585,000-square-foot Class A Office Complex Located Across from U.S. Treasury
And The White House
Company Also Acquires Office Properties in Rockville, Maryland and
Springfield, Virginia
WASHINGTON, July 13 /PRNewswire/ -- Boston Properties, Inc. (NYSE: BXP), a
self-managed and self-advised real estate investment trust, announced today
that it has acquired Metropolitan Square, one of the premier office complexes
in Washington, D.C., and office buildings in suburban Rockville, Maryland, and
Springfield, Virginia.
Metropolitan Square, a fully leased, 585,000-square-foot office and
retail property, was acquired from a partnership that includes members of the
Oliver T. Carr, Jr. family, represented by Carr Capital Corporation. The
purchase price was $175.0 million and was completed through a combination of
the exchange of Operating Partnership Units in Boston Properties' Operating
Partnership, the assumption of an existing mortgage with Equitable Life
Assurance Society and the balance in cash.
Boston Properties Chairman Mortimer B. Zuckerman said, "We are extremely
pleased to have the opportunity to add one of Washington's truly irreplaceable
office complexes to our Washington, D.C. portfolio."
Metropolitan Square was developed in two phases, in 1982 and 1986, and is
connected by a full-height 12-story interior atrium. The property encompasses
a full three quarters of a city block overlooking the U.S. Treasury
Department, The White House and The Mall. The architectural firms of
Skidmore, Owings and Merrill and Vlastimil Koubek, AIA, retained the marble
and limestone facades of the two original buildings, which housed the Keith-
Albee Theater and the National Metropolitan Bank, on 15th Street, N.W. The
building is home to numerous major law firms including Kirkland & Ellis and
Miller & Chevalier. The "Old Ebbit Grill," a well-known landmark and the top-
grossing restaurant in the city, is also part of the complex.
Decoverly III was acquired June 1, 1998 for approximately $11.1 million.
The 77,040-square-foot building is located in Rockville, Maryland, in the same
office park with Decoverly II, a previous acquisition included in the
Mulligan/Griffin portfolio. Its two largest tenants, Radian International and
Trusted Information Systems, currently occupy more than two-thirds of the
building.
7450 Boston Boulevard, a 60,537-square-foot Class A office property
located in Springfield, Virginia, the site of an office park in which 12
buildings are owned by Boston Properties, was acquired June 16, 1998 for
approximately $5.8 million. Originally developed as a build-to-suit
property by Boston Properties in 1987, it is a single-story, single-tenant
building occupied primarily by the General Services Administration.
Boston Properties, Inc. is a fully integrated, self-administered and self-
managed real estate investment trust ("REIT") that develops, redevelops,
acquires, manages, operates and owns a diverse portfolio of office, industrial
and hotel properties predominantly located in the Greater Boston, Greater
Washington, D.C., Midtown Manhattan, Baltimore, Maryland, and Richmond,
Virginia markets. The Company is one of the largest owners and developers of
office properties in the United States.
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. Information contained in this release regarding current and future
market conditions is based on the Company's assessment of the market and is
subject to the uncertainties inherent in such an assessment. In particular,
national and regional economic conditions and the rate of new construction and
rehabilitation in a market will affect projected rents and the cost of lease
renewals.
SOURCE Boston Properties, Inc.
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Related links:
http://www.bostonproperties.com
CONTACT:
Edward H. Linde, President, CEO & Director,
or David G. Gaw, SVP & CFO, 617-859-2600, both of Boston
Properties; or 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
NOTE TO EDITORS: To receive Boston Properties' latest news and
corporate developments via fax at no cost, please call
1-800-PRO-INFO. Use company code BXP.
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