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Boston Properties has closed on the acquisition of Madison Centre, a 760,000 square foot office property in Seattle, for $730 million. The sellers are Barings and Schnitzer West. 

Newmark brokered the sale of the 37-story tower. “This is the largest multi-tenant office sale in the nation year to date, and the asset garnered significant investor interest globally,” said Kevin Shannon, co-head, U.S. Capital Markets, in prepared remarks. “This buyer depth was due in part to the trophy quality of the asset in a submarket where the fundamentals are clearly improving. Tenants post-pandemic are demanding and are willing to pay up for a best-in-class product which is reflected in absorption stats both in Seattle and nationally.” Nick Kucha, Ken White and Mike Moll from Newmark assisted in the sale transaction.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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