Appoints Senior Vice President-Regional Manager in San Francisco Bay Area
BOSTON, Nov. 13 /PRNewswire/ -- Boston Properties (NYSE: BXP), a
self-managed and self-advised real estate investment trust (REIT), announced
today that it has completed the first phase of a previously announced
two-phase acquisition of Embarcadero Center in San Francisco, Calif., from the
Prudential Insurance Company of America ("Prudential") and David Rockefeller
and Associates ("Rockefeller"), both represented by Lehman Brothers.
Embarcadero Center is a portfolio of Class A office and retail space situated
on 8.4 acres of waterfront property in the heart of San Francisco's financial
district and consists of an aggregate of 3.66 million square feet of net
rentable office space, 354,000 square feet of retail space and 2,090
underground parking spaces. It is believed to be the largest mixed-use
business complex in the western United States.
Boston Properties Chairman Mortimer B. Zuckerman commented, "This is one
of the premier real estate assets in the country with extraordinary long-term
potential. We could not be happier about having this property in our
portfolio and having Rockefeller and Prudential as major shareholders in
Boston Properties."
David Twardock, Senior Managing Director in charge of Prudential's general
real estate investments, said, "We are extremely pleased with the transaction.
Embarcadero has been an outstanding investment for Prudential for the past
25 years and we are very excited about our continuing ownership stake in
Boston Properties and our continuing relationship with Rockefeller as a joint
shareholder in Boston Properties."
In the initial closing, the Company acquired the Old Federal Reserve
Building, Embarcadero Center West Tower ("Tower") and Rockefeller's equity
interests in Embarcadero Centers 1, 2, 3 and 4 ("EC 1-4"). Prudential's
retained interests in EC 1-4 are expected to be acquired in the second phase
of the acquisition in the first quarter of 1999, although no assurance can be
given in this regard.
As of the closing of this phase of the transaction, Richard E. Salomon,
President of Spears, Benzak, Salomon & Farrell and a longtime Rockefeller
Associate, was appointed as a director of Boston Properties.
Boston Properties also announced the appointment of Robert E. Pester as
Senior Vice President and Regional Manager of all its activities in the San
Francisco Bay area. He will be responsible for overseeing existing operations
at Embarcadero Center and developing new business opportunities in the region.
Prior to joining Boston Properties, Pester was Executive Vice President
and Chief Investment Officer of Bedford Property Investors, Inc., a real
estate investment trust in Lafayette, Calif., where he led an acquisitions and
development program. Before joining Bedford Property Investors in 1994,
Pester was President of Bedford Property Development Company, a private West
Coast development concern that held more than $2 billion in real estate
assets. From 1980 to 1989, he was a leading commercial real estate broker
with Cushman & Wakefield in Northern California, where he last served as Vice
President. Mr. Pester is a graduate of the University of California at Santa
Barbara with a degree in economics and political science.
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 Baltimore, Md; Greater Boston;
Midtown Manhattan; Princeton/East Brunswick, N.J.; Richmond, Va.; San
Francisco, Calif.; and Greater Washington, D.C. 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 (including phase
two of the transaction described above) may not be consummated for a variety
of reasons, including a failure of the Company or other parties to an
agreement to fulfill all conditions to closing required by the Company or such
parties. 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, Inc.,
617-859-2600; Marianne Stewart, General Info, 212-661-8030,
Claire Koeneman, Analysts, 312-266-7800, 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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