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September 22, 2021
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Boston Properties Spends $465 Mil on Seattle Office Asset


In a major office acquisition in Seattle, Boston Properties has purchased Safeco Plaza, an 810.5k sf, multi-tenant tower in the city’s downtown, for $465 mil ($574/sf). The asset was sold by Vestas Investment Management, who was advised in the deal by Macquarie Asset Management.

Located at 1001 Fourth Ave, Safeco Plaza occupies a full city block in the Seattle Central Business District and offers panoramic views of the Seattle skyline and Olympic Mountains. The property, which was 91% leased at the time of sale to 19 tenants, is anchored by Liberty Mutual Insurance Company, which occupies approximately 500k sf, or 66% of the building. Other major tenants include Fox Rothschild, Interior Architects and Helsell Fetterman.

Safeco Plaza features a subterranean parking garage, fitness center and locker rooms, conference rooms and efficient floor plates. Over the last 15 years, renovations at the property include a full lobby renovation, building amenity upgrades, elevator modernization, system upgrades and tenant improvements. The building is LEED Platinum certified.

The property is a short walk from the Seattle waterfront and the area’s retail core, providing accessibility to dozens of the area’s most popular retail, dining and entertainment options. Additionally, it is nearby to various transportation systems, including the light rail, bus and ferry routes and is only blocks from Interstate 5.

CBRE’s Tom Pehl, Todd Tydlaska, Charles Safley, Lou Senini, Paige Morgan, Chris Ludeman, Russell Ingrum, Chais Lowell and Brandon McMenomy represented the seller in the transaction.

“Safeco Plaza is an iconic trophy asset in the heart of Seattle, offering best-in-class amenities and access to the area’s retail, entertainment and cultural destinations,” said CBRE’ Pehl. “High average occupancy in the last 20 years demonstrates the long-term appeal of the asset and the location.”

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