Class A Office Property Complements Company's Portfolio in Route
128 Northwest Area
BOSTON, Nov. 4 /PRNewswire/ -- Boston Properties (NYSE: BXP), a
self-managed and self-advised real estate investment trust, announced today
that it has acquired Reservoir Place, an approximately 531,000-square-foot
office complex located in Waltham, Massachusetts, from Donald Tofias, a
private owner. The acquisition was funded with 933,085 Common Operating
Partnership Units in Boston Properties' Operating Partnership ("OP Units"),
the assumption of $66.4 million of debt and $1.9 million in cash.
The Class A office complex, located directly off Route 128, consists of
two connected buildings and a two-level underground parking garage containing
775 spaces, plus 1,070 surface spaces. The South Building, constructed in
1955 and renovated in 1983, contains 162,734 net rentable square feet on three
levels. The three-story North Wing, added in 1987, contains 368,257 net
rentable square feet. Reservoir Place is one of the largest multi-tenant
buildings located in the Route 128 northwest submarket. Major tenants include
Hitachi Computer Products, Inc., PAREXEL International Corporation, Electronic
Data Systems Corporation and Information Resources, Inc.
Boston Properties President and Chief Executive Officer Edward H. Linde
said, "The acquisition of Reservoir Place enhances Boston Properties' already
dominant position in this sector of Route 128, the most desirable and
important suburban submarket in Greater Boston. We are delighted to add this
high-quality asset to our portfolio."
Donald Tofias added, "We have created a synergy between what we have
developed and what Boston Properties currently owns. We view this investment
in Boston Properties as a long-term investment and would expect to be owners
of those Units for a long time. We may not have accepted the highest bid, but
we believe Boston Properties to be the best-quality investment."
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, Maryland,
Richmond, Virginia and Princeton/East Brunswick, New Jersey. 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 of reasons, including a failure to reach
agreement with the selling party regarding the acquisition price or other
terms of a contribution or acquisition agreement.
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, both of Boston Properties,
617-859-2600; 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
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