Boston Properties (BXP) has agreed to acquire Safeco Plaza, a 50-story, 800,000 square-foot, LEED-Platinum certified, Class A office building in Seattle, Washington.
Boston Properties said the gross purchase price for the property is approximately $465 million. This acquisition will mark the company’s initial entry into the Seattle market.
The company plans to complete the acquisition through a joint venture with one of the participants in its recently announced Co-Investment Program. BXP expects to own up to a 51% interest in the joint venture.
Safeco Plaza, located in Seattle’s Central Business District, is 90% leased with 17-year average tenure among the property’s largest tenants.
“Safeco Plaza is an important initial foray into the Seattle market, reinforcing our rich history of owning, managing and improving, premier, class A properties in each of our chosen markets,” said Owen Thomas, CEO of BXP. “This acquisition provides an excellent platform for BXP to expand and grow in one of the strongest office markets in the United States.”
“We are delighted to enter the Seattle market with the acquisition of this iconic property in the center of the city’s business district,” said Kelley Lovshin, Director, Business Development – Seattle of BXP. “With its locational prominence, high-quality tenant base, and strong track record of tenant retention, Safeco Plaza will provide significant future growth opportunities for BXP. We look forward to establishing BXP as the landlord of choice for Safeco Plaza tenants and to becoming a valuable partner with the Seattle community.”