Boston Properties (BXP) has completed the acquisition of Safeco Plaza, a 50-story, 800,000 square-foot, LEED-Platinum certified, class A office property in Seattle.
Safeco Plaza is currently 90 percent leased. This acquisition marks the company’s initial entry into the Seattle market, one of the most dynamic office markets in the United States for companies in the technology, life sciences, financial services and manufacturing sectors. With significant job growth from the technology and life sciences sectors, Seattle grew faster than any large city in 2020 and continues to rank as one of the top tech markets for employers and employees.
BXP completed the acquisition through a newly formed joint venture with two institutional partners for an aggregate gross purchase price of approximately $465.0 million. Each partner owns approximately one-third of the joint venture, and BXP will serve as the joint venture’s managing member and provide customary property management,
