Boston Properties has officially entered the Seattle market. The firm has struck an agreement to acquire Safeco Plaza, a 50-story 800,000-square-foot, LEED-platinum certified, class-A office building. The property is expected to have a gross purchase price of $465 million.

Boston Properties plans to purchase the property through its co-investment platform, a $2 billion venture with Canada Pension Plan Investment Board (CPP) and GIC. Boston Properties' announced the co-investment venture earlier this month, but Boston Properties CEO Owen Thomas made note of the plans on the company's first quarter earnings call. The venture plans to invest in Boston, Los Angeles, New York, San Francisco and Washington, DC, as well as Seattle, as this most recent purchase illustrates. Boston Properties and CPP Investments contributed $250 million, while GIC is contributing $500 million. With leverage, the investment capacity will total $2 billion. In the Safeco buy Boston Properties plans to own a 51% interest in the property.

Boston Properties is bullish on the Seattle market due to job growth in technology and life sciences. According to the firm, the city was the fastest growing city in 2020 and it is regularly ranked a top technology market.