WASHINGTON, Nov. 22 /PRNewswire-FirstCall/ -- Boston Properties, Inc.
(NYSE: BXP) a real estate investment trust, announced today that the Company
has sold One and Two Independence Square to Wells Real Estate Investment Trust
for $345 million. The buildings are located in the Southwest Washington, D.C.
submarket and total approximately 948,813 square feet. The proceeds were used
to repay first mortgage debt totaling approximately $190 million and to pay
down other unsecured indebtedness.
With the sale of the Independence Square Buildings, Boston Properties has
executed the first phase of its previously articulated strategy of recycling
its capital through asset sales with the objective of permanently financing
the acquisition of 399 Park Avenue on a leverage neutral basis.
Mortimer B. Zuckerman, Chairman of Boston Properties, said, "The sale of these
premier buildings illustrates the value and desirability of our assets. The
quality, location and tenancy of One and Two Independence Square are
representative of our premier Class-A portfolio of properties."
Boston Properties will continue to act as property manager of the
buildings under a third party management agreement.
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.bostonproperties.com
http://www.frbinc.com
CONTACT:
Douglas T. Linde, Chief Financial Officer of
Boston Properties, Inc., +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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