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Real Estate - JULY 28, 2021

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Boston Properties to enter the Seattle market, buys two assets for $765m

by Andrea Zander

Boston Properties has entered into a binding agreement to acquire Safeco Plaza, a 50-story, 800,000-square-foot, LEED-Platinum certified, class A office property in Seattle. The acquisition will mark the company’s initial entry into the Seattle market, one of the most vibrant markets in the United States for companies in the technology, life sciences, financial services and manufacturing sectors.

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 percent interest in the joint venture. The gross purchase price for the property is approximately $465 million.

With its distinctive position in Seattle’s skyline, Safeco Plaza occupies a full city block in Seattle’s central business district with panoramic views of the Seattle skyline, Puget Sound and Olympic Mountains. The property is well located within the city’s active urban center, adjace

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