NEW YORK, Feb. 8 /PRNewswire/ -- Allied Partners and Boston Properties
(NYSE: BXP) announced today that Boston Properties has acquired a significant
interest in Skyline Holdings LLC, an affiliate of Allied Partners, whose
principals are Eric and Richard Hadar.  Skyline recently signed a contract to
acquire Citigroup Center in New York City from Dai-Ichi Life Investment
Properties, Inc.  Allied and Boston Properties are in the process of
negotiating agreements to become 50/50 equity partners in the venture,
following a preferred return to Boston Properties. The acquisition of
Citigroup Center is expected to close in April 2001.
    Citigroup Center is a 1.6 million square foot skyline building known for
its distinctive cantilevered structure and angled top.  The major tenants are
Citigroup, O'Melveny & Myers, Kirkland & Ellis and AT Kearney, among other
well-known tenants. Boston Properties owns three office properties in Midtown
Manhattan:  599 Lexington Avenue, 280 Park Avenue and 875 Third Avenue, and is
building two towers in Times Square.  The Company, along with a consortium,
has also recently submitted a bid to purchase the net lease of the World Trade
Center.
    Allied Partners is a private family-owned real estate investment company
founded in 1993.  During the past seven years, it has acquired over two dozen
properties valued in excess of $1.2 billion.  Its Manhattan holdings include
the former studio 54 building at 254 West 54th Street, 1 East 57th Street,
50 West 40th Street, 285 Lafayette Street, 250 Church Street, 770 Lexington
Avenue and 48 Wall Street.
    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 four core
markets:  Boston, Washington DC, Midtown Manhattan and San Francisco.

    This press release contains forward-looking statements within the meaning
of the Federal securities laws.  Forward-looking statements are inherently
subject to risks and uncertainties, many of which cannot be predicted with
accuracy.  Acquisitions that are pursued by Boston Properties may not be
consummated for a variety of reasons, including a failure to reach agreement
with the selling party regarding the acquisition price or other terms of a
contribution or acquisition agreement.  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.  Accordingly, Boston Properties can give no assurances that
the transaction contemplated by this release will be consummated on the terms
described or at all.

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