BOSTON, Jan. 31 /PRNewswire/ -- Boston Properties, Inc. (NYSE: BXP), a
real estate investment trust, announced today that it has acquired the
remaining interest of Reston Overlook in Reston, Virginia, a 444,000 square
foot Class A office development project completed by Boston Properties in July
1999. The interest was acquired from Terrabrook, Boston Properties' joint
venture partner for Reston Overlook, for approximately $15 million in cash and
the assumption of approximately $69 million in debt.
Conveniently located on Reston Parkway overlooking the Dulles Toll Road,
Reston Overlook is 100% leased to TRW, Noblestar, Sprint, Seibel Systems and
Legg Mason. Boston Properties has another joint venture agreement with
Terrabrook for One Freedom Square in Reston, Virginia, a 407,000 square foot
office building that is 100% leased, with Andersen Consulting as the major
tenant.
Ray Ritchey, Boston Properties' executive vice president and head of the
Washington, DC region, said, "Our acquisition of Terrabrook's interest in
Reston Overlook enables us to have 100% interest in this high quality asset in
Reston, Virginia, which is rapidly becoming one of the preferred office
locations in Northern Virginia. With limited new supply coming on the market,
Reston Overlook is one of our most strategically important developments."
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. In the Greater Washington DC market, Boston Properties owns
5.1 million square feet of existing Class A office space, with 1.2 million
square feet of office space under development.
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, Inc., 617-236-3300; General Info., Marianne Stewart,
212-661-8030, Analyst, Claire Koeneman, 312-266-7800, or Media,
Judith Sylk-Siegel, 212-661-8030, all of The Financial Relations
Board, for Boston Properties, Inc.
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