Boston Properties Closes on $730M Purchase of Seattle’s Madison Centre

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.