Barings and Schnitzer West Developed the
Next-Generation Office Tower, Completed in 2017
Newmark Group Brokered the Transaction, the
Largest U.S. Multi-Tenant Office Sale YTD
CHARLOTTE, N.C. and SEATTLE, May 17, 2022
/PRNewswire/ -- Barings, one of the world's largest diversified
real estate investment managers, and Schnitzer West, one of the West Coast's
leading real estate investment, development, and property
management companies, announced today the $730M sale of Seattle's Madison Centre to Boston Properties,
Inc. (NYSE: BXP), the largest publicly traded developer, owner, and
manager of Class A office properties in the United States.
![Barings and Schnitzer West Complete Sale of Seattle’s Madison Centre to BXP for $730M - Photo courtesy of Barings and Schnitzer West Barings and Schnitzer West Complete Sale of Seattle’s Madison Centre to BXP for $730M - Photo courtesy of Barings and Schnitzer West](https://mma.prnewswire.com/media/1818822/Madison_Centre___Pic_3.jpg)
Completed in September 2017,
Madison Centre is a 37-story office tower in downtown Seattle containing 760,971 rentable square
feet and 480 parking stalls housed in seven levels of subterranean
parking. Madison Centre's forward-thinking design already reflects
the future of office, including generous outdoor amenity space,
flexible collaboration space, strong health and wellness features,
and onsite food and beverage. Amenities include a rooftop terrace,
a great room with a signature three-story fireplace and living
wall, conference/training center, boardroom, library,
fitness/wellness center operated by the prestigious Washington
Athletic Club, needlepoint bipolar ionization HVAC purification,
and touchless entry. Madison Centre has been certified LEED
Platinum by the U.S. Green Building Council and has achieved both
Fitwel Built and Fitwel VRM certifications. The tower is currently
93% leased.
"Barings was proud to partner with Schnitzer West to develop Madison Centre," said
Ben Green, managing director,
Barings. "The Barings real estate team continues to identify
best-in-class investment opportunities and deliver attractive
returns for our clients. The property is positioned to compete
post-COVID with exactly what tenants are looking for and has
performed extremely well throughout our hold period."
"Madison Centre exemplifies the quality and performance
Schnitzer West is known for,"
commented Schnitzer West President
and Chief Operating Officer Pam
Hirsch. "Our strategic investment in developing Class-A
office space continues to drive significant value and deliver
highly sought-after work environments that have adapted seamlessly
to the changing needs of employers. BXP has acquired an asset that
will stand the test of time."
Well-located at the intersection of Fifth Avenue and
Madison Street in Seattle's Central Business District, Madison
Centre is just 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, translating to exceptional pedestrian and transit
convenience. The property has a 99% walk score and 100% transit
score.
Newmark brokered the sale of Madison Centre. "This is the
largest multi-tenant office sale in the nation year to date, and
the asset garnered significant investor interest globally," said
Kevin Shannon, co-head, U.S. Capital
Markets. "This buyer depth was due in part to the trophy quality of
the asset in a submarket where the fundamentals are clearly
improving. Tenants post-pandemic are demanding and are willing to
pay up for a best-in-class product which is reflected in absorption
stats both in Seattle and
nationally." Nick Kucha,
Ken White and Mike Moll from Newmark assisted in the sale
transaction.
About Barings
Barings is a $371+ billion* global
investment manager sourcing differentiated
opportunities and building long-term portfolios across public and
private fixed income, real estate, and specialist equity markets.
With investment professionals based in North America, Europe and Asia
Pacific, the firm, a subsidiary of MassMutual,
aims to serve its clients, communities and employees, and is
committed to sustainable practices and responsible investment.
Learn more at www.barings.com.
*Assets under management as of March 31,
2022
About Schnitzer West,
LLC
Schnitzer West, LLC, is one of the
West Coast's fastest-growing real estate investment, development,
and property management companies. 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 multi-family housing markets through product
innovation, disciplined management, and investment expertise. Known
for its commitment to "Outperform the Expected," Schnitzer West has earned recognition for
creating innovative workplaces and living spaces, for delivering
superior-to-market returns, and for its value-creation approach to
property management. To date, it has developed or repositioned more
than 10.7 million square feet of Class-A office and suburban
office, flex, industrial and bio-tech space, mixed-use, and luxury
multi-family residential condominiums in Seattle, Portland, and Denver. Currently, its Asset Operations group
actively manages 3.8 million square feet of office and industrial
property for various clients. Building on its success in the
Northwest, Schnitzer West owns
additional properties in Denver
and is exploring new market opportunities across the Western United States. For more information,
please visit: www.schnitzerwest.com.
About Newmark
Newmark Group, Inc.
(Nasdaq: NMRK), together with its
subsidiaries ("Newmark"), is a world leader in
commercial real estate, seamlessly powering every phase of the
property life cycle. Newmark's comprehensive suite of
services and products is uniquely tailored to each client, from
owners to occupiers, investors to founders, and startups to
blue-chip companies. Combining the platform's global reach with
market intelligence in both established and emerging property
markets, Newmark provides superior service to clients
across the industry spectrum. Newmark generated
revenues of nearly $3.1 billion for
the twelve months ending March 31,
2022. Newmark's company-owned offices, together
with its business partners, operate from approximately 170 offices
with over 6,300 professionals around the world. To learn more,
visit nmrk.com or
follow @newmark.
Contacts
For Barings:
MediaRelations@barings.com
For Schnitzer West:
Colleen Moffitt
colleen@communiquepr.com
206-282-4923 ext. 113
For Newmark:
Alexa Nestlerode
alexa.nestlerode@nmrk.com
949-608-2170
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SOURCE Barings