NEW YORK, Sept. 25 /PRNewswire-FirstCall/ -- Boston Properties, Inc.
(NYSE: BXP) a real estate investment trust, announced today that, as
anticipated in its press release of August 29, 2002, it has completed its
acquisition of 399 Park Avenue, a 1.68 million square foot building in New
York City from Citibank, N.A. The purchase price is approximately
$1.06 billion.
Boston Properties financed the acquisition in part with a $1.00 billion
unsecured bridge loan that matures in September 2003. The interest rate and
loan covenants are similar to the Company's unsecured line of credit.
Mortimer B. Zuckerman, Chairman of Boston Properties, said, "We are
delighted to complete the acquisition of 399 Park Avenue, one of the finest
buildings in Midtown Manhattan, and add it to our list of prestigious
properties in Midtown. This is a market in which we have great near and long
term confidence."
399 Park Avenue occupies the entire block from Lexington to Park Avenues,
from 53rd to 54th Streets. The building is fully leased, and serves as the
corporate headquarters of Citigroup. Other tenants include Lehman Brothers,
Bingham McCutchen, Arnold & Porter, Wilmer Cutler & Pickering, and JP Morgan
Chase.
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, Midtown Manhattan, Washington, DC and San Francisco.
This press release contains forward-looking statements within the meaning
of the Federal securities laws. You should exercise caution in interpreting
and relying on forward-looking statements because they involve known and
unknown risks, uncertainties and other factors which are, in some cases,
beyond Boston Properties control and could materially affect actual results,
performance or achievements. These factors include, without limitation, the
ability to enter into new leases or renew leases on favorable terms,
dependence on tenants' financial condition, the uncertainties of real estate
development and acquisition activity, the ability to effectively integrate
acquisitions, the costs and availability of financing, the effects of local
economic and market conditions, regulatory changes and other risks and
uncertainties detailed from time to time in the Company's filings with the
Securities and Exchange Commission.
Visit the Company's web site at http://www.bostonproperties.com .
Also see http://www.frbinc.com.
SOURCE Boston Properties, Inc.
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Related links:
http://www.frbinc.com
http://www.bostonproperties.com
CONTACT:
Douglas T. Linde, Chief Financial Officer, of
Boston Properties, +1-617-236-3300; or General Info., Marilynn
Meek, +1-212-445-8451, or Media, Suzie Pileggi, +1-212-445-8101,
both of FRB Weber Shandwick
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