550,000-square-foot Class A Building Located Directly Across from
the Inner Harbor with Unencumbered Harbor Views
WASHINGTON, July 29 /PRNewswire/ -- Boston Properties, Inc. (NYSE: BXP), a
self-managed and self-advised real estate investment trust, has acquired The
Candler Building, a 550,000-square-foot, fully leased office building located
on the prestigious Pratt Street Corridor in downtown Baltimore, Md. The
purchase price was approximately $61.0 million and was completed through a
combination of the exchange of Boston Properties, Inc. stock and cash.
The Candler Building was originally constructed in 1911 and underwent a
complete first-class building renovation in 1990. It has been awarded the
Building Owners and Managers Association "Building of the Year Award" for both
Baltimore and the Mid-Atlantic States. The building is home to numerous
prestigious tenants including AON (formerly Alexander & Alexander), Sierra
Health Services, Constellation Power Source and The Johns Hopkins University.
The Candler Building is located across from the Inner Harbor near the
Baltimore Aquarium and the "Power Plant," a historic renovation of a Baltimore
landmark which is now a fully leased entertainment center with tenants
including ESPN's "Sports Zone" and The Hard Rock Cafe. Downtown Baltimore has
seen a resurgence of activity led by a new convention center, the popular
Orioles Park at Camden Yards and the newly constructed stadium for the
National Football League's Baltimore Ravens which will open this season.
Last October, Boston Properties acquired 100 East Pratt Street, located
five blocks east of The Candler Building. 100 East Pratt Street is fully
leased to tenants including T. Rowe Price, the law firm of Tydings &
Rosenberg, Prime Retail, Merrill Lynch, PaineWebber and IBM Corporation.
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 located predominantly in the Greater Boston;
Greater Washington, D.C.; midtown Manhattan; Baltimore, Maryland;
Princeton/East Brunswick, N.J.; and Richmond, Va., 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. Acquisitions that are pursued by Boston Properties may not be
consummated for a variety or reasons, including a failure to reach agreement
with the selling party regarding the acquisition price or other terms of a
contribution or acquisition agreement.
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, both of Boston Properties,
617-859-2600; or Marianne Stewart, General Info., 212-661-8030,
Claire Koeneman, Analysts, 312-266-7800, or Judith Sylk-Siegel,
Media, 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. Visit the Company's web
site at http://www.bostonproperties.com.
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