{"id":1004580924,"date":"2022-05-18T03:57:06","date_gmt":"2022-05-18T11:57:06","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004580924"},"modified":"2022-12-08T22:14:20","modified_gmt":"2022-12-09T06:14:20","slug":"boston-properties-buys-730m-seattle-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/boston-properties-buys-730m-seattle-tower\/","title":{"rendered":"Boston Properties Buys $730M Seattle Tower"},"content":{"rendered":"
\"\"<\/a>

Madison Centre. Both images courtesy of Barings<\/p><\/div>\n

Boston Properties Inc.<\/strong> has bought the 760,971-square-foot Madison Centre office tower in Seattle, for $730 million. A partnership between Barings<\/strong> and Schnitzer West<\/strong> developed and sold the property, while Newmark<\/strong> brokered the sale. The transaction marks the largest multi-tenant office sale in the U.S. so far this year, according to Kevin Shannon, co-head at U.S. Capital Markets.<\/p>\n

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READ ALSO<\/strong>: SIOR Asks: Is This the Great Office Wait or the Great Return?<\/a><\/p>\n

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Built in 2017, the Class A office building features 7,799 square feet of retail and is LEED Platinum-certified. Other certifications include Fitwel Built and Fitwel VRM. A terrace, caf\u00e9, conference center and fitness center are among the property’s amenities. HVAC air purification systems, bike lockers and locker rooms are also available.<\/p>\n

A huge deal in Seattle\u2019s CBD<\/h2>\n
\"\"<\/a>

Madison Centre common area<\/p><\/div>\n

The property features a total of 480 parking spaces, in a 0.6 spaces per 1,000 square feet parking ratio, according to CommercialEdge data. The office tower is 93 percent leased. Tenants at the location currently include Qelp, Ernst & Young, Booking.com and First American Title, according to CommercialEdge data.<\/p>\n

Located at 505 Madison St., the office tower is right at the intersection of Fifth Ave. and Madison St., in the city\u2019s central business district. Interstate 5 is also less than half a mile east of the property. Several other transportation options are available within a 1-mile radius. The neighborhood also has several shopping, dining and entertainment options.<\/p>\n

In February, Boston Properties resumed construction on the first phase of Platform 16<\/a>, which is slated to include roughly 390,000 square feet of office space in downtown San Jose, Calif. Last summer, the company acquired its first Seattle office property, the LEED Platinum-certified Safeco Plaza<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

This transaction marks the largest multi-tenant office sale in the U.S. so far this year.<\/p>\n","protected":false},"author":3142,"featured_media":1004580932,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22251,21783,21742,21747,15],"tags":[34275,32843,48551,32779,50999,33777],"class_list":["post-1004580924","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-focus","category-investment","category-latest","category-office","category-west","tag-barings","tag-boston-properties-inc","tag-fitwel-certification","tag-leed","tag-newmark","tag-schnitzer-west"],"acf":[],"yoast_head":"\nBoston Properties Buys $730M Seattle Tower - CPE<\/title>\n<meta name=\"description\" content=\"The sale of Madison Centre at 505 Madison St., in Seattle, for $730 million, is the largest multi-tenant office sale so far in 2022.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/boston-properties-buys-730m-seattle-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Boston Properties Buys $730M Seattle Tower\" \/>\n<meta property=\"og:description\" content=\"The sale of Madison Centre at 505 Madison St., in Seattle, for $730 million, is the largest multi-tenant office sale so far in 2022.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/boston-properties-buys-730m-seattle-tower\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-18T11:57:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T06:14:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/05\/Madison-Center.-Image-courtesy-of-Barings-1-e1652871201665.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"585\" \/>\n\t<meta property=\"og:image:height\" content=\"387\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anda Rosu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/boston-properties-buys-730m-seattle-tower\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/boston-properties-buys-730m-seattle-tower\/\",\"name\":\"Boston Properties Buys $730M Seattle Tower - 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