SEATTLE — Barings and Schnitzer West LLC have sold Madison Centre, a 37-story office tower in downtown Seattle, for $730 million. The buyer was Boston Properties Inc. (NYSE: BXP).
Completed in September 2017 and currently 93 percent leased, Madison Centre spans 760,971 rentable square feet and features 480 parking stalls. Amenities include a rooftop terrace, great room, conference center, boardroom, library and a fitness center operated by the Washington Athletic Club. Certified LEED Platinum, the building features HVAC purification systems and touchless entry.
“The property is positioned to compete post-COVID with exactly what tenants are looking for and has performed extremely well throughout our hold period,” says Ben Green, managing director with Barings, which developed Madison Centre in partnership with Schnitzer West.
Located at the intersection of Fifth Avenue and Madison Street, the office tower is located five blocks south of Seattle’s retail core, one block west of the Interstate 5 freeway and four blocks southeast of a Link light rail station.
Kevin Shannon, Nick Kucha, Ken White and Mike Moll of Newmark brokered the sale.
“This is the largest multi-tenant office sale in the nation year to date, and the asset garnered significant investor interest globally,” says Shannon, co-head, U.S. capital markets.
Barings is a global investment manager with more than $371 billion of assets under management as of March 31. The firm is a subsidiary of MassMutual.
Schnitzer West is a real estate investment, development and property management company with offices in Seattle and Denver. To date, the firm has developed or repositioned more than 10.7 million square feet of office, flex, industrial, mixed-use and multifamily properties in Seattle, Portland and Denver.
Boston Properties Inc. is a Boston-based developer, owner and manager of Class A office properties across the U.S. The company’s stock price opened at $114.34 per share Wednesday, May 18, up slightly from $112.41 per share one year ago.
— Kristin Hiller