Boston Properties, Inc., Canada Pension Plan Investment Board and GIC Pte. Ltd. completed the acquisition of Safeco Plaza, a 50-story, Class A Office Building in Seattle, Washington.
September 31, 2021
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Boston Properties, Inc. (NYSE:BXP), Canada Pension Plan Investment Board and GIC Pte. Ltd. entered into a binding agreement to acquire Safeco Plaza, a 50-story, Class A Office Building in Seattle, Washington for approximately $470 million on July 20, 2021. Boston Properties, Inc., Canada Pension Plan Investment Board and GIC Pte. Ltd. will have approximately one-third (1/3rd) stake in Safeco Plaza. The expected closing date of the acquisition in September 2021. As of July 29, 2021 The deal is expected to close in the third quarter of 2021.
Boston Properties, Inc. (NYSE:BXP), Canada Pension Plan Investment Board and GIC Pte. Ltd. completed the acquisition of Safeco Plaza, a 50-story, Class A Office Building in Seattle, Washington on September 1, 2021. The purchase price was funded with cash and proceeds from a new mortgage loan secured by the property. The loan has a principal amount of $250 million and bears interest at a variable per annum rate equal to the then 30-Day LIBOR (but not less than 0.15%) plus 220 basis points. The initial interest rate is 2.35%. During its term, the loan requires interest-only payments with a balloon payment due at maturity on September 1, 2026.
Boston Properties, Inc. specializes in the ownership and management of real estate assets of companies.
At the end of 2023, the real estate portfolio, rented total area of 4,951,1732 m2, consists of 188 buildings (including 10 under construction).
Boston Properties, Inc., Canada Pension Plan Investment Board and GIC Pte. Ltd. completed the acquisition of Safeco Plaza, a 50-story, Class A Office Building in Seattle, Washington.