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.

The deal expands Boston Properties’ footprint in the Seattle market, which it first entered last year with the acquisition of Safeco Plaza.

Madison Centre is 93% leased, housing 20 diverse office clients.

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.

Located at the intersection of Fifth Avenue and Madison Street in Seattle’s Central Business District, Madison Centre is just five blocks south of Seattle’s retail core.