West, said: “Madison Centre exemplifies the quality and performance Schnitzer West is known for.
“Our strategic investment in developing Class-A office space continues to drive significant value and deliver highly sought-after work environments that have adapted seamlessly to the changing needs of employers. BXP has acquired an asset that will stand the test of time.”
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