Captivate Will Bring Internet Content to Office Building Elevators
BOSTON, April 20 /PRNewswire/ -- Boston Properties, Inc. (NYSE: BXP), a
real estate investment trust, today announced it has signed an agreement
allowing Captivate Network, Inc. ("Captivate"), a privately-held company, to
install flat-panel screens in elevators in 33 of Boston Properties' Class A
office buildings predominantly located in Boston, New York City, Washington,
DC and San Francisco. The Captivate-provided programming for the elevator
screens will feature live Internet content, building-specific information, and
advertising. Boston Properties will receive a share of advertising and other
revenue and have an equity interest in Captivate as part of the agreement.
The high-resolution flat-panel screens silently provide a wide variety of
news and information, such as continuously updated stock quotes and traffic
and weather reports. Captivate has relationships with several content
providers including The New York Times, Reuters, The Boston Herald,
SmarTraveler, Accuweather, and TrafficStation, and is continually adding
content from new providers. The screens can also be programmed to display
building-specific notices such as fire and life safety announcements and
information on building amenities, and offer a unique advertising opportunity.
Captivate estimates that a typical office worker rides in an elevator five
times each day, resulting in the screens being viewed on average 100,000 times
per day in a 1 million square foot office building. The first company in the
country to deliver Internet content to elevator passengers, Captivate's
wireless proprietary technology can be installed and serviced in any elevator,
regardless of manufacturer.
Robert E. Burke, Boston Properties' Executive Vice President for
Operations, said, "Boston Properties chose Captivate to bring the Internet to
our office building elevators because of their branded content and display
panels that are high quality in appearance and well-integrated into the design
of the elevator cab. This agreement with Captivate allows Boston Properties
to provide state-of-the-art work environments and adds another amenity to
Boston Properties' high quality office buildings."
"Captivate is a powerful information and communications service tool for
both building owners and tenants," said Captivate Network CEO and President
Michael DiFranza. "This medium leverages the power of the Internet and our
partnerships with major media companies and building owners to deliver
valuable information to professionals in downtown high rise office buildings.
Our agreement with Boston Properties furthers our presence in the major urban
markets of Boston, Washington, DC, New York City and San Francisco."
Captivate Network, Inc., ( http://www.captivatenetwork.com ) is a privately held
company founded by Michael DiFranza, Todd Newville and Raymond Pineau.
Headquartered in Westford, Massachusetts, the company received initial funding
in May 1998, and has received approximately $50 million in equity funding.
Prior to finalizing the transaction with US office REITs, Captivate had
contracts to install screens in more than 120 buildings across the country.
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 are inherently
subject to risks and uncertainties, many of which cannot be predicted with
accuracy. 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.
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; or General, Marilynn Meek,
212-661-8030, Analyst, Claire Koeneman, 312-266-7800, or Media,
Judith Sylk-Siegel, 212-661-8030, all of The Financial Relations
Board
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