Boston Buyer Spins Off Suburban Buildings to Archon in Side Deal Valued at $921M
Beacon Capital Partners has closed its acquisition of the former EOP portfolio in Seattle and Bellevue, with Texas-based Archon Group L.P. scooping up 12 assets Beacon decided not to keep.
Archon, a Goldman Sachs affiliate headquartered in Irving, Texas, purchased the 12 former EOP buildings totaling more than 2.4 million square feet in a consideration worth $921 million, or $372 per square foot.
Archon's Seattle properties include Second & Seneca, Second & Spring, 1111 Third Avenue, and the Nordstrom Medical Tower. Bellevue properties include 110 Atrium Place, Bellevue Gateway I & II, Bellefield Office Park, Main Street Building, Gateway 405, I-90 Bellevue, and Island Corporate Center.
The deal closes the acquisition of Blackstone's Seattle portfolio reported by CoStar in February -- including the 76-floor, 1.55 million-square-foot Columbia Center, the tallest building on Seattle's skyline -- by Boston-based Beacon Capital, which becomes Seattle's largest landlord. Blackstone is keeping World Trade Center East in Seattle's CBD.