BOSTON, Feb. 21 /PRNewswire/ -- Boston Properties, Inc. (NYSE: BXP), a
real estate investment trust, announced today that the MBZ Charitable
Remainder Unitrust, a charitable trust of which Mr. Mortimer B. Zuckerman is
the grantor and Mr. Edward H. Linde is the trustee, has purchased from The
Prudential Insurance Company of America ("Prudential") 1,806,842 shares of
common stock of Boston Properties at an agreed upon price of $39.90 per share.
Mr. Zuckerman is Chairman and Mr. Linde is President and Chief Executive
Officer of Boston Properties. In a separate transaction, Prudential sold
855,872 shares of the Boston Properties common stock to unrelated parties at
the same price.
Prudential now owns 2,000,000 shares of preferred stock of the Company,
167,394 preferred partnership units of Boston Properties Limited Partnership,
and 50,000 common partnership units. In addition, affiliates of Prudential
continue to manage in the aggregate 2,944,038 shares of the Company's common
stock, although Prudential is not the beneficial owner of these investments.
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.
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 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.
SOURCE Boston Properties, Inc.
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Related links:
http://www.bostonproperties.com
CONTACT:
Elaine Quinlan of Boston Properties,
617-236-3300
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