BXP Completes Disposition of 601 Massachusetts Avenue, NW in Washington, DC
September 06 2022 - 7:15AM
Business Wire
Boston Properties, Inc. (NYSE: BXP), the largest publicly traded
developer, owner, and manager of premium workplaces in the United
States, announced today that it completed the disposition of 601
Massachusetts Avenue, NW, Washington, DC, for a gross sales price
of $531 million and net proceeds of approximately $512 million. The
gross sales price equates to approximately $1,100 per rentable
square foot.
601 Massachusetts Avenue is an 11-story, approximately 480,000
square foot office property originally developed by BXP in 2015 and
currently 98% leased. BXP will continue to provide property
management services to the new owner.
BXP structured the disposition as part of a reverse like kind
exchange under Section 1031 of the Internal Revenue Code with its
recent acquisition of Madison Centre in Seattle, Washington. As a
result, BXP expects to defer the recognition of taxable gains from
the sale for federal income tax purposes. BXP acquired Madison
Centre, an approximately 755,000 square foot, 37-story,
LEED-Platinum certified, Class A office property, on May 17, 2022,
for $730 million.
“This disposition demonstrates continued investor demand for
premier, well-leased office properties,” said Owen Thomas, Chairman
& CEO, BXP. “The completion of this transaction is an important
milestone in BXP’s current strategy of reallocating capital to the
Seattle market.”
BXP was represented in the transaction by Eastdil Secured and
DLA Piper LLP (US).
About BXP Boston Properties (NYSE: BXP) is the largest
publicly traded developer, owner, and manager of premium workplaces
in the United States, concentrated in six markets - Boston, Los
Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP
is a fully integrated real estate company, organized as a real
estate investment trust (REIT), with more than 50 years of
experience developing, owning, managing, and acquiring premium
properties in dynamic gateway markets. Including properties owned
by unconsolidated joint ventures, BXP’s portfolio totals 53.2
million square feet and 192 properties, including 12 properties
under construction/redevelopment. For more information, please
visit our website at www.bxp.com or follow us on LinkedIn or
Instagram.
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version on businesswire.com: https://www.businesswire.com/news/home/20220831005798/en/
At the Company Helen Han Vice President, Investor
Relations hhan@bxp.com
Laura Sesody Vice President, Corporate Marketing &
Communication lsesody@bxp.com
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