Barings and Schnitzer West Complete Sale of Seattle’s Madison Center to BXP for $730 Million

Completed in September 2017Madison Center is a 37-story office tower in downtown Seattle containing 760,971 leasable square feet and 480 parking spaces spread over seven levels of underground parking. Madison Center’s forward-thinking design already reflects the future of the office, including generous outdoor space, flexible collaboration space, strong health and wellness features, and on-site food and beverage. Facilities include a rooftop terrace, a great room with a three-story fireplace and living wall, conference/training center, boardroom, library, fitness/wellness center run by the prestigious Washington Athletic Club, HVAC purification by bipolar ionization and contactless entry. . Madison Center has been certified LEED Platinum by the US Green Building Council and has achieved Fitwel Built and Fitwel VRM certifications. The tower is currently 93% leased.

“Barings was proud to partner with Schnitzer West to develop the Madison Center,” said Ben Green, Managing Director, Barings. “The Barings property team continues to identify the best investment opportunities and deliver attractive returns to our clients. The property is positioned to compete post-COVID with exactly what tenants are looking for and has performed extremely well. performed throughout our holding period.”

“Madison Center exemplifies quality and performance Schnitzer West is known for,” commented Schnitzer West President and chief operating officer Pam Hirsch. “Our strategic investment in the development of Class A office space continues to generate significant value and deliver highly desirable work environments that have seamlessly adapted to changing employer needs. BXP has acquired an asset that will stand the test of time.

Conveniently located at the intersection of Fifth Avenue and Madison Street in from Seattle Central Business District, Madison Center is just five blocks south of from Seattle shopping center, one block west of Interstate 5, and four blocks southeast of a Link light rail station, resulting in exceptional convenience for pedestrians and commuters. public transport. The property has a walk score of 99% and a transit score of 100%.

Newmark brokered the sale of the Madison Center. “This is the country’s largest multi-tenant office sale year-to-date, and the asset has attracted considerable investor interest globally,” said Kevin Shannon, Co-Head, US Capital Markets. “This depth of buyers was partly due to the trophy quality of the asset in a submarket where fundamentals are clearly improving. Post-pandemic tenants are discerning and willing to pay for a top-notch product which is reflected in the absorption statistics both in Seattle and at the national level.” Nick Kucha, Ken White and mike moll of Newmark participated in the sale transaction.

About Baring
barings is a $371 billion+ global investment manager* supply differentiated opportunities and the construction of long-term portfolios in public and private bond markets, real estate and specialized stock markets. With investment professionals based in North America, Europe and Asia Pacificthe company, a subsidiary of MassMutual, aims to serve its customers, communities and employees, and is committed to sustainable practices and responsible investments. Learn more about www.barings.com.

* Assets under management at March 31, 2022

On Schnitzer WestLLC
Schnitzer West, LLC, is one of the fastest growing real estate investment, development and management companies on the West Coast. Founded in 1997 by managing investment partner Dan Ivanoff of Seattle and Schnitzer Investment Corp (now MMGL Hold Co LLC.), the company has built a successful track record in the commercial and multifamily housing markets through product innovation, disciplined management and investment expertise. investment. Known for its commitment to “exceeding expectations”, Schnitzer West has been recognized for creating innovative workplaces and living spaces, for its above-market returns, and for its value-creating approach to property management. To date, he has developed or repositioned over 10.7 million square feet of Class A and suburban office, flex, industrial and biotech space, multi-family mixed-use and luxury residential condominiums in Seattle, Portlandand denver. Currently, its Asset Operations group actively manages 3.8 million square feet of office and industrial properties for various clients. Building on its success in the North West, Schnitzer West has additional properties in denver and explore new market opportunities through the US West. For more information, please visit: www.schnitzerwest.com.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), as well as its subsidiaries (“Newmark“), is a global leader in commercial real estate, seamlessly powering every phase of the property lifecycle. by Newmark A full range of services and products are uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue chip enterprises. By combining the platform’s global reach with market intelligence in established and emerging real estate markets, Newmark provides superior service to customers in all industry sectors. Newmark has generated revenues of nearly $3.1 billion for the twelve months ending March 31, 2022. by Newmark company-owned offices, together with its business partners, operate from approximately 170 offices with more than 6,300 professionals worldwide. To learn more, visit nmrk.com or follow @newmark.

contacts

For Baring:
[email protected]

For Schnitzer West:
Colleen Moffit
[email protected]
206-282-4923 post. 113

For Newmark:
Alexa Nestlerod
[email protected]
949-608-2170

Barings SOURCE