Boston Properties to Enter the Seattle Market; Agrees to Acquire Safeco Plaza

BOSTON–(BUSINESS WIRE) – Boston Properties, Inc. (NYSE: BXP), the largest publicly traded developer, owner, and manager of Class A office properties in the United States, today announced a binding agreement to acquire Safeco Plaza, a. famous 50-story, 800,000-square-foot, LEED Platinum-certified Class A office building in Seattle, Washington. This acquisition marks the company’s first entry into the Seattle market, one of the most dynamic markets in the US for technology, life sciences, financial services and manufacturing companies.

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 a stake of up to 51% in the joint venture. The gross purchase price for the property is around $ 465 million.

With its distinctive location on the Seattle skyline, Safeco Plaza occupies an entire city block in the central business district of Seattle with panoramic views of the Seattle skyline, Puget Sound and the Olympic Mountains. The property is in a good location in the city’s active city center, adjacent to retail stores, restaurants, and outdoor squares and courtyards. Safeco Plaza is a very desirable location for tenants from all market sectors, with a Walk Score of 99 and a Transit Score of 100 and offers direct access to Seattle’s Link Light Rail and Metro Bus Lines as well as proximity to the future extensions of the Ballard Link Rail and SLU tram lines. The property features elegant architecture, a large outdoor space, generous window lines and spectacular views. Large floor slabs with a central core offer efficiency and flexibility for different sizes of tenants. Safeco Plaza is 90% let and is one of the property’s largest tenants with an average term of 17 years.

“Safeco Plaza is an important first step into the Seattle market that underscores our rich history of owning, managing and improving premium Class A real estate in each of our selected markets,” said Owen Thomas, CEO of BXP. “This acquisition provides BXP with an excellent platform to expand and grow in one of the strongest office markets in the United States.”

With significant employment growth in technology and life sciences, Seattle grew faster than any other major city in 2020 and continues to rank among the top technology markets for employers and employees.

“We are excited 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 prime location, high quality tenant base and strong track record in tenant retention, Safeco Plaza BXP will offer significant future growth opportunities. We look forward to establishing BXP as the landlord of choice for Safeco Plaza tenants and becoming a valuable partner to the Seattle community. ”

This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “will,” “expected,” “intends” and similar expressions that do not relate to historical matters. You should interpret and rely on forward-looking statements with caution as they involve known and unknown risks, uncertainties and other factors that, in some cases, are beyond the control of Boston Properties and that could materially affect actual results, performance or achievements. These factors include, without limitation, Boston Properties’ ability to complete the closing conditions and / or complete the Transaction on the terms currently contemplated or at all, the risks associated with entering new markets, and other risks and uncertainties that may arise from time to time in Boston are described filings of real estate with the SEC. Boston Properties undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

About Boston Properties

Boston Properties (NYSE: BXP) is the largest publicly traded developer, owner, and manager of Class A office properties in the United States, with a focus on five markets – Boston, Los Angeles, New York, San Francisco, and Washington, DC. The company is a fully integrated real estate company organized as a Real Estate Investment Trust (REIT) that develops, manages, operates, acquires and owns a diverse portfolio of primarily Class A office space. The company’s portfolio comprises a total of 51.6 million square feet and 196 properties including nine properties under construction / redevelopment. For more information about Boston Properties, please visit our website at www.bxp.com or follow us on LinkedIn or Instagram.