BOSTON, Oct. 10 /PRNewswire/ -- Boston Properties (NYSE: BXP), a real
estate investment trust, announced today that Shearman & Sterling, the global
law firm and the major tenant at 599 Lexington Avenue, has exercised its
option to expand its premises by six full floors in 2002, increasing the
firm's space in the building from 443,000 square feet to 578,000 square feet.
By exercising its option, the firm also extended its overall lease
maturity for five years from 2007 to 2012. The options are fair market
value-based, with rents to be determined as of 2002 for the expansion space
and 2007 for the extension. Shearman & Sterling, the third largest law firm
in New York City and the twelfth largest in the country, has been a tenant in
the building since it was developed by Boston Properties in 1984.
Stephen R. Volk, Senior Partner of Shearman & Sterling, said, "We are
very pleased to make 599 Lexington Avenue our headquarters. Exercise of this
expansion and extension option enables us to continue to expand and remain in
this fine building for years to come."
Robert Selsam, Senior Vice President of Boston Properties and Manager of
the New York office added, "We are very pleased that Shearman & Sterling has
exercised its expansion and extension options. 599 Lexington Avenue remains
our flagship building in New York, and we are delighted that the firm will
continue to call it home for the foreseeable future."
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. You should exercise caution in interpreting
and relying on forward-looking statements because they involve known and
unknown risks, uncertainties and other factors that 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.
SOURCE Boston Properties
 back to top
Related links:
http://www.bostonproperties.com
CONTACT:
Investor Relations, Elaine Quinlan of Boston
Properties, 617-236-3300, or Analysts, Claire Koeneman,
312-266-7800, or Media, Judith Sylk-Siegel, 212-661-8030, of The
Financial Relations Board
|
