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



Boston Properties, Inc. (NYSE: BXP), the largest publicly traded developer, owner, and manager of Class A office properties in the United States, announced today that it 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, Washington. This acquisition will mark the Company’s initial entry into the Seattle market, one of the most vibrant markets in the U.S. 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% interest in the joint venture. The gross purchase price…

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