NEW YORK, Dec. 3 /PRNewswire-FirstCall/ --
Boston Properties, Inc. (NYSE: BXP) a real estate investment trust, announced
today that it has signed a contract to sell 875 Third Avenue for
$370.1 million to Global Holdings, Inc. Eastgate Realty is the buyer's
managing agent. The building is located in Midtown Manhattan and totals
approximately 719,000 square feet. Boston Properties acquired the building in
1997 and undertook extensive renovations and re-leasing. The transaction is
expected to close late December or early 2003. Proceeds from the sale will be
used to reduce indebtedness.
The pending sale of 875 Third Avenue is another phase in Boston
Properties' ongoing strategy of redeploying capital through asset sales with
the objective of permanently financing the acquisition of 399 Park Avenue on a
leverage neutral basis. The Company completed the sale of One and Two
Independence Square in Washington, D.C. for $345 million on November 22, 2002.
Mortimer B. Zuckerman, Chairman of Boston Properties, said, "The sale of 875
Third Avenue illustrates our ability to create and realize value through the
sale of one of our premier properties."
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
risk that the sale of 875 Third Avenue, which is subject to customary closing
conditions for contracts of this kind (but no further due diligence on the
part of the prospective buyer) will fail to close on the present terms, when
anticipated, or at all, as well as 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; General Info., Marilynn Meek,
+1-212-445-8451, or Media, Suzie Pileggi, +1-212-445-8170, both
of The Financial Relations Board
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