BOSTON, Jan. 12 /PRNewswire/ -- Boston Properties, Inc. (NYSE: BXP), a
real estate investment trust, announced today that it has acquired for
approximately $31 million a 14.3 acre site and ongoing development of a
three-building, 381,000 square foot Class A office complex that will be leased
to Parametric Technology Corporation (PTC) (Nasdaq: PMTC) for 12 years.
PTC develops, markets and supports flexible engineering and collaborative
commerce product (CPC) solutions that help companies spur innovation and
achieve sustained competitive advantage. The development site, which Boston
Properties acquired from PTC in this build-to-suit transaction, is
conveniently located in Needham, Massachusetts in the heart of the west
suburban office market on Route 128, and is three miles south of the
Massachusetts Turnpike. Spaulding & Slye Colliers represented PTC. The
purchase price will be funded from Boston Properties' line of credit.
Bryan J. Koop, Boston Properties' Senior Vice President and Regional
Manager of the Boston office, said, "Developing on a build-to-suit basis for
growing companies like Parametric Technology has always been a focus of Boston
Properties. We currently have over 3.5 million square feet under
construction. Companies like Parametric require a developer that not only has
a proven track record for quality development, but also has access to the
capital required to develop a project of this magnitude."
Boston Properties is a fully integrated, self-administered and
self-managed real estate investment trust that develops, redevelops, acquires,
manages, operates and owns a diverse portfolio of Class A office, industrial
and hotel properties. The Company is one of the largest owners and developers
of Class A office properties in the United States, concentrated in the
Northeast Corridor from Virginia to Greater Boston and in Greater San
Francisco.
To receive Boston Properties' latest news and corporate developments via
fax at no cost, please call 1-800-PRO-INFO; use company code BXP. Visit the
Company's web site at http://www.bostonproperties.com. Also see
http://www.frbinc.com.
This press release contains forward-looking statements within the meaning
of the Federal securities laws. Forward-looking statements reflect our
current views with respect to future events and financial performance and are
inherently subject to risks and uncertainties, many of which cannot be
predicted with accuracy. Acquisitions that are consummated by Boston
Properties may fail to produce the anticipated result for a variety of
reasons, including downturns in the national and local economies, competition
from other properties, oversupply or reduction of demand for space in the
local market, vacancies and increased operating costs. Developments that are
commenced by Boston Properties may not be completed for various reasons, and,
if completed, may not produce a desired yield on invested capital. Agreements
that the Company enters into may be terminated for a variety of reasons,
including a failure by the Company or the other party to fulfill all
conditions required for consummation of the agreements. Other relevant risks
and uncertainties are detailed from time to time in our filings with the
Securities and Exchange Commission.
SOURCE Boston Properties, Inc.
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Related links:
http://www.bostonproperties.com
CONTACT:
Elaine Quinlan, Investor Relations of Boston
Properties, 617-236-3300; General Info., Marianne Stewart,
212-661-8030, Analysts, Claire Koeneman, 312-266-7800, or Media,
Judith Sylk-Siegel, 212-661-8030, all of The Financial Relations
Board, for Boston Properties
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