Average Rental Rates More Than 10% Higher Than Projected
at Time of Acquisition in September 1997
NEW YORK, Sept. 14 /PRNewswire/ -- Boston Properties, Inc. (NYSE: BXP)
announced today that 280 Park Avenue, the 1.2 million-square-foot property it
acquired in September 1997, has been 100% leased or committed at average
rental rates more than 10% (and some over 15%) higher than expected at the
time of the purchase a year ago.
At the time of the acquisition, the property was 88% leased.
Tenants that have leased the formerly vacant space in this Mid-Manhattan
office tower are Deutsche Telekom, Inc.; Harvest Partners, Inc.; Ulysses
Management LLC; Odyssey Investment Partners; Prime Capital Holding, LLC;
Secured Capital Corp.; New Harbor Incorporated and the Standard Automotive
Corporation totaling approximately 107,000 square feet. Moreover, Bankers
Trust Company, the building's previous owner and a major tenant, has recently
leased an additional 34,000 square feet.
In addition, ING Baring Furman Selz LLC has just completed a sublease of
its entire space to Donaldson, Lufkin & Jenrette and KPMG Peat Marwick LLP,
further adding to the blue chip roster of tenants at the property.
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 Greater Boston; Greater
Washington, D.C.; Midtown Manhattan; Baltimore, Md.; Richmond, Va. and
Princeton/East Brunswick, N.J. The Company is one of the largest owners and
developers of office properties in the United States.
SOURCE Boston Properties, Inc.
 back to top
Related links:
http://www.bostonproperties.com
CONTACT:
Robert Selsam, Senior Vice President of
Boston Properties, 212-326-4000; or Marianne Stewart, General
Info., 212-661-8030, Claire Koeneman, Analyst, 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
|
